New Canada Line and the Value of Vancouver Real Estate

October 2nd, 2008 Categories: Real Estate News, Vancouver Real Estate

Landcor Data Corporation’s report “Lessons from expos 86 for the 2010 Olympic Games” 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.

Though the Vancouver real estate market may be cooling, the property owners along the Canada Line could see values rise at a faster rate than elsewhere, if trends seen around the expo Line continue. Rapid transit can have a big impact on residential real estate construction and prices.

The Landcor report found that in the decade following Expo Line completion, home prices along the line increased at the same rate as the overall housing market in Expo Line communities. But between ‘86 and ‘96 vacant land prices near Expo Line stations increased 251% compared to 133% for overall housing prices in Expo Line communities. Between ‘86 and ‘07, vacant land prices increased 628% compared to 352% for housing prices overall in Expo Line cities.

While market conditions played a role, land use zoning appears to have been the pivotal factor.

The City of Richmond is planning transit-oriented, high density urban villages at the Capstan, Landsdowne and Richmond-Brighouse stations - to be completed in time for the 2010 winter games.

The City of Vancouver is also planning for higher density, mixed-use, pedestrian friendly development surrounding Canada Line stations.

One caution - homes too close to the Line, where residents can hear the train, don’t always appreciate.

Live near the Canada Line? Share your thoughts with us.

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