TransLink Evergreen Line to increase Coquitlam housing prices: forecast
Real estate for sale, Coquitlam B.C. on Thursday April 10, 2014. (CARMINE MARINELLI/ 24 HOURS)
A national real estate firm forecasts the rate of housing prices will speed up in Coquitlam with improvements to transit and road networks in the eastern part of Metro Vancouver.
Royal LePage advisor David Reimers credits the Evergreen Line and the Port Mann-Highway 1 improvement project for the expected increase in prices.
The appreciation, he speculated, is primarily going to affect detached single-family homes that are already in short supply.
“It all boils down to supply and demand,” he said.
Reimers said the average price difference between a home in Vancouver and one in Coquiltam is about $160,000, but that gap is expected to close quickly as demand for the latter picks up.
“In time, as more people realize the benefit of the Evergreen Line and Highway 1, I expect the prices to start normalizing.”
According to an RBC poll released Thursday, “home buying intentions” are also up in B.C. this year compared to the last.
The poll found 22% of respondents were seeking to buy a home in 2014, a modest increase from 20% the year before.
The survey was conducted from Feb. 4 to 14 this year among 2,591 Canadians with a margin of error of plus-or-minus 2%.