Evergreen Line Route

The Evergreen Line is a new rapid transit line that will connect Coquitlam to Vancouver via Port Moody and Burnaby. Commutes between Vancouver and the Tri-Cities will be drastically reduced. Commuting from Coquitlam City Centre to downtown Vancouver will take about 40 minutes (saving almost 45 minutes per day compared to driving). This will increase property prices in the Tri-Cities of Port Moody, Coquitlam and Port Coquitlam.

However, according to an article in the Province newspaper, Port Moody Mayor Joe Trasolini wants the public to lobby TransLink to get to work on the long-delayed Evergreen Line. The construction was anticipated to begin gin in late 2011, and is scheduled to take four years to construct. The project has seen several delays over the course of planning.

No doubt residents of the Tri-Cities are looking forward to the project getting started, and finished. According to the official Evergreen Line website from the B.C. Ministry Of Transportation and Infrastructure, the Evergreen Line will be a fast, frequent and convenient SkyTrain service, connecting Coquitlam City Centre through Port Moody to Lougheed Town Centre in about 13 minutes. The SkyTrain will connect without transfer to the current network at Lougheed Town Centre Station and will integrate with existing regional bus and West Coast Express networks.

There's no doubt about it that improved transportation increases property prices in areas serviced. In 2006, the Real Estate Investment Network (REIN) released a report entitled The Gateway Effect which estimated that the impact of the Gateway Project’s transportation improvement projects on real estate in the Lower Mainland and Fraser Valley, would increase in the range of 10%–20% for key areas. The Evergreen Line was part of the Gateway Project, but those estimates seem a little low, especially in today's hot market.

So which areas are going to benefit most by the Evergreen Line? Here are details of a few of the planned stations:

Lougheed Town Centre Station (Burnaby)
Burquitlam Station (Burquitlam)
Port Moody Station (Port Moody)
Ioco Station (Port Moody)
Coquitlam Central Station (Coquitlam)
Douglas College Station (Coquitlam)

Evergreen Line Route information:

Lougheed/Burquitlam: The Skytrain line will run north from Lougheed Town Centre Station on raised line along the centre of North Road. The new Burquitlam Station will be on the east side of Clarke Road near Burquitlam Plaza. From Burquitlam Station, the line will cross to the west side of Clarke Road, before entering a tunnel towards Port Moody.

For Port Moody, the Skytrain line will come from the tunnel just east of Barnet Highway. Its route moves at ground level along the south side of the Canadian Pacific Rail (CPR) tracks to Port Moody Station. The Port Moody station will be located at the Port Moody transit exchange site. Movinging east, the Evergreen Line then crosses the CPR tracks just before Ioco Station, which is located north of Barnet Highway.

In Coquitlam the Evergreen Line will run along the north side of the CPR tracks towards Coquitlam Central Station, which will be at at the Coquitlam transit exchange site. Then the line will then run north on a raised rail along the west side of Pinetree Way, and will cross to the east side near Northern Avenue, before ending at Douglas College Station, north of Guildford Way.

This will be a huge boon for the area and no doubt will make the Tri-Cities and even more desirable place to live. Coquitlam real estate prices have been slowly increasing over the last few years, but once the new Evergreen Line is finished, property prices could go through the roof. The key is to get in before the next big jump in real estate prices.

For more information and updates, see the official Evergreen Line website.

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The Burnaby Mayor, Derek Corrigan, gave his annual State of the City address at the Hilton Vancouver Metrotown on April 13. He covered several interesting topics including current and future plans for Burnaby in terms of social housing, commercial property developments, and residential property developments.

One concept that was mentioned over and over again in the address was that of Burnaby as a "Creative City". This refers to the focus on the development of lively, diverse "streetscapes" and public places, and tying all this in with residential real estate projects in development and being planned--including the proposed "Metroplace" development at the Metrotown SkyTrain station, and Sovereign, the 45-tier development which features 202 residential units on 26 tiers, 169 hotel rooms over 13 levels and a three-tier retail podium.

