Transit-Oriented Living: 10 Minutes With Ben Taylor

It’s no secret: transit has become a big word in housing. More specifically transit-oriented living, especially high-speed transit like SkyTrain. Transit-oriented living is now acknowledged as a significant driver in the decision to purchase process as well as an early indicator of areas with solid potential for rising values.

We recently chatted with Ben Taylor, director of sales at Wesgroup, about why he believes transit-oriented living is the way of the future and a solid investment.

Q: As a developer, Wesgroup has always embraced the concept of transit-oriented living. Why are you such enthusiastic supporters?

A: Over the last five to 10 years there’s been a huge cultural shift in the way people view transit-oriented living. The days when riding the bus was considered a taboo subject because it wasn’t cool are long gone. In many ways, transit is like the new waterfront — everyone wants to be close to it and on it.

And that’s true of all generations. Look around and you’ll see more and more young people who aren’t buying a car or even getting their driver’s license, because the cost of owning a vehicle is one they aren’t willing to take on. For the older generation, it’s often just easier to get around by transit — in fact, the over-50s are some of the biggest adopters of this lifestyle.

If you make transit reliable, frequent and cost-effective, people use it because it makes sense. When I need to get from Wesgroup’s downtown office to our Brewery District project in New Westminster, it takes me 27 minutes by SkyTrain. I can get to Metrotown in just over a quarter of an hour or Richmond in 20 minutes. Why would I drive?

Q: For homebuyers, is there a magic number that defines “proximity” to transit?

A: In practical terms, think about carrying groceries or a couple of bottles of wine home after a long day at work. For most people, 800 metres is still relatively comfortable — but more than half a kilometre and it doesn’t really feel like you’re that close.

Q: What about price? Does transit-oriented living cost more?

A: It depends on the area, but yes, most properties located directly on a transit node command a slightly higher price and often appreciate more rapidly than the surrounding neighbourhoods — which can be great as an investment. For example, in Burquitlam, prices rose once construction of the Evergreen Line was actually underway. The same thing happened along the Cambie Corridor. TransLink also predicts that of the 1.2 million people who will move to Metro Vancouver in the next 30 years, 60 per cent of them will live within 800 metres of a rapid transit station. That tells me demand transit-oriented living is going to continue increasing which will keep that upward pressure on prices consistent over time — so again, that’s good for people who buy early.

Taken another way, if you look at sales and rental figures, you’ll see both those numbers typically drop as soon as a property is outside that 800-metre radius from a transit hub — exactly the same as prices fall sharply as you move away from the waterfront. I’ve seen one-bedroom apartments rent for as much as $200 less than a similar product located just down the street but adjacent to a SkyTrain Station. So while you may pay a bit more for transit-oriented living initially, you’re also getting a lot more long term value.

Q: Many developments are now integrating a SkyTrain station directly into the building — much the way the Sapperton Station flows directly into the plaza at Brewery District. Is this a trend you see continuing?

A: Yes. I believe it just makes sense for developers to work in collaboration with TransLink and the municipalities. Designing with transit-oriented living in mind is no different than designing communities with dedicated outdoor areas, integrated retail and coffee shops, or adequate bike parking. It’s design on a human scale that creates a more diverse, more vibrant living environment. And that means better communities for everyone.

For information on all Wesgroup communities including Brewery District and River District in South Vancouver, visit wesgroup.ca