The impact of mixes of transportation options on residential property values: Synergistic effects of walkability

Abstract

Calgary offers many public transportation options, including light rail transit (LRT), bus rapid transit (BRT), and local buses as well as facilities for non-motorized travelers. Yet the individual and synergistic effects of these mobility options on residential property values in Calgary have not been clearly understood. By using a multilevel hedonic modeling approach, we examine the independent and interactive economic impacts of different transportation options on Calgary's residential properties in 2017. Our findings suggest that proximity to LRT and better neighborhood walkability can appreciate residential property values, whereas proximity to major roads and bus service tend to depreciate the values, although the degree and significance vary by property type. When proximity to LRT is coupled with high walkability, more appreciation of property values is expected, particularly in the case of attached houses and apartment properties. Our results imply that urban planners and city officials should strive to create safe and pedestrian-friendly environments near LRT stations that could lead to more dynamic civic activities.