When Sovereign went on the market last month, all 202 residential units sold out in a single day. This event surpassed the single-day record for Burnaby real estate sales and is a great market indicator for future real estate development projects in Burnaby.

Other Burnaby residential property developments of note which were initiated or partially/fully completed in 2010 include:

  • The Empress - a 45-tier mixed use property development with a hotel and 202 residential units at Willingdon Avenue and Kingsway.
  • The Jewel II - a 21-tier residential property development with 98 units at Beresford Avenue and Wilson.
  • The Concord-Pacific Development - a 21-tier residential apartment tower on Nelson Avenue.
  • Polygon Development - a residential high-rise with townhouses (245 units) located between Bennett St. and Nelson Avenue.

Burnaby's current and future real estate projects can be seen on the Burnaby City website. Among its residential goals, the City tries to balance the housing needs of the city with social responsibility:

"Burnaby, through its land use designation function, has the ability to influence the location of housing and provide for various types of neighbourhoods. These actions have encouraged a broad range of choice in residential environments including single and two family areas and town- house and apartment areas that meet the housing needs of differing households."

The four goals for housing as laid out on the Burnaby City website are:

  • To provide a varied range and choice of living opportunities within the City.
  • To establish increased opportunities for ground-oriented housing.
  • To maintain and improve neighbourhood livability and stability.
  • To help ensure that the needs of people with special and affordable housing requirements are met.

What can be taken from the annual State of the City address is that Burnaby cares about well planned residential real estate projects. If you are thinking of buying real estate in Burnaby, you can be assured that amenities, transport, and social services are all well catered for.

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Property Photo: 7012 GRIFFITHS AV in Burnaby

Here is a great listing and a prime example of the kind of Burnaby real estate on the market today. The property is located at 7012 Griffiths Avenue, Burnaby. The real estate market in Burnaby is red hot right now so make sure you don't miss out on this dream home.

This is a brand new quality built three-level heritage style townhouse. This place is absolutely huge at 1,400 sq. ft. The main floor consists of the living room, dining room, powder room, and kitchen. There are three bathrooms, two bed rooms, and insuite laundry in the second floor. The master bedroom has an ensuite on 3rd floor, open sundeck with view.

The quality of the materials used in this home have to be seen: hardiplank materials have been used on all outside walls, granite counter top in the kitchen and marble granite in all the washrooms, extensive use of crown mouldings, laminated flooring, and white kitchen cabinets. This is the best corner unit with a view. As a bonus this home includes stainless steel appliances, full size washer and dryer, blinds and screens all in and secure garage.

The location is great--this amazing hownhouse is located at Highgate Mall, not far from Edmonds Skytrain station.

Contact me for Open House details or for private showings.

Kristy Mattiazzo, REALTOR®, ABR®,SRES®, CCSP®
REALTOR®, Accredited Buyer's Representative®,
Seniors Real Estate Specialist® & Canadian Certified Staging Professional®
Sutton Centre Realty
T) 604-831-7321
F) 604-936-9412
E) kmattiazzo@shaw.ca
W) www.privatepropertyrealty.com

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Real estate Stats for March 2011

According to the Real Estate Board of Greater Vancouver (REBGV), activity in the Greater Vancouver real estate market continued to strengthen in March. The property market has had a very strong start to the spring season, according to the monthly stats released.

Burnaby Real Estate Stats

Burnaby has seen a huge increase in property listings come on the market compared to February:
221 detached homes, 144 attached homes, and 336 apartments were listed in March.

There were also huge gains in the number of real estate sales in Burnaby in March:
160 detached homes, 103 attached homes, and 191 apartments were sold during the month.

Overall, there was a 1.4% increase in the price of property in Burnaby in March, based on sales of detached (1.9% increase) and attached homes (1.3% increase) and apartments (1% increase), based on the MLSlink Housing Price Index.

The benchmark price of a detached home in Burnaby is now $882,731, the benchmark price of an attached home is now $501,257, and the benchmark price of an apartment is now $364,847. The benchmark price is the estimated sale price of a benchmark property. Benchmarks represent a typical property within each market.

For more information, see the Real Estate Board of Greater Vancouver (REBGV) website.

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