Friday, September 20, 2013

Ottawa light rail transit and it's effect on housing prices

Summary and highlights
 Ottawa transportation improvements will deliver a 10%–20% enhancement of real estate values in the
regions most affected. In the future, these areas will outperform the rest. If the market goes up
everywhere, these areas will increase by about 10%–20%
more. If home values in Ottawa drop, these will
drop by 10%–20% less.
 With the completion of Highway 417 and Highway
7 improvements, real estate prices in key
neighbourhoods will increase more quickly than in other regions of the city due to improved transportation
linkages. Improved accessibility drives real estate demand.
 Values in older and more established neighbourhoods ar
e impacted more significantly than in newer
developments.
 In studies of the effect of transportation improvements on real estate in other jurisdictions around the world,
it was found that real estate value increases occur
for properties located within 800 metres of stations on
the new transportation and 800 metres from ex
its on new major highway improvements.
 The areas that will be most significantly impacted
by transportation upgrades are divided in to the ‘Three
Tiers of Impact’.
First Tier:
These are areas that will experience the most
positive impact from the transportation
improvements. These neighbourhoods will feel the twin impa
ct of highway improvements and new rapit transit
access: Hampton Park, Wellington West, Hintonburg, Centretown, Downtown, Old Ottawa East, Sandy Hill,
Hurdman’s Bridge, Overbrook, Eastway Gardens, Cyrville, and Pineview. 
Second Tier:
Areas which will also feel a strong positive
impact with one of the major improvements
significantly increasing long term demand: Carlet
on Place, Arnprior, Champlain Park, Island Park,
Mechanicsville, LeBreton, Lowertown, Byward Market, D
ale Park, Riverview Park, McArthur, Cardinal Heights,
Qualicum, Bayshore, Redwood, Parkway Park, Whitehav
en, Queensway Terrace, Bel Air Park, Glabar Park,
Braemar Park, McKellar Heights, Carlington, Laurentian
View, West Centre Town, The Glebe, Robinson Field,
Beacon Hill South, Gloucester, Convent Glen, Orleans
, Sheffield Glen, Kanata, Stittsville, Huntley. 
 
There may be negative effects (nuisance, property crime, no
ise, increased traffic, etc.) on properties located in
the immediate vicinity of many stations

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