Is the Salvation Army's Shelter Project in Vanier Going to Affect Property Values?
In June of 2017 the Salvation Army announced publicly their intentions to develop the parcel of land at 333 Montreal Road in Vanier as their new location for their multi-purpose homeless shelter.
What do home owners think of this announcement and more importantly can this proposed project affect their property values as well as rental rates in the area? In area of 600 meters surrouding the proposed site, in the 12 months leading to June 1st 2017 and the Salvation Army's announcement there were a total 40 properties that sold.
Since June 1st 2017 a total of 26 properties were listed for sale in this same area. 5 of these have already sold. 20 properties still remain as active and 1 is conditionally sold.
Since the annoucement a total of 10 properties have sold in the 600m radius. When we look at the same period last year (06/01/2016-08/22/2016) a total of 12 properties had sold. As of August 22nd it appears sales on par with those of the same period last year.
When it comes to properties listed for sale. From June 1st 2016 to August 22nd 2016 there was a total of 32 listed properties and only 26 have been listed between June 1st 2017 and August 22nd of this year.
If anything there are fewer properties on the market since the Salavation Army's new shelter project announcement. Vanier is one of the weakest performance neighbourhood in the City when it comes to increase in property values. In July the smallest gains in property values were recorded in Vanier (3.2%), Blackburn Hamlet (3.4%) and Orleans-Cumberland (2.6%). It will be interesting to see how this new project will affect home values in the area.
If you are looking to buy, sell or rent a property in Vanier, trust the expertise of Roch St-Georges, broker with EXIT Realty Matrix call 613-889-7732 to discuss your real estate needs.
Source: Ottawa Citizen, Ottawa Real Estate Board Stats, Graphcs are property of OREB/CREA.