Progress Is Being Made on the Eglinton Crosstown
This summer it has been impossible not to notice all the construction along Eglinton Avenue. This construction will be on going for the next several years until the completion of the Eglinton Crosstown LRT. In the short term a project as massive as this has it’s negatives. The most noteworthy, the reduced lanes causing stop and go traffic along Eglinton and the increase of traffic on local streets, as drivers try to avoid the constructions zones.
However, for many of my new and past clients who live off the Eglinton Crosstown construction, these short term negatives are significantly outweighed by the mid to long term gains improved transit will bring to their communities. By 2020, the Crosstown LRT will be able to move an incredible 30,000 passengers per hour!
Once the inconvenience of construction is over, the LRT will have a positive impact on the property values of homes in the area. Typically property values are higher closer to the major subway routes. I often have buyer’s with “10 minute walk to subway” on their purchase wish list, but realistically it turns into 20 minute walk to subway or 5 min walk to the nearest bus stop. For properties that are currently just out of walk to subway status, the LRT could drastically increase home values.
The additional of a viable transportation route across midtown, will also positively impact commercial and retail development along this route. Residential real estate prices tend to also be higher in areas where residents can walk to shops and other amenities. The LRT will eventually help stimulate local businesses and help build vibrant and whole neighbourhoods.
The Eglinton Crosstown is 5 years from completion, but is already an advertised “feature” in real estate marketing along it’s route. I believe the disruption now will soon be replaced by much needed quality public transit.