There’s been lots of talk about the light rail project being built in Montreal. This ambitious project will connect many suburban neighborhoods to the center of town, and is therefore set to impact housing values.
People often ask whether their property will increase in value given its proximity to a R.E.M. station. If so, when will they see those gains?
The answer is, we’ve already started to see prices increasing in certain areas because of the R.E.M. The South Shore, which is the first line that’s going to be coming into Montreal, has already seen most of the gains it will experience due to this project.
If you’re on some of the other lines, like the West Island line, the price adjusting has already begun; people have been advertising it for the last two or three years already. However, once it starts running and people realize just how quick it is to get downtown, we’ll probably get a little more of that lingering effect and see that final push.
So, if you’re looking at properties and considering the best place to buy, being close to public transit is always a winning strategy. The R.E.M. is going to make it very, very quick to get around town, especially when it comes to areas previously underserved by transit.
Is something happening in your neighborhood that might affect the local housing market? Thinking of moving and have questions about its future value? Ask our team anything!