My husband and I attended a meeting recently on the benefits of investing in Ottawa. It was a fabulous meeting with many a “jewel” that was bestowed on all who attended. One of the biggest of the evening had to do with the new LRT that is coming to Ottawa in the next few years. This made me think. How will the LRT impact me and will it have an effect on the value of my home?
The reality of the new light rail is (according to the City of Ottawa ) we are in desperate need of a new form of transportation. We are at, or above capacity in the downtown core. It is so dire that adding another bus during rush hour will slow down traffic instead of speeding it up. The LRT will have 13 stations. From reading the current route map the O-train will meet up with the new line at Bayview station.
Ready for a spoiler, after repeated research, I have come to the conclusion that the new train will not be running anywhere near my home. The closest it will get is Blair station. That does bite the big you know what. However for all of you looking to move closer to a future station or those of you who live near one already here is some important info. According to REIN (the Real Estate Investment Network) properties that are within 800 meters (yes that is less than 1 km) from a station will be able to capitalize on an increase of approximately 5%. The key to this increase is the area needs to be within walking distance to the new station. In looking at other areas across Canada we can see that the changes really start to occur once the station is open.
There is one real drawback (because everything needs one), we all know the history of LRT here in Ottawa has been like a bad relationship. Some great advice to anyone looking to capitalize on the new LRT system is to wait until the machines roll in. If the ground is being broken then you will know for sure that the new system is definitely being built in the location that you have anticipated.