As the west LRT opening looms, Ann Zee is seeing her neighbours move away.
Zee lives in a condominium within walking distance of the 45 Street station. She said many of the other condo owners are planning to sell their homes to capitalize on higher property values.
"This is a great inner-city location and being right next to the LRT station is such a plus," she said.
Properties within one kilometre of new transportation hubs typically see their values go up, according to Jared Chamberlain, real estate agent with The Chamberlain Group.
According to assessments by the City of Calgary, property values in Rosscarrock, Glendale, Killarney and Shaganappi were either at or below the city median in 2010. In 2012, those communities – within one kilometre one of the new stations – were at or above the city median by as much as 10 per cent.
"When you have access to an area, it creates more demand," Chamberlain said. "It’s going to bump those places up pricewise."
Properties close to the LRT could see a two per cent increase over the next two years, according to Robin Spiers of Real Estate Professionals Inc.
"The LRT is going to be one factor that helps these neighbourhoods, but there are a lot of other factors that have a bigger effect on the value of these homes," Spiers said.
One of the major influences Spiers cited was Calgary’s resilience to a weak global economy.
He added that if everyone puts their homes on the market at the same time, it would likely weaken demand among buyers.
- A two-bedroom condo near the 45 Street Station is assessed at $199,000, according to the city.
- The new section of the LRT system has six stations in West Calgary.
The west LRT line opens on December 10.
By Ryan Kessler
For Metro Calgary