I had an e-mail asking whether there was any gain in waiting for the Canada Line to finish in order to sell a nearby house. Will there be greater appreciation? I think that appreciation would already be priced in.
I've always been a rebel though, and would cut off my nose to spite my face.
What do you think?
On 11/04/2008, Ben wrote:
Hi there, first of all I'd like to thank you for creating the blog. I really enjoy reading the valuable information and insight that I am currently lacking on the RE market. However, so far I can't really find much posts/commentaries on the affect RAV (Canada Line) will have on nearby real estate units. Please advise if possible since I'm not certain whether to sell my detached home now or wait until the RAV station (the one beside Oakridge mall) near my detached house is finished to get a price appreciation (if any at all). Thank you, it'd be really great to hear what your take is on this matter.
van unreal wrote:
Thanks for writing.
I couldn't say for sure, but my best, common sense opinion is that if the proximity of the RAV line to your house is going to have an effect on its value, that would already be realized. The line is, after all, already under construction, and is very unlikely to not be completed. The selling point would be something like "Just two blocks from the Oakridge Canada Line Station (to be completed August 2008...or whenever)".
By all reports, price appreciation is slowing drastically, as are sales. This summer could very well be the beginning of the end. You may just end up dropping the price repeatedly for the next year. I would say "SELL!".
I am not an expert, and I have been wrong for years, so my advice is worth what you pay for it, but why try to squeeze an extra $10k out of a $700k (or whatever it's worth now) house. Before too long, it will be worth $350k, and wouldn't you kick yourself then?
Good luck - whatever you decide.