During the pandemic Toronto\u0027s urban premium fell from 42% to just 8% as more people worked from home. Read more
A recent paper by Jan Brueckner, Matthew Kahn and Gary Lin — A New Spatial Hedonic Equilibrium in the Emerging Work-from-Home Economy? — concluded that working from home would put
Do Brueckner and colleagues’ findings from the United States apply to Canada? A comparative analysis of suburban-urban housing price differences in the Greater Toronto Area suggests they do. Before the pandemic, housing prices in the city commanded a much larger premium relative to those in the suburbs. But during the pandemic, the urban premium was cut by more than half, partly because of the rapid increase in suburban housing values.
A similar trend was observed for condominium apartments, which commanded an urban premium of 28 per cent in December 2019 and only 10 per cent in December 2021.
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