While Hamilton’s urban development and focus on its public transit initiatives has undeniably positive impact on local commuters and city infrastructure as a whole, the efforts also come with some decidedly more complicated side effects; particularly in the realm of real estate.
In a report released by the Canadian Mortgage and Housing Corporation, it was revealed that Hamilton’s focus on intensifying and expanding GO Transit service has resulted in a significant increase in housing prices for residences in the vicinity of GO service areas, including the newer West Harbour and Confederation GO Stations.
West Harbour GO station increased house prices in Hamilton Centre by up to $30,000, or nine per cent.
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According to the report’s data, housing in Central Hamilton has been affected by West Harbour GO with increases of up to $30,000, and home prices in the Stoney Creek area have been affected by Confederation GO with increases as high as $40,000. Confederation GO has also somewhat affected some housing prices in East Hamilton, where data shows increases of up to $15,000.
No word yet as to how, or when, the forthcoming LRT project in Hamilton will have an effect on real estate prices in the areas it serves; though, it’s not unlikely that similar pricing hikes will occur as that project approaches its development.