One would be hard pressed to find a Sea to Sky resident who doubts the Highway 99 improvement project will result in tremendous change for Squamish - but just how significant a change should be expected?The Landcor Data Corporation released a study last week that attempts to provide clear answers to that question.Landcor research focused on the new transit corridors and the Expo Line installed in anticipation of Expo 86, and the impact those had on the communities they now join in the hopes of projecting changes communities with new or upgraded transportation grids can anticipate."The 2010 Winter Games present opportunities for local governments to see a substantial return on infrastructure investment by leveraging supportive planning decisions... If this occurs, the long-term impact will be significant," said Landcor President, Rudy Nielsen. As an example, the report pointed to the 10 years following Expo 86, where residential construction increased as much as 909 per cent in municipalities with improved transit. "We found there was increased development along this [Expo Line] transit corridor, noting that supportive planning decisions played a significant role," said Nielsen. So is Squamish looking at a similar development landslide?"The announcement of the bid win combined with favourable market conditions has helped propel the Squamish residential real estate market," said Nielsen."While favourable market conditions played a role, the bid win focused new attention on Squamish as a recipient of positive spin-offs from the 2010 Winter Games, as a more viable bedroom community of Vancouver, and as a year-round outdoor destination."But just far "positive spin-offs" will go depends on the market and what the District of Squamish will allow."We found that these housing market conditions were more likely to occur when supportive local land use planning decisions and favourable market conditions also existed," said Nielsen. "Land use decisions play a key role in shaping neighbourhoods. Where zoning allows for high density, residential development occurs at a brisk pace, so long as good market conditions exist."Landcor found that vacant residential land prices within 500 metres of new Expo Line stations increased 251 per cent between 1986 and 1996, compared to 133 per cent for overall housing prices within the surrounding community. In the 10 year period from 1997-2007, a second building resurgence occurred but at a reduced pace.Comparatively, following the July 2003 announcement that Vancouver and Whistler had won the bid to host the 2010 Winter Games - and the announcement in September 2002 that Highway 99 would undergo a $600-million facelift - new residential construction investment immediately took off, soaring 177 per cent in 2004 to 172 units and another 37 per cent in 2005 to 236 units.Median sales prices of homes also accelerated. In May 2003, the median sales price for a home was $177,000 and soared 63 per cent to $290,000 in September 2003 before falling back to $215,000 by November 2003. Following this spike, prices climbed 14 per cent higher in 2005 to $312,300 and then again by 18 per cent to $369,500 in 2007. "Expectations are high that new infrastructure will have a positive impact on residential real estate market activity," said Nielsen."Where there are supportive land use and zoning decisions, the winner's circle will include new construction and prices increases along the transit corridor."
