Update: Is the Salvation Army's Shelter Project in Vanier Affecting Property Values?

Last summer I wrote about the Salvation Army shelter project to see if it was affecting the property values in a 600-meter radius of the proposed Salvation Army shelter site at 333 Montreal Road.

What I had found is that announcement of the Salvation Army shelter for the 333 Montreal Road site did not affect the value of neighbouring properties or the number of properties that were sold in the vicinity of the proposed shelter.

It's time for us to revisit this question by comparing the number of properties that have sold from June 2017 to June 2018 in the 600-meter radius surrounding the proposed site on Montreal Road.

From June 1st 2017 to May 31st 2018 there was a total of 93 properties that have sold as seen below.

This is a 20% increase in properties that have been listed and sold in the area of the Salvation Army proposed shelter.

These red pins show all property types combined (residential, commercial, condominium and multi-family properties) sold within the period stated on the diagram. As you can see there are 20.7% more properties that have sold. One building where we have seen many listings come on the market and sell is at 200 Lafontaine Avenue which is a condo building located across the street from the proposed Salvation Army shelter.

The average sold price of properties sold between June 1st 2017 to May 31st 2018 was $384,475 while the average days on market was 46. The good news is that the property prices have gone up from the previous 12 months. In fact, property values have increased by 2.6% in the outlined area while days on market have remained pretty much the same increasing to 47 days on market.

Vanier as a whole saw property prices go up 0.9% and saw the total MLS property sales go up 11.3%. What seems to be clear is that more properties have been listed on the Ottawa MLS and more properties have been selling in the vicinity of the proposed Salvation Army in Vanier. Furthermore, property prices don't seem to be negatively affected and the area is seeing stable price growth.

If you are looking to buy or sell a home in Vanier or if you are looking to invest in a single-family home, condo or multi-family property in Vanier or in Ottawa call Roch St-Georges, real estate agent with EXIT Realty Matrix at 613-889-7732.