Canada Line And Residential Development Growth
The Vancouver Sun reported yesterday on a study by Landcor regarding the potential for residential growth around Canada Line stations in the next 10 - 20 years. For this to occur you need high density zoning and good market conditions they say. Well duh! It does not look like the completion of the line will coincide with the later, although they go on to mention the density that is already under construction around Richmond's Canada Line stations.
The story goes onto discuss a reprt by Don Campbell, publisher of real-estate-investment newsletters called the:
"Gateway Effect, which estimates that transportation improvements will add 10 to 20 per cent to property values in close proximity to those improvements, whether it is a new Canada Line station or the new Golden Ears Bridge.
Campbell added that this is a relative condition. If property values generally increase, homes close to the transportation improvement will jump by 10 to 20 per cent more.
However, if property values generally decline, those homes closest to transportation improvements will decline 10 to 20 per cent less."
The effect was less pronounced in Vancouver according to Campbell's report:
Vancouver saw a similarly slim effect, with SkyTrain zones attracting just over six per cent of residential construction between 1986 and 1996, versus 3.6 per cent between 1987 and 1985, although Nielsen said the Joyce Street station "by far was the winner."
The Joyce area has seen huge increase in residential developement with whole master planned developement by Concert Developments. This does all make sense, but you have to have the land to build this density on and where in Vancouver is that available along the Canada Line. Oakridge has plans to develop its parking lots and therre is also they RCMP property in that area. These seem like the only two big sites available along Vancouver section of the Canada Line.
You can read the article here.
Matthew Collinge: Vancouver REALTOR®
