Hamilton’s Transportation Transformation
Research Report Concludes That Select Property Owners Will Receive a 10 - 20% Increase in Their Property Values
May 10, 2011 — The Real Estate Investment Network (REIN™) a Division of Cutting Edge Research Inc. is pleased to release its second edition of The Hamilton Transportation Effect, which details the impact of the upcoming transportation improvements on housing in the Hamilton area. The report’s research concludes that prices in select Hamilton neighbourhoods will receive a 10% to 20% premium, over and above what the rest of the city’s market does in the coming years.
As more people flock to the Greater Toronto Area (GTA) for the job opportunities, the demand on the Area’s infrastructure and housing market will continue to escalate. As a result, people will make the decision to move further outside Toronto, turning instead to surrounding communities to find accommodations to either rent or buy that fit their budget. Hamilton’s lower housing prices and the short driving distance to Toronto appeal to people who work in the city, but want to live outside its borders. By 2031, the population of Hamilton is expected to increase another 32%, which translates into 105,000 new jobs, and subsequently, if left unchecked, 180,000 additional auto driver trips per day that will need to be accommodated by the road network.
The City of Hamilton hopes to turn to light rail technology to curb traffic congestion. The announcement of five proposed rapid transit lines in Hamilton lead the REIN team to undertake a research report on the impacted neighourhoods.
REIN’s detailed research has found that there are three “Tiers of Impact” that will occur in the Hamilton region:
First Tier: Neighbourhoods located near the on and off ramps to the Red Hill Valley Parkway. These include: McQuestern East and West, Barton, Nashdale, Kentley, Glenview East, Corman, Red Hill, King’s Forest and Albion Falls.
Second Tier: Includes areas that will also be positively impacted by the easier access and traffic flow created by the Highway 8 link to the Red Hill Valley Parkway. This will allow commuters from as far away as Toronto and Oakville to cut key minutes off their drive.
Third Tier: Areas that are within 800 meters of the proposed LRT and GO train stations in Hamilton. These areas will move up to second tier once the official announcements are made as to exact locations, then eventually move to first tier once the actual construction begins. Communities impacted by future LRT lines include: Ainslie Wood, Cootes Paradise, Westdale South, Beasley, Corktown, Kentley, Greenford, Green Acres Park, North Glanford, Ryckmans, Mewburn, Sheldon, Kennedy East, Allison, Greeningdon, Balfour, Bonnington, Yeoville, Rolston, Buchanan, Mohawk, Southam, Centremount, Durand, Corktown, Beasley, Central Hamilton, North End, Ancaster, Mohawk Meadows, Bruleville, Burkholme, northern Crerar, northern Rushdale, Hill Park, Lawfield, Crown Point, northern Homeside, Ancaster, Leckie Park, the Elfrida growth area, Corman, Riverdale, and Winona.
When the LRT stations are completed, communities within an 800-metre radius of these transportation improvements can anticipate a 10%–20% increase in their property values. The largest effect will be felt in older and more established neighbourhoods.
The 2011 Hamilton Transportation Effect report reviews the peer-reviewed academic research that has been conducted on the impact of light rail, highway expansion and road improvements in other parts of the world.
About REIN™
Founded in 1993, the Real Estate Investment Network™ (REIN™) has grown over the years to become Canada's leading real estate research, investment and education organization. It serves more than 3,000+ member clients who own more than 26,000 properties (valued at over $3.3 billion) across the country. Members use the unbiased research and proven systems to invest in properties in economically strong regions across the country. REIN™ does not sell or market real estate to its members or the general public, but instead conducts objective and unbiased research, analysis and investor education.
For more information please visit www.reincanada.com
The Hamilton Transportation Effect report is available free to the public upon request by emailing the Real Estate Investment Network at info@reincanada.com
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