Buying

By now, you’ve probably heard the news that CN intends to put a 400-acre intermodal station near the train tracks between Britannia and Lower Base Line.

There are lots of websites and Facebook groups like this and this that will keep you in the loop much better than we can at Milton Daily Homes, including a full review of “what we know so far” here (along with some excellent things you can do now).

And I found this article extremely helpful in explaining how we got to this point, and what options are available.

I do not envy either side – either CN or the citizens of Milton – because I know both of them can put up a pretty good fight.  In fact, the last time an intermodal was proposed, it got shut down.  So there’s still lots that can happen.

Instead, let’s talk about how this will affect Milton real estate.

We’ve had quite a few clients reach out to us with concerns about how this will affect the value of their home.

I’m of the opinion that traffic and noise will be the biggest issue.  On the low end, we could be looking at 500-600 trucks per day, but some believe that the real number could be anywhere from 1,000 to 4,000 trucks in a 24-hour period.

That could mean a truck every minute.

If you live close to the major north-south roads, especially Ontario Street, Bronte Street or Tremaine Road, then I would imagine you may notice some increased traffic noise and congestion.  Based on some of the sales that have happened in non-ideal locations close to train tracks and busier roads, I would say the worst case would be about a 5% reduction in value.  For a home in the $600,000 range, I really can’t see it affecting you more than $30,000.  However, it’s quite possible that it would be less than that.

BUT I believe that the vast majority of current homeowners north of Louis St. Laurent will not notice a huge effect on the value of their home up or down as a result of the intermodal station.  Early forecasting indicates that an expanded six-lane Britannia Road will be the main channel for the truck traffic east and west, so be careful when buying close to any major road, but be extra cautious close to Britannia.

It’s been estimated that 1% of home buyers actually do any research about zoning or anything to do with the plans for the land around their home.  If they can’t see it or hear it when they stand outside the house after a showing, chances are it’s not going to register as a significant problem on their radar.

That doesn’t mean that the proposal is good for Milton, it simply means that we believe most people will not be affected from a real estate standpoint when it comes to the intermodal proposal.

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