The Evergreen Line - Economic Effects
Jun 25, 2016
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Ryan BerlinSHARE THIS
Complete and running in early 2017, The Evergreen Line is a new rapid transit line that connects Coquitlam to Vancouver via Port Moody and Burnaby, increasing accessibility into the Tri-Cities and integrating into the existing SkyTrain and West Coast Express routes.
This increased access into a new neighbourhood also comes with several other economic perks to Metro Vancouver: New transit lines have been proven to stimulate community growth and development, as well as create compact livable communities with shorter commute times. It will also generate an estimated 8,000 jobs, directly and indirectly. As a byproduct, introducing a new transit line affects real estate prices in its surrounding area.
For condominiums, real estate analysts typically see values increase by 5% with the addition of a new SkyTrain line. Single-family detached homes can see values double, and for vacant lots that are zoned for condominiums, values increase about 25%. With these increases in real estate prices, it’s no surprise that so many homebuilders have chosen the Tri-Cities. New apartments added in Coquitlam have increased by 41.4% from 2010 to 2014, from 480 units added per year in 2010 to 679 in 2014. New single family homes added increased by 70.2%, from 138 units added per year to 235.Looking to buy or sell a home in Burnaby or Coquitlam? We have rennie advisors specializing in the Tri-Cities who can help you find the home best suited to your needs.
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