Photo: James Bombales
This week, the City of Toronto held its third and final public meeting about the possibility of a downtown relief subway line, with some homeowners expressing concern over how a new line would affect their property values. But according to some industry experts, they have nothing to worry about.
“Generally I think a lot of these concerns are misguided,” Property.ca Leslieville partner Ara Mamourian tells BuzzBuzzNews. “I think some of these people would be thinking of older subway technology, whereas with the current state of affairs, the effect would likely be very minimal.”
Last month, the city notified thousands of homeowners that their property could be affected in some way, if the relief line was approved. Of these, a portion of a dozen properties and the entirety of 16 would be become sites of permanent surface structures, while 10 would be required for temporary construction activities.
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“Overall, there might be a couple of homes that are affected,” says Mamourian. “If you have a house that’s next to a busy subway station entrance, that home could experience negative impact on its value.”
Still, he says that the majority of homeowners stand to benefit from the construction of a relief line, as buyers are attracted to close subway proximity.
“Any home that all of a sudden has access to quick and easy transit would immediately see values increase,” says Mamourian.
Toronto-based realtor Ralph Fox agrees, saying that in his experience property values could increase between 10 to 15 per cent.
“Property owners should be really happy about the idea of subway hubs right next to them,” he tells BuzzBuzzNews. “I’ve represented clients who have been buying near where the Eglinton LRT is being constructed, who saw the line being built as a great opportunity for an increase in values.”
Fox acknowledges that some homes night have some noise in the basement, but says that the effect of being close to a subway line would be largely positive.
“Buyers are always interested in easy access to transit,” he says.