Most home buyers say they would prefer to live in a walkable neighbourhood even if it means buying at least a slightly smaller house.
When it comes time to signing on the realtor’s dotted line, however, buyers still base their decision on the sticker price of the home, choosing a cheaper house over the higher purchase price of a cosy, walkable neighbourhood.
That was the finding of a study released earlier this year by RBC and Pembina Institute.
Now the bank and sustainability think-tank have followed that research with a report illustrating how the cost of that cheaper home shakes out if the purchaser factors in the cost of transportation in the Toronto area.
“People will often choose to drive as far as it takes to qualify for a mortgage. But once they get there, the actual costs undermine the lower cost of the house,” said Pembina’s Ontario director Cherise Burda, who co-authored, “Location matters: Factoring Location into Homebuying Decisions.”