While some of us were unsure at the outset, The Cambie Corridor looks to be changing Vancouver for the better. Now in its final stages, words like “coveted” and “in demand” are being used to describe the ambitious project. Well-suited for the 30-something crowd, I’ve been keeping a keen eye on the Corridor this past year. Here’s what I’ve learned in keeping up with Vancouver’s Cambie Corridor during phase three.
THE CAMBIE CORRIDOR WINS WITH PUBLIC TRANSIT
An article recently published in The Georgia Straight highlighted top picks among Vancouver real estate in 2016. Thanks to the Cambie Corridor, Marine Landing at the southern foot of Cambie Street was put on the map. Hailed as the “Best new transit-oriented neighbourhood in Vancouver,’ the neighbourhood is highly walkable, near to transit, with several newly built amenities within walking distance.
THE CAMBIE CORRIDOR TRADES FOUR WHEELS FOR TWO
As mentioned on the City of Vancouver’s website, Vancouver has a broad vision for transportation in the coming years. Vancouver’s Transportation 2040 plan aims to promote a more livable city through greener transportation, with targets that include making at least half of all trips by foot, bike or transit by 2020. As a result, emerging neighbourhoods like the Cambie Corridor will make all the difference in implementing the plan’s success.
Careful planning in the Corridor will reduce residents’ need to drive; easing traffic and freeing up road space for cyclists and pedestrians. If, as the city hopes, two-thirds of people are traveling by these modes of transportation by 2040, the Corridor may well provide much of the incentive.
THE CAMBIE CORRIDOR MEETS DEMAND FOR TOWNHOUSES
As mentioned in a piece by The Globe and Mail, the Lower Mainland has seen a “surge in demand for townhouses,” but with a twist. While a traditional townhome usually includes a backyard and detached garage, land premiums have demanded a more creative solution. Enter the “stacked” townhouse.
Stacked townhomes require less space, with a design that builds side-by-side and top and bottom. As reported by the Globe, Anita Molaro, who is Assistant Director of Urban Design for the city, remarked that “We’ve been increasing zoning opportunities by changing the zoning…They are definitely building more now because they are able to.”
Featured prominently in phase three of the Cambie Corridor, these stacked townhomes are designed, at least in part, to provide a ‘transition zone’ between higher-density buildings and single-family houses along arterial roads.
THE CAMBIE CORRIDOR ON AN UPWARD SWING
Let’s face it, we knew that as soon as the Cambie Corridor began selling that prices would rise. By August 2016, 13 of 15 launched projects were sold out. Added to that, the price tag on projects such as The Regent have hit a dizzying $1000 per square foot. Fortunately however, there are still more affordable choices, as seen with projects such as the Cambie Star.
Just 8-storeys, this new condo development is located above the King Edward Canada Line station. This means fantastic restaurants, shopping, and access to the Nat Bailey stadium. Currently prices begin at $374,900 for a one-bedroom, $849,900 for a 3-bedroom, and rocket all the way to the top. Literally. A penthouse with a roof garden at the CambieStar will put you back around $1,260,000. Needless to say, by Vancouver standards this is a steal.
THE CAMBIE CORRIDOR A HOME FOR MILLENNIALS
With the Vancouver real estate market doing what it does, it can be a challenge for those breaking in as first-timers. The Cambie Corridor, with its sound urban planning and future vision, is looking to be a great opportunity for Millennials interested in buying their first home.
While the current prices are based mostly on the muscle of their pre-sales, I don’t suspect this trend will quit anytime soon. And with luxury units such as Hawthorne now part of the mix, the Cambie Corridor is giving the city more than a touch-up–this is a complete makeover.
A BROKER ON THE CORRIDOR
Part sounding board, part financial sous chef, it’s my job to provide my clients with the most sage advice possible. If you would like to talk Cambie Corridor, feel free to drop me a line.