The launch of the new Evergreen Line is likely to bump up prices of existing condo properties in the affected communities by a small percentage, but could double the price of a single-family home that needs to be rezoned, according to local real estate experts.
Eddie Yan, a Burnaby real estate specialist for over 20 years, said, "The expansion of the Evergreen Line is not only going to increase property values in the Burnaby, Coquitlam and Port Moody areas, it will also create more jobs and business opportunities."
Richard Wozny, principal and real estate analyst of Site Economics Ltd in Vancouver, said that "Based on dozens of studies, there's a hard and fast rule. For existing buildings, such as condo towers in the area, the price will go up about 5 per cent when a rapid transit station enters the picture. For a single-family home that needs to be rezoned, the price will double. For a vacant lot that's already zoned for multiple families, the price increases about 25 per cent."
Many homeowners in parts of Burnaby, Coquitlam and Port Moody are wondering if the Evergreen Line will increase the value of their homes and investments properties. Condo prices have remained quite stable for the past five years, but the average price of single family houses has gone up from $720,000 in 2009 to $963,000 this year, according to Landcor Data Corp.
Homes in these areas are becoming more attractive with the Evergreen Line's 2016 completion drawing nearer. Home buyers, including condo buyers, are displaying additional interest in the area.
Kerry Gold from the Globe and Mail reported that the Evergreen Line will connect residents of Port Moody and Coquitlam with downtown Vancouver with a transfer at Lougheed Station. The new transit line will also link the suburban districts to Simon Fraser University, which is drawing the attention of parents who wish to register their children.
