New home developments along rapid transit see increase in value

Onni commissions report on new home developments located along transit.

The availability of rapid transit is one of the most important things that buyers are looking for in a new home development, and a recent report by Urban Analytics for Onni has demonstrated the increase in value that comes with this convenience.

“Transit plays a big factor in the market,” says Nick Belmar of Onni. “This report just substantiates our argument about what people could expect when they buy near transit.”

The report notes that new condominiums located along the Canada Line in Richmond and the Cambie corridor in Vancouver saw an increase in value, with Richmond seeing an increase of 21 per cent and the Cambie corridor finding a 33 per cent rise between 2009 and 2010. In Richmond, values increased by 15 per cent before the Canada Line was completed, and then a further six per cent over the first year of the line being open. Cambie saw similar results, with a 19 per cent increase before the line opened and a continued rise after its completion.

“This study shows two things: values of newer condos located near a new rapid transit line will see an increase in value in the period immediately preceding the completion of a rapid transit system,” says Michael Ferreira of Urban Analytics. “And that while the rate of value appreciation tends to slow in the months after a rapid transit system’s completion, higher values are sustained in the long term.”

Just Posted

Surrey drunk driver gets 32 months in prison for killing grandma, injuring girl

Shavin Reynold Singh, 31, is also prohibited from driving for four years

Surrey ‘foam-free Vaisakhi’ initiative inspires ‘Sweet Takeaways’ business

KPU students launch business selling sugarcane takeout containers as alternative to foam, single-use items

Driver escaped uninjured as car burst into flames on Nordel Way

It happened at about 7:30 p.m. Tuesday in North Delta, just west of Scott Road

Cloverdale hamper program brings Christmas cheer to 500 households in Surrey, Langley, and White Rock

Cloverdale Community Kitchen has been running hamper program for 26 years

Homicide team at Surrey home ‘as part of already ongoing investigation’

Police tape up at a Surrey home within a block of a Nov. 11 murder scene

VIDEO: Ron MacLean says he doesn’t believe former co-host Don Cherry is racist

Sportsnet fired Cherry on Nov. 11, two days after controversial on-air comments during ‘Coach’s Corner’

Distracted driving tickets not for ICBC revenue, B.C. minister says

Minister Mike Farnworth calls SenseBC analysis ‘nonsense’

CN Rail strike and lack of trucking alternatives stoke forest industry fears

Companies calling on the federal government to ‘do everything in its power’ to end the strike

Prime Minister Justin Trudeau unveils new Liberal cabinet

Pivotal role in his new cabinet for a minority-government era goes to Chrystia Freeland

B.C. mom, kids on bike turned away from Tim Hortons drive-thru

Car-free for years, Charity Millar ‘felt gross’ being denied service

No turn signals, double-parking among top concerns for B.C. drivers: poll

Two-thirds of B.C. drivers said that not using turn signals was their biggest pet peeve

Man accused in fatal Shuswap church shooting also charged with arson

Parmenter family home badly damaged by fire a month before killing

Workers union calls strike vote in SkyTrain labour dispute

Mediated talks are scheduled to begin Nov. 28

Most Read