Developers are preparing to launch hundreds of new homes and local municipalities are redrafting bylaws in preparation for the new $1.4 billion Evergreen Line that will run from Coquitlam to Port Moody starting in 2016.
An estimated 1,500 new homes, mostly condominiums, are either planned or under construction along a transit route that is expected to handle 70,000 passengers a day. Studies show that homes within 400 metres of a transit station can be worth up to 20 per cent more than those further away, according to Howard Steiss, president of Red Dot Real Estate Marketing Ltd. of Vancouver, which is handling sales of an investor-friendly condo project close to an Evergreen station.
The City of Coquitlam got in front of the transit push earlier. Three years ago, the city increased density zoning to allow three or even four small houses - up to 700 square feet - on a typical large lot in central Coquitlam neighbourhoods, and recently extended it to new developments.
In January, city council approved a rezoning bid that allowed Morningstar, a residential developer, to include a small second detached house on a single lot, and include rental suites above garages.
Last month, Coquitlam also passed a rule for the Southwest Coquitlam Area Plan that will allow carriage homes and garden cottages as well as triplexes and four-plexes. The move will increase density - and potentially property values - in established neighbourhoods such as Austin Heights, Lower Lougheed and Burquitlam. Carriage homes will only be allowed on properties currently zoned RT-1. Such owners wanting to build an accessory unit won't have to go to public hearing - only apply for a development permit.
In its reaction to the Evergreen Line, Port Moody is lifting no-growth restrictions and this spring will start a new official community plan to densify Moody Centre. The city had developed Newport Village and Klahanie, but halted growth after it resulted in heavy traffic through the streets of the community. 9 per cent, down from 5 per cent a year earlier, Avison Young reports.
from Western Investor March 2012
