by Susy Alexandre May 17, 2023

Riding the Real Estate Wave: Exploring the Benefits of the Yonge North Subway Extension

One of the province’s priority projects in the area of transit is the Yonge North Subway Extension (YNSE), which will affect the GTA and Hamilton area, inclusive of the Ontario Line, the Scarborough Subway Extension, the Eglinton Crosstown West Extension, and the Hamilton LRT. This will be an 8-kilometre subway service extension for the TTC’s Line 1 from the Finch Station terminals into Richmond Hill. Once completed, the YNSE will effectively connect with GO transit services and other local services. 

The project plan includes a 6.3-kilometre tunneled component, with the above-ground portion routed along the existing rail track via the route’s northern section. This extension will run through Toronto and York Region, as well as areas within Vaughan, Richmond Hill and Markham. 

The project will be completed via two separate contracts, with one being the advance runner between the Finch Station and Richmond Hill and the other being a contract for the construction of the rail, stations, and systems involved.

What are the goals for the Yonge North Subway Extension project?

As noted on the Infrastructure Ontario dedicated page for the project, the primary benefits of this project are as follows:

  • Improves access to transit for area residents
  • Reduces daily travel times for commuters
  • Economic and community growth along the future transit line with job creation opportunities
  • Reduction in traffic congestion, greenhouse gases, and fuel consumption by providing a new transportation option

Credit: Infrastructure Ontario

What is the timeline for this project?

In a pop-up meeting held in April of this year, community engagement members from Metrolinx held a q&a at the Thornhill Community Centre. The purpose of the event was to discuss the YNSE project, which will serve an estimated 94,100 people daily via the connected subway routes between Toronto, Markham, Vaughan and Richmond Hill . When asked about the timeline for this transit project. From the community meeting, these were the timeline-related updates provided to attendees:

  • Construction work at Finch Station began in early 2023
  • Heavy tunneling to begin over the next year or two 
  • The goal, though not yet confirmed, is to have the subway in service by early 2030 - this is influenced by the future completion of the Ontario line in Toronto, where the traffic will be funneled to from the YNSE

The Yonge North subway extension will provide new stations and extended route options for commuters, connecting you to where you need to go!

Credit: Yorklink 

An exciting development set to increase accessibility, real estate opportunities and bolster the local economy 

The Yonge subway line has been in existence for over 60 years, and over that time, as surrounding infrastructure has evolved and expanded, the needs of local commuters has, too. With greater accessibility comes greater opportunity, creating room for considerations that might have once been out of reach. Considerations like new real estate opportunities for investment and living. 

With this increase in accessibility, it’s not hard to envision the inevitable real estate benefits that will follow for property buyers and investors. Specifically, the benefit of rising property values for those areas situated in close proximity to the new subway stations. A rise in property value, a boosted walk score for prospective buyers to take note of in future, and the immediate conveniences for residents of having transit options steps away from their front door. 

Just a few of the areas slated to experience the boost in local property values include those close to the future stations at York University, Vaughan Metropolitan Centre, and Richmond Hill City Terminal. You can expect to see not only a rise in property values, but also in the demand for real estate in these pockets, as savvy investors and eager buyers hope to get in and on board with the local real estate uptick expected to follow the completion of the YNSE project. 

Beyond the real estate opportunities that this transit project will pave the way for, there is also the economic component to consider. The benefits in this realm include increased job opportunities and business-related development in the areas affected by the project. 

This project is all about connecting commuters and communities and will increase transit accessibility, meet local needs and create new opportunities all around!

Stay tuned for more updates on this exciting transit project

For more details and the latest updates on the Yonge North subway extension, you can follow along via Twitter, the Metrolinx website, and Infrastructure Ontario.

For the latest community highlights and real estate news, check out our weekly blog.

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