Did you hear? The Evergreen Line will PROCEED!
On Friday, Metro Vancouver mayors voted in favour of a transit plan that includes expanded services and the Evergreen Line. Provincial Transport and Infrastructure Minister Blair Lekstrom has confirmed his government will “get shovels into the ground” within weeks or months.
The vote to raise regional gas taxes by two cents, passed with 70-per-cent support. The provincial government is committing $583 million to funding the Evergreen Line. Translink will provide $400 million and the federal government will contribute $417 million.
So what exactly are the direct impacts of transportation improvements on real estate? In it’s simplest answer, accessibility drives real estate prices.
Current examples closer to home is the recent rejuvenation of the Cambie Corridor and the Cambie Village area. Since the Canada Line opened, real estate prices in these areas have soared. Developable land has become extremely scarce, driving prices higher and higher. Going back in time, the same impact was felt when the Alex Fraser Bridge opened.
With gas prices rising globally, there has become a greater demand for public transport. Commute time, commute costs, and accessibility, are now critical determinants for potential homebuyers. As Campbell and Tennant, authors of “The Gateway Effect” explain, residents now measure their commute distance in minutes not kilometres. This is a process that leads to higher demand for properties that are located farther from their jobs, yet closer in terms of commute time.
Positive Impacts of Light Rail On Residential Property Prices, Housing Value & Rent:
- In studies conducted across North America, the values of homes in neighbourhoods close to mass transit had premiums of up to 40%
- The positive effects of proximity to rail transit, is limited to homes located within a one-half mile (800 metres) radius of stations. *Note Bloom’s prime location, which is a 300 metres from the future Burquitlam Station.
- The closer a home is located to rail stations has been found to increase rent prices, and increase the resale value.
- Studies have found that rent decreased by approximately 2.5% for every one-tenth of a mile (160 metres) distance from the station. *Again, note Bloom’s prime location, which is a 300 metres from the future Burquitlam Station.