Like proximity to good schools or metro stations, proximity to bike share stations increase a home’s resale price, a new study says.
Even accounting for inflation and other factors that could affect the sale price, the team found that proximity to a Bixi Montreal location increased sale prices on average 2.7 per cent.
“It is that much,” says Ahmed El-Geneidy, an associate professor at McGill’s School of Urban Planning and the study’s lead author.
Transportation has long been a known factor affecting home prices, El-Geneidy says. Nearby bus stops, subway stations or easy access to freeways is a key factor in home purchases.
“Areas around public transportation, the land values are much higher,” he tells Yahoo Canada News. “We’re finding this impact with the bicycle sharing system.”
El-Geneidy, along with urban planning student Dea van Lierop and Rania Wasfi, a doctoral student in the school of geography, looked at tens of thousands of MLS sales in Montreal between 1996 and 2012.
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