How Transportation Impacts Real Estate Prices

The idea of being around public transportation was not always a good choice when it came to real estate. After World War II, many individuals left downtown living and moved to the suburbs so that they could find larger and greener land. This affected the prices of real estate outside of the city and the prices of homes increased.

Today, however, the downtown core is where people want to live. Public transportation and the downtown core is at the forefront of political debate. Billions of dollars are being invested in new streetcars and subways in cities like Toronto and Vancouver. Ottawa and Calgary are other cities that are polishing their public transit service in response to a higher demand from residents.

Every major Canadian city has plans to focus on public transportation in response to increased population demands and on reducing the cost of environmental and economic resources.

The price of homes near public transportation has increased due to the demand. People like the convenience of walking to a streetcar or subway and not having to worry about paying for parking. The millennials (under 30 years of age) also prefer to live near public transit.

The prices of homes near public transit increase at a higher rate and have been shown to remain strong to economic downturns.

It will be more difficult to travel downtown by car as Canadian cities become more developed, therefore homes near public transportation will continue to see growth in real estate prices.

Reference: Canadian Real Estate Magazine

http://www.canadianrealestatemagazine.ca/…/how-transportati…