Langley residents have long anticipated the arrival of their very own Skytrain extension, and some for different reasons than others. While some are simply awaiting the added convenience that it will undoubtedly bring to the area, other homeowners or prospective buyers are wondering what the Skytrain extensions will do to the values of surrounding homes. Check out the lasting house in the Langley neighbohood.
In this article, we will go over what the Langley Skytrain is likely to do to Langley’s real estate, and what it means for the Langley community at large.
What is the Langley Skytrain?
In September 2020, TransLink announced an extension for the rapid transit system that would reach Langley Centre, aptly called the Surrey-Langley Skytrain. Currently, it is only possible for Langley residents to reach the Skytrain system via public bus routes.
The extension is slated to follow the Fraser Highway from King George Station in Surrey until it reaches 203 Street in Langley. The cost of the project is expected to cost upward of $3.1 billion, half of which is currently available to developers. The project is expected to become fully funded through different staging scenarios.
5 Ways the Langley Skytrain Will Affect Langley Real Estate
Just as the development of a new light rail public transit system is bound to affect any neighbourhood’s overall feel and liveability, it is also likely to have a direct impact on the surrounding real estate market. In Langley, this may be seen in a variety of ways, including:
1. An Increase in Property Values
First, let’s start with the most obvious. If we look at the way that public transit extensions have impacted other similar areas, the biggest takeaway is that they almost always increase property values. This is partly because residents find areas that are accessible to public transit as more desirable to live in. Homes with reasonable public transit access tend to have sold faster and have more buyers interested in them.
In fact, properties near public transit extensions are estimated to increase anywhere from 1% to 40%. Considering the trend of Vancouver real estate, which is an upward one, to begin with, it will not be surprising to many if Langley real estate takes a big jump in price given the Skytrain extension.
2. Developments May Become Higher Density
There’s an interesting caveat to the fact that houses near public transit access tend to sell faster, and this is that the biggest property value gains seem to happen to multi-family homes. Due to this trend, it will not be a surprise if the area around the new Langley extension begins to densify, leading to the development of more apartment or condo buildings, as well as townhouses in Langley.
The reasons behind this are simple. As public transit makes it more possible to transport a number of people to and from the city centre and beyond, high population densities do not result in worsened traffic or unlivable communities. Due to this, it may be easier for developers to get approval to build high-density communities.
3. Residents May Own Fewer Vehicles
After its completion, neighbours of the Langley Skytrain extension may notice that their resident’s habits and lifestyles may change. With public transit more accessible than ever, it would not be surprising if Langley residents cut down on their number of family cars and opt instead to use the Skytrain.
In a response to these changing buyer habits, it is possible that home developers may build homes with smaller garages, or homes that do not come with a garage at all.
4. The Demographics of the Neighbourhood May Shift Younger
Public transit has the ability to benefit everyone, but it especially caters to the lifestyle of young people who are often on the move towards wherever the action is happening. With a new Skytrain extension in Langley, more and more young people may find themselves gravitating towards the real estate of the area, especially if they are priced out of other areas in Vancouver.
5. More Buyers May Try to Invest
If you were already thinking about moving to Langley, now may be the best time to take the leap. After all, whispers of a new public transit extension will likely result in a scramble to pick up land in the Langley area, as its property value is almost guaranteed to increase. It may pay off to be ahead of the pack — literally.
Please contact the Tony-Z team, if you are looking for Langley or Surrey real estate realtor to help you.