Ottawa’s future is looking bright with the implementation of the new Confederation Line Light Rail that will make commuting throughout the city much easier and quicker. The scheduled launch date has been delayed numerous times , with the LRT now estimated to open to the public some time between January and March 2019. Of course there are many positives to its launch in terms of transit efficacy, but how will the LRT affect Ottawa’s real estate landscape?
Property values are expected to increase within a few blocks of any of the 13 LRT stations , though by just how much has been disputed. Much will depend on how big an improvement is made within these communities due to the light rail’s presence; the LRT’s service, frequency and reliability will all be factors that play a role in its affect on property values.
An increase in development can also be expected to coincide with the launch of Ottawa’s new light rail. A rise in housing surrounding each station is likely imminent. Communities near the LRT line will not only experience increased residential construction, but also commercial development as well.
Another thing set to increase because of the LRT is the competition in the housing market. Finding a home near a transit station may be tricky to nail down and will require you to partner up with a great real estate agent that is knowledgeable in how sale prices will be impacted due to the light rail. While future home buyers will possibly face more competition , they will also have more options to choose from. Construction has already begun to provide buyers more choices on types of homes from luxury properties to bachelor pads.