So LRT can have the same effect as some think subways do?
It should be noted that the highest priced homes in the city of Toronto have no transit at all.
Of course LRT has the same affect as subways do. It's still high order transit that's immune to traffic.
More specifically, central underground Eglinton will be called a subway by everyone but the most hardcore transit nerds. Most people will see underground electric trains and say it's a subway. Many will never go east of Laird to the surface section. The tunnelled section will have higher frequencies, ATO, and turn backs at the ends so service in the tunnel won't be affected by the surface part.
Now, everyone knows it's causing Eglinton West home prices to rise, it's no secret anymore. Every house listing mentions the Eglinton Crosstown LRT. It's clearly making the values increase, as it should.
Many places that were lower-priced that were near the subway are now becoming higher priced at least in part due to the subway. This trend will continue in my opinion, as traffic gets worse and gas prices continue to rise.
Examples: Eglinton West, Danforth east.
Many of the highest-priced neighbourhoods are near the subway. Examples: Lawrence Park (the whole Yonge-Lawrence area), Forest Hill, Rosedale, Summerhill.
To me it's very clear: transit, subways, LRT, raise property values, and yes, people want transit near their homes.
This is not some city where the rich drive and the poor use transit... everyone uses transit. Ask people who make tons of money on Bay St if they drive to work. In general, no.. they live in beautiful homes at Lawrence & Yonge or near St Clair & Yonge or in Forest Hill and take the subway.