The market may be cooling in some areas, but for property owners along the Canada Line, values could rise at a faster rate then elsewhere, if trends around the Expo Line continue.
A new report released by Landcor Data Corporation, Lessons from Expo 86 for the 2010 Olympics looks at construction and price appreciation resulting from the Expo Line, completed in 1985 for Expo 86, and then applies the lessons learned to the Canada Line, being completed in time for the 2010 Winter Games.
The Expo line changed the face of Metro Vancouver. The Canada Line has the potential to do the same," says Government relations Committe Chair Sylvia Sam, commenting on the report. "Rapid transit can have a big impact on residential real estate contstruction and prices."
The report found that in the decade following the Expo Line completion, 1986-1996, home prices along the Expo Line increased at the same rate as the overall housing market in Expo Line communities. But between 1986-1996 vacant land prices near Expo Line stations increased 251% compared to 133 % for over all housing prices in Expo Line communities. Between 1986 and 2007, vacant land prices increased 628% compared to 352% for housing prices overall in Expo Line citiez.
The number of properties built within a 500 metre radius of Expo Line stations also increased. Burnaby, New Westminster, and Vancouver stations had the largest gains. Ther areaa around Edmonds station saw 1137 units built, a 414% increase from the 1975-1985 period. The area around New Westminster station saw 1378 units built, a 644% increase, and the area around Joyce station saw 1211 units built, a 909% increase.
In contrast little residential activity materialized around the 29th Avenue and Nanaimo stations, because these were longstanding single family residential neighbourhoods.
While market conditions played a role, land use zoning appears to have been the pivitol factor, explains Sam. "Where zoning allowed for high density development, residential activity occured."
The City of Richmond is already planning transit oriented, high density urban villages at three of five stations - Capstan, Lansdowne and Richmond-Brighouse - to be completed in time for the 2010 Winter Games.
The Capstan station will see the surrounding 14 acres developed into 10 residential towers with multiple ammentites and the Lansdowne station will serve the nearby Oval Village, a 300 acre site that is planned to be a complete community, green and economically viable and will eventually be home to more then 30,000 residents.
The City of Vancouver is also planning for higher density, mixed use, pedestrian friendly development surrounding the Canada Line stations.
It remains that homes too close to the stations where residents can hear the train don't always appreciate.