GO Transit expansion projects in the Hamilton – Niagara area have brought significant price increases to homes located near new stations. In some areas, the transit expansion projects are responsible for price increases of as much as 9%.
Our November 2019 Housing Market Insight (HMI) for Hamilton – Niagara estimates how much the announcement and construction of new stations affected house prices. We tracked prices in areas that received a new station and compared them with prices in similar areas that do not have a station.
GO Transit stations added up to $40,000 to home prices
The stations we looked at as hubs for home price increases were:
- the West Harbour GO station (located in Hamilton Centre)
- the Confederation GO station (which will be located in Stoney Creek)
- the 3 Niagara Region GO stations (which will be located in St. Catharines, Niagara Falls and Grimsby)
Some highlights from our findings:
- The West Harbour station increased home prices in Hamilton Centre by up to $30,000 or 9%.
- Most of the estimated price increase from the West Harbour station happened between the project’s announcement (May 2013) and completion (July 2015).
- The Confederation station project has increased house prices in Stoney Creek by up to $40,000 or 8% so far.
- The St. Catharines and Niagara Falls station projects have increased house prices in their areas by up to $30,000 so far. This amounts to 8% and 7% increases, respectively.
Transit expansion influences homebuying
Knowing how much prices were affected by a transit improvement project is of major interest to many stakeholders. This includes homeowners living near these new projects and homebuyers who are considering moving there or to other areas where similar projects are planned. Other interested stakeholders are developers who are considering building homes near transit stations, as well as municipal government departments that deal with land use, public infrastructure, and government services.