The Ottawa Confederation LRT line is scheduled to be unveiled this year, exactly a decade after Ottawa City Council approved a master plan outlining the future of city transit.
The line, which stretches from Westboro to Gloucester and connects to the city’s existing transit networks, will provide much-needed relief for transit-takers all over the city.
How will it affect existing homeowners?
Current homeowners near the LRT’s construction sites already know what long-running construction does to local roads.
But hopefully, these delays and road blockages will be worth the wait. Property values along LRT lines and near new transit stations are set to rise, and with it, new construction.
Still, the experts disagree on how much property values will rise. Increased property values depend on how the LRT’s service, reliability, and frequency impact local residents. We expect that the convenience to outweigh disruption to local homeowners, and ideally this translates into increased value.
What about specific neighbourhoods?
Areas surrounding each station can expect increased development, in both residential and commercial construction. If the 1990s’ construction boom in Gloucester is any guide, transit and commercial centers will lead a wave of new businesses and commercial interest, which tends to lead to more residential growth.
With Ottawa’s population growing at a rate of more than 5% a year, that means we’ll likely see housing in neighbourhoods surrounding all transit stations rise.
Since densification of urban areas is a growing concern in Ottawa and the rest of Canada, expect a lot more condos being constructed than detached homes. Especially in the areas tightly clustered near transit stations, we’re expecting to see more condo units of all sizes available in the next decade.
Will it affect future buyers?
If you’re a potential homebuyer in the Ottawa area, the competition is about to heat up. Scoring a property close to a transit station means you’ll need a good Realtor with experience in the area and an understanding of how the LRT will impact sale prices.
With such rapid change coming to neighbourhoods like Sandy Hill or LeBreton Flats, historical sales data doesn’t tell the whole story.
Future buyers can expect more competition, but also more options; construction of all types of homes, from one-bedroom condos and high-end luxury properties, has already begun. Soon, there will be more inventory to choose from in some of Ottawa’s newest transit-accessible areas.
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What’s next?
While the transit group responsible for building the Confederation LRT line is contractually obligated to be finished in May, it doesn’t look like it will be completed by then.
Some buyers can breathe a sigh of relief knowing there’s a little more time to find their dream home nearby a transit route before prices rise.
Still, for others relying on the LRT to shorten their commute, the delay isn’t great news. The city should have a revised schedule soon, and driver training has already begun.
We love the changing face of Ottawa, and we’d love to help you be a part of it. Start your home search today or ask us your questions about buying a home in 2018 by calling us at (613) 288-2455, emailing us here, or booking a buyer’s appointment.