Analysis of residential property value before and after the opening of the SkyTrain Millennium Line

This research investigates the impacts of the construction of SkyTrain Millennium Line in Burnaby’s Lougheed Town Centre area on residential property values. These price impacts are for three years, corresponding to a year during construction (2000), the completion date (2002) and three years after its opening (2005). A hedonic property price model shows that the distance from the SkyTrain station had a statistically significant negative impact on residential property values only prior to the SkyTrain’s opening. The model also suggests that structural variables, such as floor space, age, heating are more influential than the distance to SkyTrain in affecting the property values.