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

TONIGHT: Team Canada’s road to the Olympic Games kicks off in South Surrey

Team Canada will play Cuba at 7:30 p.m., Softball City

Young South Surrey soccer player follows dream to England

Hugo Patel Thompson, 13, hopes to one day play for Chelsea

City Dream Centres hands out 1,000 backpacks at back to school event in Surrey

This is the fifth year the charity is hosting the event in the city

Securing Olympic spot the latest test for Canadian softball squad at Surrey tournament

Softball hasn’t been included in the Games since 2008 when Canada finished fourth in Beijing

VIDEO: Ride to Conquer Cancer rolls into Hope

Thousands of cyclist descend on small town for annual cancer fundraiser

VIDEO: Ride to Conquer Cancer rolls into Hope

Thousands of cyclist descend on small town for annual cancer fundraiser

B.C. VIEWS: Pipelines set to roll as federal politicians posture

Projects to drive B.C., Canadian economy in years ahead

B.C. Lions fall to 1-9 after 13-10 loss to Ticats

Lowly Leos have dropped six straight CFL contests

VIDEO: B.C. woman meets biological mother, 38 years later

Mother never gave up hope of finding daughter, despite all the obstacles

B.C. man who died after rescuing swimmer was known for helping others

Shaun Nugent described as a dad, a coach, a hero and ‘stand-up guy’ at celebration of life

B.C. RCMP plane chases fleeing helicopter as part of major cross-border drug bust

The helicopter eventually landed at a rural property near Chilliwack

Border crossings across Lower Mainland seeing lengthy delays

Sumas, Peace Arch and Surrey-Blaine border crossings seeing long wait times

Thousands cycle to conquer cancer

The 11th annual Ride to Conquer Cancer took place Saturday morning, Aug. 24 in Surrey, B.C.

Most Read