Is the Canada Line Zoned for Success?



    New study releases lessons from Expo 86 for the 2010 Games.

    VANCOUVER, Aug. 19 /CNW/ - The new Canada Line could spur considerable
residential real estate market activity around its stations if local
governments make supportive land use decisions and market conditions are
favourable.
    Landcor Data Corporation's new report, Lessons from Expo 86 for the 2010
Winter Games, evaluates the potential for residential development around the
Canada Line being built in time for the 2010 Winter Games, by comparing what
happened during Expo 86, another international event held in Vancouver which
also saw new rapid transit built.
    "The Expo Line changed the face of Metro Vancouver and helped introduce
our city to the world in 1986," says Landcor President, Rudy Nielsen, who
founded the company in 1987. "We believe that the Canada Line has the
potential to do the same. Landcor research confirms that rapid transit can
have a big impact on residential real estate construction and prices."
    Landcor found that in the ten years following the Expo Line completion,
1986-1996, residential construction took off within 500 metres of some Expo
Line stations in Burnaby, New Westminster, and Vancouver. Stations with the
largest construction gains include Edmonds station with 1,137 units built, a
414 per cent increase from the 1975-1985 period, New Westminster station with
1,378 units built, a 644 per cent increase, and Joyce station with 1,211 units
built, a 909 per cent increase. Conversely, the potential of 29th Avenue and
Nanaimo Stations was hindered due to existing residential development, versus
the industrial landscape enjoyed by other stations.
    Landcor also found that vacant residential land prices within 500 metres
of Expo Line stations increased 251 per cent between 1986 and 1996, compared
to 133 per cent for overall housing prices within the surrounding community.
    Landcor's data reveals that land use decisions play a key role in shaping
neighbourhoods adjacent to transit stations. Where zoning allows for high
density, residential development occurs at a brisk pace, so long as good
market conditions exist.
    "Our research provides insight into lessons from Expo 86 for the 2010
Winter Games," says Nielsen. "If we apply these lessons learned, we can expect
the Canada Line to have a huge impact on residential market activity."
    Richmond is already planning transit-oriented, high-density urban
villages at three of five stations - Capstan, Lansdowne and Richmond-Brighouse
to take advantage of the opportunities the Canada Line brings.
    Landcor also looked at the impact the 2010 announcement had in 2003 on
residential activity in Squamish and found a spike in prices and large
construction gains in the following years.
    The report uses unique, proprietary Landcor data.

    For a copy of the report please visit
http://www.landcor.com/market/reports/lessons_from_expo_86_for_the_2010_winter
_games.pdf





For further information:

For further information: and to request copy of our broadcast B-roll
footage please contact: Rudy Nielsen, President and Founder, Landcor Data
Corporation, rudy@landcor.com, (604) 606-7914

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