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

Letter: Time change has outlived its usefulness

More negative effects on people and communities then positive ones

Rotary duck race winners given sports car

First big win for Maple Ridge mother of three boys Jody Makela

Maple Ridge’s first retail cannabis store opens Monday

Spiritleaf is just the second private pot shop in the Fraser Valley

Burrards lose to Shamrocks in double overtime

WLA championship series moves to Maple Ridge Sunday

VIDEO: Langley Ribfest met with protesters

Groups that oppose the event for various reasons plan to be on site each of the three days.

Young balance-bikers race in B.C.’s inaugural Strider Cup

The course has several obstacles including ‘Mount Scary’ and the ‘Noodle Monster’

Canadians killed in Afghanistan honoured during emotional dedication ceremony

One-hundred-fifty-eight Canadian soldiers died during the mission

It’s snow joke: Up to 30 cm of snow expected to fall in northeastern B.C.

Alaska Highway, Fort Nelson to be hit with August snowstorm, according to Environment Canada

‘I’m just absolutely disgusted’: Husband furious after B.C. Mountie’s killer gets day parole

Kenneth Fenton was sentenced to prison after he fatally struck Const. Sarah Beckett’s cruiser

Sea-to-Sky Gondola in B.C. likely out of commission until 2020

Sea to Sky Gondola carries between 1,500 and 3,000 people every day during the summer season

Helicopter-riding dog Mr. Bentley now featured on cans of new B.C.-made beer

Partial proceeds from every pack go to Children’s Wish

PHOTOS: Weapons seized at Portland right-wing rally, counterprotests

Not all who gathered Saturday were with right-wing groups or antifa

Discussion on grief and loss between Stephen Colbert, Anderson Cooper goes viral

The exchange includes emotional question from Cooper, and outlook on grief as a child

Most Read