People seldom praise the City for actions that might raise their property values. In this case, they might even complain that rising values will push their taxes up.
People are much quicker to complain that City actions will hurt, destroy, ruin, or otherwise negatively affect property values. Such was the cry at a Western LRT meeting. Surely building an LRT in that particular neighbourhood would cause incredible property value losses.
These weren’t just the folks living near a surface LRT bit either. Those who would be expensively shielded by placing the LRT in a tunnel complained the construction disruption would ruin their property values.
I wonder if a valid property assessment could be run in an area like Champlain Park, along the existing transitway “open trench”, to determine if house values were negatively — or positively — affected by the trench, compared to houses a block away. It certainly hasn’t stopped infills along the trench, or homebuyers acquiring the Minto townhouses at the Metropole which are right on the edge of the trench.
Sorry, anecdotal opinions by real estate agents doesn’t count. ‘Nuff said. It’d have to be by professional appraisers. So, it’s not likely to happen.
Frankly, I am not convinced by claims that running trains along the CPR right of way part of the Parkway would somehow affect property values worse than a zillion buses going by on the Parkway now. River views are rare and will overcome a number of downside factors.
I got off the bus at Pleasant Park Station a while ago. I was immediately struck by the magnitude of the retaining wall keeping back yards out of the transitway cut. Would a house in that circumstance be attractive to me? I think so, since there is a lot of “open space” behind those houses, and visual privacy. Others might find the circumstance unappealing. This in anecdotal opinion and not evidence of a pattern.
You can look at the fronts of the houses on Leslie and Cabot Streets on Google streetview.