The City of Calgary is in the planning process for the new LRT Green Line that will run down the centre of the city from the north. After it passes through downtown it will then travel south to the SE corner of the city and it will add about 40km of new track. It will make around 50,000 trips a day and by 2043 they estimate that 400,000 desk jobs will be accessible from the new LRT Line. The city is looking at starting the early works project this June. The first phase will start with the building of the Shepard Transit Vehicle Maintenance Station, and track running from Mackenzie Towne to 72 Ave North, planning to be completed and running by 2024, and stations will be added north and south after the first phase is completed. The city is also looking at using a different style train that has a lower deck, meaning that the stations won't need to have the 3' deck height that Calgarians are use to seeing. This will allow for smaller stations/platforms.
But what many home owners want to know is "what will the new LRT line do for my property value?". This topic isn't black and white as there are many circumstances that determine the value of a property, but from studies done in the past on previous LRT lines we can make some general statements. Studies show that on average homes that are with in 2000 meters of a LRT station will typical increase in value by 1%-4%, but this increase is only seen when the LRT is open and running. During construction and the pre planning stages they will usually see a price decrease as most people do not want to be inconvenienced with construction. It appears that condos and attached properties will see a greater increase in price than detached properties.
What we can take away from this information is that if your looking for a property close to a LRT station, be prepared to buy early in construction while prices are lower. If you already own a property that will be near a future LRT station, try and hang on to that property until the stations are up and running to gain the most value. If you have any questions feel free to contact the Anderson Lockhart Team!
More information on the new LRT Line can be found at www.calgary.ca/greenline
*information used from Economist Laura Dick