Real estate in Ontario is all set to receive a major boost due to the announcement from Transport Canada relating to the CA$17.7 million for the expansion of the Port of Hamilton. This will also include upgradation of railway infrastructure and the building of a bulk, multi-user warehouse for storage. Improved railway access will boost real estate markets in large parts of Ontario. A new dock will be built as part of the expansion plan at the busiest pier in the port.
Infrastructural upgrades for the railway network will beef up overall capacity for enabling railway providers to easily access the Ontario Port as per Transport Canada’s blueprint. The port is majorly served by Canadian Pacific and CN. The investment will be pumped in by the National Trade Corridors Fund of the Government and the amount will also be matched by the HPA (Hamilton Port Authority) for backing the modernization blueprint for Westport which CA$35.45 million.
The Hamilton Port Authority is planning to develop a multi-modal transportation hub in Westport since some areas in the region are still inaccessible through the railway network. These infrastructural upgrades will boost real estate and housing markets in and around the Hamilton Port and several parts of Westport along with other parts of Ontario due to the creation of a new transportation hub and improved connectivity in the process. Federal investments will also back the trade connections to African, European and South American markets for the country while enabling swifter cargo movement via the port to the Greater Toronto Area and the horseshoe region as per reports.