The Real Estate Intelligence Network has brought forward a new report that focuses on real estate value and proximity to transportation infrastructure like SkyTrain and the planned LRT project.
The network’s vice-president, Jennifer Hunt, said if your home is within walking distance of these services, your estates value will go up by up to 20 per cent.
“Anytime that you make areas that are further away from a central business district — so lets call it the City of Vancouver — and areas that were previously unavailable or less available, you definitely improve the affordability circumstance,” said Hunt.
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That’s measured by about 800 metres, but if you’re less than 400 metres from a station or line, your real estate value actually decreases.
“Transportation has an impact on property values and on rent,” added Hunt. “So if it’s on an LRT or a SkyTrain, that’s easy for them to access and they’re able to experience a lower rent.”
Office space located within walking distance of rapid transit stations also showed lower vacancy rates.
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She said when purchasing real estate, it’s important to take these factors into consideration.
WATCH: Will the federal government back Doug McCallum’s plan for Surrey SkyTrain?
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