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Jason Thomas BCom
Royal Lepage Summit Realty
2611 Ellwood Dr S.W., Edmonton, Alberta
P: 780.499.5696
F: 780.431.1600
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Tuesday, May 21, 2013 - Impact of LRT on Edmonton Real Estate Prices

Impact of LRT on Edmonton Real Estate Prices

Often I am asked, "how will the expansion of the LRT impact Edmonton real estate prices?".  A viewer of my blog wanted me to have a look at a couple of south side neighbourhoods that have seen the LRT (Light Rail Transit) expand in 2009, Belgravia and Mckernan in particular.  Belgravia and McKernan are near the University of Alberta and the LRT expanded through these areas on it's way to Century Park on 23rd avenue. I only looked at bungalow style sales and I looked at an entire year of data for each neighbourhood.  Interesting numbers resulted from these stats. 

Belgravia Sale Price Per square foot

Mckernan Home sale price per square foot

Belgravia Sale price per square foot:
2009 $371/sq ft
2012 $436/sq ft
$65 per square foot gain, or an increase of 17.5% from 2009

McKernan Sale price per square foot:
2009 $376/sq ft                       
2012 $411/sq ft
$35 per square foot gain, or an increase of 9.3% from 2009

Edmonton sale price per square foot:
2009 $287/sq ft
2012 $301/sq ft
$14 per square foot gain, or an increase of 4.9% from 2009

So, both areas have outperformed the Edmonton average on a per square foot basis since 2009 when the LRT expanded throught the Belgravia and McKernan neighbourhoods.

The real interesting stat that jumps out is when you look at the previous 3 year period between 2006 and 2009, the numbers are reversed.  The sale price per square foot in Edmonton outperformed Belgravia and McKernan.
Belgravia Sale price per square foot:
2006 $333/sq ft
2009 $371/sq ft
$41 per square foot gain, or an increase of 12.3% from 2006

McKernan Sale price per square foot:
2006 $337/sq ft                       
2009 $376/sq ft
$39 per square foot gain, or an increase of 11.6% from 2009

Edmonton sale price per square foot:
2006 $240/sq ft
2009 $287/sq ft
$47 per square foot gain, or an increase of 19.6% from 2009

For more detailed statistics on Belgravia and McKernan as well as other Edmonton neighbourhoods visit Edmonton Real Estate selling prices.  For more information about the expansion click Edmonton LRT (light rail transit) expansion.To conclude we can safely say that for Belgravia and McKernan in particular there definitely is an impact from the LRT on Edmonton Real Estate Prices.


 

posted in Edmonton Real Estate Market Reports by Neighbourhood at Tue, 21 May 2013 14:46:00 -0600



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Jason Thomas BCom
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