Featured-Image

[Infographic] How much do homes cost next to the best schools in Toronto?

In Canada by TheRedPin10 Comments

There are a few things that drive home buyers to double (or triple) their commute times, expand their budgets or even consider moving houses in the first place. Living next to a top school is undeniably high up on that list.

With so much attention paid to schools, it’s no wonder buying in the best school districts has long been a rule of thumb in real estate and for family house hunters.

With that in mind, we looked at the highest ranking public schools across the GTA, as rated by the Fraser Institute, and calculated home prices within each of their boundaries.

See our findings below!

Best-Schools


Best Schools in Toronto

A total of 3,770 elementary and secondary schools across the province were ranked by the Fraser Institute, with each school being rated out of 10 based on a variety of academic indicators from reading, writing, math test performance and more. Toronto is the only city in the GTA to have public schools that scored a perfect 10/10 in the study.

Find homes for sale in Toronto


Best schools in Richmond Hill

Richmond Hill is home to the GTA’s best ranked public high school (and Ontario’s second best) – Bayview Secondary School.

Find homes for sale in Richmond Hill


Best schools in Mississauga

Detached homes within the boundaries of four of Mississauga’s best public schools sold below $760,000 – the city average.

Find homes for sale in Mississauga


Best schools in Markham

Overall, detached homes next to Markham’s best schools sold for below the city average. The same goes for condo apartments.

Find homes for sale in Markham


Best schools in Oakville

Condos next to Oakville’s top schools sold for an average of $69,000 less than the city average.

Find homes for sale in Oakville


Best schools across the GTA

Homes in the boundaries of Earl A Fairman Public School in Whitby are the most affordable of those mentioned in this article. Despite the fact that Earl A Fariman garnered a 9.1/10 rating, detached homes in the area sold for an average $396,205.

The second best school in terms of affordability is Mountview Junior Public School in Hamilton, as detached homes in eligible distance from the school sold for $475,708. The school received an 8.2 rating from the Fraser Institute.

The best schools in Brampton, which are notably missing in this study, were not factored in due to the fact no public school in the city was awarded a rating of at least 8 by Fraser. Although, it’s worth noting, many private and Catholic schools did receive high grades from the research institute.

Conclusion

House hunters across the GTA can, on average, expect to a pay premium of around 36% for detached homes that fall within the boundaries of the metropolitan’s best school districts.

In the same vane, semi-detached homes next to the best schools cost an average of 20% more than the GTA average, while the gap for townhomes hovers around 34%.

Condos, however, are unique, even when they are next to the top performing schools, they largely sold on par with the GTA average. That’s good news for families who are opting for a condo lifestyle over a traditional single family home.

When delving deeper and looking at the results on a city by city basis, the numbers become far more revealing.

As we anticipated, Toronto saw the largest price gap between average city house prices versus those next to the best public schools, at more than $200,000 for single-family houses. In contrast, the price gap was far less pronounced in much of the suburban GTA – never crossing beyond 20%.

Want to get started on your home buying and selling journey? Give us a call at (416) 800-0812 and check out our listings page – which carries the largest database of resale and pre-construction homes in the GTA

Comments

    1. Author
      TheRedPin

      Thank you Fahad, glad you found the post informative!

  1. Vicky

    Are you able to do the same analysis for best Catholic Secondary Schools in Toronto? Thanks.

    1. Author
      TheRedPin

      Hi Vicky, that’s definitely on our radar. Thanks for the suggestion!

  2. Selvi

    Are you able to do the same analysis for best elementary Schools in in GTA Toronto? Thanks.

    1. Author
      TheRedPin

      Hi Selvi,

      Thank you for your inquiry. In this post, we did look at home prices for both elementary and secondary schools.

      If you happen to scroll down to the map portion of the post, we highlight prices for both elementary and secondary on a per city basis. Pins coloured in red are for elementary schools.

      Best,
      TheRedPin

  3. jack

    Great info graphic. in my opinion although you are paying more with detach but at the end of the day you get what you paid for as you can always sell it at a higher premium altho upfront cost will be higher, where as condo even if you do not pay much premium upfront but there is a on going cost of monthly maintenance as well, so I think in the end detached houses are more valuable. Thanks again for this great post.

    1. Author
      TheRedPin

      Hi Jack,

      Thank you for your feedback! We definitely agree with you, detached homes offer the best route for capital gains as, on average, they appreciate at a far higher rate compared to other home types.

      If you have ever want to have a casual chat about anything real estate, please feel free to email us at info@theredpin.com or call us at 416.800.0812. We’re always available to talk.

      Best,

      TheRedPin

Leave a Comment