July 14, 2016 Federal Funding & Transit Oriented Communities

The Federal government has recently announced that $740 million dollars in funding will be granted to British Columbia for transit and of that, $370 million will be going to the Lower Mainland. The funding will be spent on a number of things including:

• 28 new railcars to the Millennium and Expo lines
• Station Upgrades across major train lines
• Initial planning for the Surrey Light Rail Transit and the Broadway expansion line
• Additional Seabus
• Additional West Coast Express train

This enhanced transit service will greatly increase access to the downtown core for new homeowners buying into a ‘Transit Oriented Community’ such as The Dawson in Brentwood, Imperial and Sussex in Metrotown and the upcoming Simon in West Coquitlam.

MAKING THE DECISION TO MOVE

Increasing home prices have forced people and particularly young families to look elsewhere to purchase a home. These same people however, have become accustomed to having easy access to the community amenities in urban centres and therefore struggle with the decision to move.  These new investments and overhauls to our transit system make the decision much easier. The amount of development that has been sparked due to transit has totally re-vamped these communities such that they now provide most, if not all of the benefits living in an urban core. As millennials continue to become much less reliant on owning a vehicle to commute to work, living near transit becomes one of their top priorities. Additionally, urban planners have started to catch on and are now prioritizing walkability, accessibility to parks, culture, conveniences and more to draw these owners to their “urban burbs”.

CHOOSING A TRANSIT ORIENTED COMMUNITY

When choosing a Transit Oriented Community to live in, a number of factors come into play. People want access to good restaurants, coffee shops, great retail and all their needs at their doorstep. When visiting new developments in these areas, make sure to ask sales staff about the neighborhood and what will be coming. What retailers have committed to the area? Are there new parks being built? New schools? Many of these amenities will be months or years down the road but all will contribute to your lifestyle and the appreciation on your investment.