Posted Jun 15, 2015, 4:36 PM
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Join Date: May 2012
Location: Toronto
Posts: 5,380
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Quote:
thespec.com: Paling Ave. real estate listings already touting proximity to LRT
Proximity to a future LRT line is expected to have a positive impact on
house sales.
By Amy Kenny | June 15, 2015
"Walk to the new LRT" — that's the description for a real estate listing on Paling Avenue, just east of Kenilworth Avenue North.
No matter that construction on the city's light rail transit line isn't slated to begin until 2019, for a 2024 opening. It's already bringing buzz to the proposed corridor — from McMaster University in the west to the Queenston traffic circle in the east, with a spur line that connects to the new GO station on James Street North.
Coun. Sam Merulla, who represents Ward 4 where the house on Paling is located, says he's not surprised real estate listings are pushing proximity to LRT.
He says a similar thing happened in 2007 when the Red Hill Valley Parkway opened.
"This was a catalyst to Torontonians looking for housing stock in an urban centre," he says, noting property values had jumped for the first time in years.
Before that, Torontonians moved to Westdale, says James Pottruff, with Pottruff and Oliver Realty Inc., Brokerage. He says the Red Hill parkway opened up the Stoney Creek Mountain to newcomers, and thinks LRT will have an even greater impact on the city's east end.
"Lots of (Torontonians) have a different psyche sometimes," he says.
"I think they're very conscious of LRT because they've been used to taking public transit."
Pottruff says LRT seems to hold greater attraction for out-of-towners than it does for established Hamiltonians, who might have a more car-centric mentality.
It's just the latest spike in what Pottruff calls an unprecedented run of price increases in the city. He says the real estate market in Hamilton is the craziest he's seen it in his 31 years as an agent and the LRT announcement has definitely prompted people to ask about locating along the line.
That's not the case across the board in his industry, however.
"To be honest, I think it's too early," says Jeannie Crawford, an agent with Coldwell Banker Pinnacle. "I deal with a lot of people coming to Hamilton from other cities and many haven't even heard of this development. They are all talking about wanting to be near the GO Station on James, but that is real and tangible. Once we get closer to (LRT) and things start to really happen, then I think we'll see more immediate effects."
Pottruff says he can't guess how property values will change along the LRT corridor as construction comes closer, but there are examples of it in other cities.
According to a 2010 report prepared for the City of Hamilton by the Canadian Urban Institute, property values of homes along the LRT route in Dallas, Texas, were 25 per cent higher than values elsewhere in the city. In Portland, Ore., homes within 500 metres of LRT had a 10.6 per cent price premium.
The report also highlighted potential for new development.
"This study has found that the proposed B-Line LRT would stimulate an additional 350,000 square metres (3.7 million square feet) of development over a 15-year period relative to development in the area without an LRT," read the report.
That development would bring an expected $280 million in new taxable assessment, with estimated tax revenues of $22.4 million over 15 years.
Additionally, property values along the corridor would increase to bring $29 million in taxes over that period, with another $30 million coming from building permit and development fees.
Listing: realtor.ca - 124 Paling Avenue, Hamilton, Ontario | $357,900 | 4+1 Bedrooms | 3 Bathrooms
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It's not mentioned in the story, but the house sold the first weekend it was for sale for above the asking price.
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