One tunnel, 3 river crossings and 14 interchanges later the southwest ring road officially opened to traffic on Oct 02,2021
Having grown up in Woodbine while being a frequent user of the ski hills in Banff and attending Mt. Royal, I can personally attest to the value of this project. Before this, there were essentially two totally different S.W. quadrants – one North and one south of Glenmore Trail. Travel on 14st S Glenmore Trail to circle around the Weaslehead and the reservoir added time and agony to North/South travel on the west side of the city. Want to go to the NW corner of the city? Forget it! Now there is reduced traffic, shorter travel times and increased access to hospitals, recreation, shopping and offices.
The Project
Below are some additional highlights of what has gone into the $1.42 billion dollar project. In my opinion, it has changed the future of the communities on its fringe.
49 – bridges
31 – kilometres of new six and eight-lane divided highway
16– million cubic metres of excavated earth
2 – river realignments (Elbow River and Fish Creek)
1 – tunnel
The Impact on Real Estate Values In Calgary
Some impressive numbers to be sure, but let’s talk about this impacts residential home values in Calgary. The construction and opening of significant portions of the project have created tremendous positive momentum. Within the communities in the SW fringe, it has made life easier for residents. Additionally, the reduced travel times and ease of access have led to increased interest in both residential and commercial values.
Having worked with clients in this area in the time leading up to the opening of the road in 2021 (pre-pandemic), I can tell you that neighboring areas such as Braeside, Cedarbrae, Woodbine and Oakridge are seeing some love from end user buyers and renovators.
The CSWRR combined with the improvements to 14 south really kicked the door open for these areas. They still have all the things that brought previous buyers like large lots, proximity to Fish Creek, and proximity to Glenmore Reservoir/Heritage park. Now they also have easy access.
Below I have some sales statistics that confirm what I could “feel”. Compared to communities in South Calgary from January of 2017 to January of 2020, these ones outperformed in terms of Sales Volume, plain and simple. I compared statistics of the communities directly on the borders of CSWRR. These statistics were compared to other sub-areas of Calgary South that are by all accounts great communities.
I compared one group that represented a similar maturity and proximity to Fish Creek Park. Additionally, I compared a group of communities from the newer and very popular SE corner of Calgary. You can clearly see that despite the seasonal cycle of home sales in Calgary, the trend CSWRR affected communities saw an upward trend in sales volume. Meanwhile, the other groups saw a decline. Sales volume was not the only statistic indicating this trend. There was support from days on market data, inventory, and others.
The Driving Factors
1. Game Changer for Access
- Access to Banff just got a whole lot easier
- Thinking about university? Well now you might be able to make that 8am accounting class
- Working downtown? Now you have options
- Want to go shopping? South to Shawnessy, North to Westhills, or just over to Taza – take your pick
- Hockey, soccer dance and music lessons just got easier to get to
2. More Retail
Although the focus of this article is the impact on residential real estate values, it’s hard not to associate the massive 1200 acre, $11 Billion, master planned development of Taza and how it has contributed. People like to shop, we need to shop and when people shop we like it to be easy.
This project has 6 unique districts:
-Retail
-Mixed Use
-Trail District
-Office District
-Resort District
-Sports Complex District
The retail area called Taza Exchange is currently being developed and new businesses are moving in. Those who live in the area are certainly singing the praises of the anchor tenant of the newly opened retail area – Costco.
Conclusion
The west ring road is the final piece of the overall Calgary ring road project. It has an expected completion date in 2024. Eventually, it will connect the SW position of the road at HWY 8 to the NW portion of the road at Crowchild Tr. When 100% complete, there is no question that this will be a massive leap forward for commuters, students, business and the movement of goods around the city. It will open new development opportunities, reduce travel times and connect people better than ever before. All things being equal with the pandemic influences on the real estate market, I am willing to bet this road will continue to breathe new life into its neighbors.
More information on the Calgary SW Ring Road