Transit could boost Hamilton, Waterloo home values
November 3, 2017
Hamilton and Waterloo home prices could rise in anticipation of expansion of the GO transit rail network from Toronto to the Waterloo region.
This month, Ellis Don Civil announced that Toronto Tunnel Partners (TTP) will design, build, and finance the upgraded tunnel project. Ellis Don is working with Infrastructure Ontario and Metrolinx and its partner, Srabag Inc., on the massive project.
The Highway 401 Rail Tunnel project is part of Metrolinx's program to transform the GO Transit rail network and bring rapid, two-way, all-day GO service to the Greater Toronto and Hamilton Area. Construction of a second rail tunnel under Highways 401/409 will accommodate two tracks, allowing for more frequent GO rail service.
Once complete, the project will eventually allow for all-day, two-way electrified GO Train service between Toronto and the Waterloo Region.
Areas that stand to gain the most in terms of affordability are those outside of Toronto—places such as Barrie, Guelph and Hamilton—Paul Smetanin, president of the Canadian Centre for Economic Analysis, told a meeting of the Toronto Real Estate Board (TREB) earlier this year.
Former Metrolinx CEO, Bruce McCuaig, noted that transit and property values are closely linked.
“Access to high quality transit encourages buyers to consider higher value properties than they might otherwise and that’s true in both the commercial sector as well as the residential sector,” McCuaig told the Toronto Star earlier this year.
Infrastructure Ontario and TTP will now work to finalize contract details with financial close anticipated for December 2017. The project is slated for completion in Summer 2021.