June 22, 2015

How bike-sharing boosts property values

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Bixi

A study done by McGill’s School of Urban Planning and published in the April edition of the journal Transport Policy, found that having 12 bicycle sharing stations within 800 metres of a home adds 2.7 per cent to its resale value. …

“I think it has to do with being able to reach more destinations that you want to reach,” said Dea van Lierop, one of the study’s co-authors. “With Bixi, you can really access a lot of places in a short amount of time, without paying that much.”

The results may seem surprising considering how few people in the city ever use the bike-sharing service. There were 35,832 annual Bixi subscribers and 37,926 occasional trips as of May 31, according to figures released by Bixi last week. Van Lierop said her study shows the Bixi program is a selling point for all homeowners, not just the ones who plan to use the service.

“It gives the area a more vibrant and more urban feeling,” she said. “We see this a lot with transit. People like to live near transit stations (like train or métro stations) even though they have no intention of using those stations.”

She added that Bixi stands give off an air that the neighbourhood promotes healthy lifestyles.

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Comments

  1. Would love to know if Montreal Real Estate Board corroborates the results of this study. Also would like to know if researchers are ‘pro-cycling’ 🙂

  2. Would be useful to hear from Toronto folks, where there are some Bixi bike share stations on edge of residential neighbourhoods in the downtown area –Annex (older neighbourhood west of Bloor and Yonge), Front St. by condo towers, etc.

    Separated bike lanes (the few that there are) skirt around these neighbourhoods, but there are some painted and signed bike lanes. I would expect the focus should be more on cycling infrastructure near by for real estate values of homes or as a selling point. A bike share station is great….as long as there is cycling infrastructure near by.