After almost a decade of debates, analysis, and discussions, construction of Ottawa's Light Rail Transit (LRT) System (http://www.ottawalightrail.ca/) has recently started. If all goes according to plan, the LRT will have it's first rider by mid-2017 and construction will be completed by the end of that same year. Aside from the obvious (a more efficient and effective way to move about the city), the LRT will impact Ottawa on many different levels - the area I'd like to bring to your attention is property values. Specifically, property values near the LRT stations.
Now, unfortunately my crystal ball is in the shop, so I can't look to it to see exactly what impact the new Confederation Line will have on its immediate surrounding neighbourhoods. But fortunately for my readers, I did come across a fantastic report by Melanie Reuter from The Real Estate Insider where she did an analysis of the impact that new public transit systems had in some of North Americas major cities. She not only compared what impact a new system had on a city's property values, but also the advantage these transit systems can have during a recession. (Spoiler Alert, it's positive, very positive.)
If you've been considering a condo purchase, but haven't been able to figure out exactly what neighbourhood or area to buy in, give this report a quick read.
http://blog.myreinspace.com/2013/07/empirical-proof-that-transit-protects-or-enhances-your-property-values/
Thanks for reading.
Taylor Bennett
Sales Representative - Bennett Pros
www.BennettPros.com
Taylor@bennettpros.com
@OttawaTails
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