Will the new Rail Deck Park impact condo values along the rail corridor?

Mayor John Tory and the City of Toronto announced plans for a new 21-acre park in the heart of downtown Toronto, dubbed Rail Deck Park. The park would stretch from Bathurst to the Rogers Centre, built above the rails.

According to a release from the City, the initiative is part of the TOCore project, which aims to counter the rapid development and intensification that strain the “physical and social infrastructure” of the core.

Via the City of Toronto

Downtown Toronto’s population is expected to nearly double to 475,000 by 2041. The last time we saw a new large park open was when Corktown Common (18 acres) opened in the Canary District neighbourhood. Now is the time to make a project like this happen.

"Great cities have great parks. As Toronto grows, we need to take bold action to create public space and make sure we build a city that makes future generations proud,” says Mayor Tory in the release. “This is our last chance to secure a piece of land that could transform the way we experience our city.”

Major cities are using rail corridors for parkland. Chicago has Millennial Park. New York has Hudson Yards. And the City of Vancouver just purchased the Arbutus rail corridor for parkland use. The City of Toronto will have to secure the air rights and create an Official Plan Amendment so that the park is designated for public use only.

Via the City of Toronto

“More and more families are choosing to call downtown home, and they need somewhere to play with their kids, enjoy the outdoors and relax with friends," says Councillor Joe Cressy (Ward 20 Trinity-Spadina). "Turning this underutilized part of our city into a beautiful and sustainable public space is truly a win-win, and will complement the transformative work being done with The Bentway and Fort York.”

When we heard the announcement, we’re pretty sure we could hear the condo owners along the rail corridor cheering from their towers. Without a doubt, any condo units overlooking the rail corridor where the Rail Deck Park is going to be will see a little boost in value. These condo owners will be able to include “views overlooking the Rail Deck Park” in their listing.  

Via the City of Toronto

“John Tory’s recent announcement regarding plans for a new park on top of the existing railway lines south of Front Street is incredible news for people living and working downtown,” says Wells Baker, Director - Conservation & Sustainable Design, The Minto Group. “Having access to nature and useable outdoor space is really important for people’s health and wellbeing, especially in cities. It is really exciting that residents at Minto Westside could one day have this fantastic park right at their doorstep.”

Minto Westside is located at Front and Bathurst, so residents will literally be steps from the Rail Deck Park. The King West neighbourhood is already enticing enough to attract the likes of first-time buyers, young working professionals, and investors, and now that there will be a new 21-acre park across the street, we think the rest of the available units at Minto Westside are going to sell very quickly!

Do you think the Rail Deck Park will impact condo values along the rail corridor?