Hello Investors of Hamilton Ontario!
Today’s post is a special one as I have been meaning to do this for sometime but there were other posts that needed to be written so this kept getting delayed, delayed, delayed, etc…. And Season II of the Jersey Shore has ended so I’ve freed up some time 🙂 If you’re not already investing in Hamilton, Ontario, this will not only give you more reasons to invest but also identify areas of opportunity as well.
To get a copy of the free report, you need to email the Real Estate Investment Network at firstname.lastname@example.org but in the meantime I’ll provide you my own summary and analysis of the Hamilton Transportation Effect.
And here we go!!
- In studies of the effects of transportation improvements on real estate, it was found that real estate values increase for properties located 500-800 meters of stations on new transportation lines (e.g. LRT stations and James North Go Train Station). 500-800 meters is a less than 10 minute short walk which is great for your walkscore and no one likes a long walk when its -10 in a snow storm.
- Values in older, more established neighbourhoods are impacted more significantly than new developments. Perfect! there’s lots of old areas that have already started regentrifying along the LRT “B” line and James St North
- Transportation linkages: rapid transit, accessibility to major highways and highway improvements proved to be a major determinant for incrased property values in all studies.
Many transportation improvement projects are still in the planning phase still without funding so investors should only focus on areas where projects are moving ahead or already completed and those are:
- First Tier: the areas surrounding the Red Hill Valley Parkway which opened in 2007
- Second Tier: areas positively impacted by the Red Hill Parkway by providing easier access and traffic flow: Highway 8 and the Lincoln Alexander Parkway
- Third Tier: Areas within 800 meters of proposed LRT and Go Train stations in Hamilton. These will be promoted to second tier after the station locations are officially announced and move to first once actual construction begins. Keep in mind there are negative effects of being too close to the stations due to track noise and increased car and pedestrian traffic
Rapid Transit Impact on Residental Property Prices: In a study of San Francisco’s Bay Area Rapid Transit, one bedrooms within 400 meters rented for 10% higher than other one bedrooms in similar neighbourhoods. Two bedrooms were renting for a 16% premium.
Proposed LRT System:
The B-Line will be the first to be implemented as the East-West corridor through the downtown is the most heavily trafficted area and will have the largest economical impact. Proposed stations (West to East): MacMaster University, downtwon Go Train Station, Eastgate Square. One would expect a station near Ottawa St N to split up the distance between Eastgate and downtown Go Station.
A-Line: which is the next priority is planned to run from the airport, follow James St all the way to the waterfront. Wouldn’t it be perfect if the new stadium was near James St N and the waterfront like the city wanted?? Proposed stations: at the airport, Mohawk College and St Joseph’s Hospital, where A-Line meets the B-Line, and Hamilton Waterfront/James N Go Station.
Plans are in place to extend Go Train service on the Lakeshore Line to a James St North station as part of an extention to Niagara. This past summer, Go Transit was operating weekend service from Union Station in downtown Toronto all the way to Niagara Falls as sort of a test project for the Toronto to Niagara corridor.
Good stuff eh?! So that’s your overview, to take it a step further you have to hit the streets like I am doing again today, tomorrow and many many days to come cruising the neighbourhoods and viewing properties. If you’d like to learn more and need my assistance to locate investment opportunities in Hamilton please feel free to contact me.
Till Next Time – Your Life, Your Terms!!