Ask The Realtor®
Q: What impact does the LRT have on Westboro and Wellington Village?
A: The City of Ottawa has not yet taken a final decision on the route the LRT (Light Rail Transit system) will take through Westboro. But even if the City’s preferred route is not selected – along the existing Transitway from downtown to Westboro and then along (or under) the Byron Linear Park to Woodroffe – the LRT will traverse local neighbourhoods and have a big impact on property values.
To understand what the impact on property values will be, the best clues can be found by looking at other cities. Anecdotal evidence from Toronto, Montreal, Vancouver and Calgary would suggest that once construction is complete and the LRT is fully functional, prices of properties within walking distance of transit stations will increase relative to property values in the rest of the city. Rents for apartments and condos in close proximity to LRT stations will likely be most impacted, due to their enhanced appeal to commuters, single professionals and families without cars.
The City of Ottawa is encouraging new development along LRT routes, by re-zoning land adjacent to LRT stations for much taller, intensive development. Developers are capitalizing on this movement, submitting plans for larger projects beside LRT stations planned for Little Italy, Hintonburg and Westboro.
While there may be an inconvenience for local residents during construction, in the long run local property owners stand to be long term financial beneficiaries of the LRT. To learn how to take advantage of this investment opportunity, contact one of our real estate professionals at Engel & Völkers Ottawa Central.
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Categorised in: Investing
This post was written by Heather