The shift toward building housing near public transit hubs

Does access to public transit play a vital role in your life? If yes, then you’re not alone; public transit is important to many people. That’s why TransLink has committed to quadrupling its rapid transit offerings, expanding bike lanes and more in its Transport 2050 strategy that lays out plans for the next 30 years. Because of this, many developers are looking to build in areas that provide access to everything homeowners need within walking, cycling and public-transit distance to where they live

The expansion of major public transit presents many opportunities for development in the Greater Vancouver area. There are new initiatives that speak directly to the need for increased density and affordability. One notable example is the Broadway Plan, that aims to combat the lack of affordable housing in Vancouver by integrating housing, jobs, and amenities near the new Broadway Station, spanning from Mount Pleasant to Kitsilano.

Transit score

The walk score has been an attractive component for many homebuyers. Being connected to amenities, schools and parks are assets. Coupled with the walk score now is a transit score, a calculation of the distance to the nearest transit stop and route, and the frequency and type of route. Vancouver is home to an accessible and convenient public network of buses, trains, the SeaBus, and the West Coast Express commuter train, so it’s no surprise its city-wide transit score is 74, the second best in Canada, behind Toronto. The convenience of accessibility is resulting in many of the new developments within walking distance of public transit seeing a notable price premium.

Change in buyer demographic

Proximity to transit has long been a desirable feature of purchasing a new home or investment property, but this has heightened with a changing buyer demographic. Younger buyers are placing a considerable emphasis on the transit score and less on the number of available parking spots, choosing to leave the car at home or participate in the car-share economy rather than car ownership. Density and transit go hand-in-hand, so developing housing and other amenities around transit is critical.

Other advantages

Walkable, bikeable, transit-friendly, and mixed-use urban communities enhance the character of neighbourhoods. These features create housing and employment diversity and enriched lifestyles for locals. Brentwood, Marine Gateway, New Westminster and the new Burquitlam are great examples of areas evolving around local SkyTrain stations. According to TransLink, Brentwood is a global example due to its dense offering of restaurants, goods, services, public spaces and homes.

There is often a higher resale value on units that are conveniently located near a major transit route as homes close to transit are likely to sell faster than those that are not. Neighbourhoods around transit promote healthier lifestyles, are favourable for local businesses and often offer a higher quality of life within their connected communities along with that positive resale value.

More sustainable modes of transportation result in housing options and job opportunities, and public transport and housing around transit nodes play a vital role in the future of our region.

So, seeing the housing industry and municipalities work together to shape housing and transit will be important moving forward.