Transit and Real Estate Values in Metro Vancouver
The only topic Vancouverites discuss as much as real estate and the weather is transit. And in our neck of the woods, transit ties right into real estate values. Our local residents want ”walkable” locations where they can use transit, and developers are trying hard to satisfy that desire.
When the Evergreen Line celebrated its first anniversary in December, there had been 8.6million riders in 2017. Translink was quoted as saying transit ridership in general in our northeast sector was up by more than 50% last year. Who was it said “build it and they will come”?! Transit trivia - busiest day of the year for Evergreen Line was July 1st when 36,900 people boarded the SkyTrain. Surprise, surprise - hockey game nights all trains full!
As far as real estate is concerned, those properties within walking distance of a station are value added and worth consideration when you are choosing a location - especially if this is your first or last step on the real estate ladder, or you are an investor. Renters are even more keen on the walkable location and for buyers making that first step - you have to consider resale. Look out for condo / townhouse presales in good locations - no property transfer tax if under $750,000 and it will be your primary residence. Fiancial institutions will cap your mortgage interest rate at today’s rate for up to 3 years - quite a bonus and time to save some extra cash. Remember to take one of us with you to the sales centre - as experienced licensed realtors, we have a wider perspective than the employee of the developer. And we are representing you, not the developer. As in every real estate situation, we have you covered.
Hope your resolutions still alive and not shelved already!
From a permanent position under our umbrellas - Michelle, Sheila and Shane.