{"title":"Modelling changes in accessibility and property values associated with the King Street Transit Priority Corridor project in Toronto","authors":"","doi":"10.1016/j.tra.2024.104256","DOIUrl":null,"url":null,"abstract":"<div><p>Despite several decades of research, the relationship between transit accessibility and land values remains unclear. In practice, most research has focused on simple measures of proximity that, while easy to understand, fail to capture the potential for interaction using the transit network. Through the example of the King Street Transit Priority Corridor project, this research examines how transit accessibility, and changes in access over time that result from streetcar service upgrades, are capitalized into condominium prices in Toronto, Canada. Methodological and applied contributions include calculating streetcar travel time differences using disaggregate vehicle tracking data, calculating transit accessibility using a gravity-based measure with a calibrated impedance function, accounting for variations in accessibility over the course of a day as well as changes over time, incorporating measures of access to local amenities, transforming 2D transaction information to a 3D format, and specifying 4D spatio-temporal weights. Longitudinal model results indicate that transit accessibility is a significant determinant of condominium prices. While the service upgrades did not dramatically increase accessibility levels and the implicit value of accessibility did not change over time, panel model results find that condominium property prices appreciated by about 2.7% more on average in the King Street streetcar corridor relative to the Sheppard subway control after the introduction of the priority corridor pilot. This result suggests the corridor on the whole may have became more attractive relative to Sheppard in the pilot phase.</p></div>","PeriodicalId":49421,"journal":{"name":"Transportation Research Part A-Policy and Practice","volume":null,"pages":null},"PeriodicalIF":6.3000,"publicationDate":"2024-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Transportation Research Part A-Policy and Practice","FirstCategoryId":"5","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0965856424003045","RegionNum":1,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
Despite several decades of research, the relationship between transit accessibility and land values remains unclear. In practice, most research has focused on simple measures of proximity that, while easy to understand, fail to capture the potential for interaction using the transit network. Through the example of the King Street Transit Priority Corridor project, this research examines how transit accessibility, and changes in access over time that result from streetcar service upgrades, are capitalized into condominium prices in Toronto, Canada. Methodological and applied contributions include calculating streetcar travel time differences using disaggregate vehicle tracking data, calculating transit accessibility using a gravity-based measure with a calibrated impedance function, accounting for variations in accessibility over the course of a day as well as changes over time, incorporating measures of access to local amenities, transforming 2D transaction information to a 3D format, and specifying 4D spatio-temporal weights. Longitudinal model results indicate that transit accessibility is a significant determinant of condominium prices. While the service upgrades did not dramatically increase accessibility levels and the implicit value of accessibility did not change over time, panel model results find that condominium property prices appreciated by about 2.7% more on average in the King Street streetcar corridor relative to the Sheppard subway control after the introduction of the priority corridor pilot. This result suggests the corridor on the whole may have became more attractive relative to Sheppard in the pilot phase.
期刊介绍:
Transportation Research: Part A contains papers of general interest in all passenger and freight transportation modes: policy analysis, formulation and evaluation; planning; interaction with the political, socioeconomic and physical environment; design, management and evaluation of transportation systems. Topics are approached from any discipline or perspective: economics, engineering, sociology, psychology, etc. Case studies, survey and expository papers are included, as are articles which contribute to unification of the field, or to an understanding of the comparative aspects of different systems. Papers which assess the scope for technological innovation within a social or political framework are also published. The journal is international, and places equal emphasis on the problems of industrialized and non-industrialized regions.
Part A''s aims and scope are complementary to Transportation Research Part B: Methodological, Part C: Emerging Technologies and Part D: Transport and Environment. Part E: Logistics and Transportation Review. Part F: Traffic Psychology and Behaviour. The complete set forms the most cohesive and comprehensive reference of current research in transportation science.