Near new rail stations, homes usually gain value — but Edmonton lost 7% and Toronto's gain was statistically a wash

Asked (summary):

Which peer-reviewed studies or government reports measured how new subway, metro or light-rail stations changed nearby housing prices and rents — including Tokyo's rail expansions and Canadian projects in Toronto, Vancouver and Montreal? What methods did they use (before/after comparisons, distance gradients) and what effects did they find, with numbers, source URLs, and whether each is peer-reviewed or government/grey literature?

The evidence table covers 29 empirical studies and reports from 20 independent source hosts — a broad research synthesis, not a claim to exhaust every study ever published. Each row carries its own source URL. Effects are quoted in each study's own units (percent premiums, elasticities, currency amounts), so they are grouped by identification method rather than forced onto one quantitative axis.

29 studies by identification method — colour shows the direction of the station effect

positive premium mixed / phase-dependent no significant overall effect negative government / grey literature A = anticipation effect documented · hover or tap a station for the quoted numbers

What the board cannot say alone

Tokyo: land values capitalize rail access, strongest before trains run

Canada: eight studies, from Spadina 1983 to the Montreal REM 2023

International comparison: premiums near stations, rare rent evidence

Across Beijing, London, Copenhagen, Seoul, Singapore, Madrid, Phoenix, Hudson County, Shenzhen and Bogotá, most quasi-experimental estimates find positive capitalization that fades with distance — Copenhagen +5.4% within 100 m, Singapore +10.6% within 600 m, Seoul about +4% within 1 km. Rent estimates are much rarer than sale-price estimates: Shenzhen found post-opening rent premiums of 18.4–20.0%, while Bogotá found no statistically significant rent effect despite 6–10.5% sale-price gains after its metro announcement. Announcement and construction phases often move prices before any train runs: London's Crossrail added about 2–2.5% after the 2008 announcement, and Beijing suburban homes within 0.8 km fell 21% during groundbreaking before gaining about 50% after opening.

Evidence table — all 29 studies

City / project	Study	Method class	Quoted effect and window	Literature	Source

Evidence synthesis of 29 empirical studies and government/grey reports (22 peer-reviewed, 7 working papers or agency reports) from 20 independent source hosts, one source URL per row, compiled 2024–2025. Each row quotes the study's own measured price, rent or land-value effect in its original units and time window; full method descriptions and effect text are abridged in the table for space, with the source link carrying the complete study. Method classes assigned editorially: before/after & DID, distance gradient, structural counterfactual, descriptive before/after.

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