A. Walkable Urban Lifestyle

As urban populations grow, the demand for walkable communities continues to rise. People increasingly prioritize living near amenities, services, and employment opportunities.

Transit-Oriented Developments (TODs) respond to this need by integrating: residential, commercial, and recreational spaces all within walking distance of useful transit hubs.

This not only minimizes car dependency in the area but also fosters vibrant, interactive neighborhoods where residents are better able to walk up to spaces and connect in the public sphere. Walkable communities have been found to enhance quality of life and attract all kinds of people from different walks of life, from young professionals to retirees.

B. New Policy and Legislation

The BC government has been implementing forward-thinking policies to support TODs. Municipalities are now required to designate TOD zones within 800 meters of a rapid transit station or 400 meters of a bus exchange.

These areas must meet minimum density requirements to help address housing shortages and reduce urban sprawl within major cities. Additionally, new regulations are helping to eliminate parking minimums in certain areas, which encourage developers to prioritize walkability and transit accessibility, making for more vibrant and walkable areas. These legislative measures align TODs with sustainable urban growth goals, as reported here.

C. Sustainability and Climate Action

Finally, TODs can play a pivotal role in advancing climate action objectives. By promoting the use of public transit, cycling, and walking, TODs significantly reduce greenhouse gas emissions.

Developments like Surrey’s Uptown Transit Hub provide a good blueprint for how TODs can incorporate green building practices and energy-efficient infrastructure while maintaining everything else we like about urban spaces. Sure, these projects may only be part of the solution, but they offer some practical steps to combating our current climate challenges.

The appeal of TODs covers a few different demographics with their own wants and needs, from young professionals to downsizing retirees. Let’s take a closer look at the key factors of each:

A. Convenience and Accessibility

Living near transit hubs offers unparalleled convenience, reducing commute times and transportation costs. Residents benefit from easy access to jobs, schools, and essential services. Younger generations, such as Millennials and Gen Z, are drawn to the sustainability and efficiency of these developments, while older adults appreciate the respectable commuting options TODs provide.

B. Community-Centric Living

TODs create more exciting, livable neighborhoods that foster social interaction and community cohesion. By blending residential and commercial spaces, and by building parks, cultural venues, and retail outlets within walking distance, they provide a more balanced and engaging lifestyle. You can also create more community through walkability, which contributes to a safer environment, where residents can comfortably stroll, bike, or simply relax in public spaces.

C. Increased Property Value

Properties within TODs typically experience higher appreciation rates due to their desirability and limited availability. This makes TODs a financially attractive option for both buyers and investors, as you get to enjoy the area as an owner or for providing to renters while it has high potential for appreciation.

D. A Good Solution for Downsizing

For older couples in suburban areas like Langley, TODs provide a cost-effective alternative to living in the downtown core while still having fast access to it if necessary. These developments offer modern amenities, accessibility, and affordability, making them an increasingly popular choice for downsizing families seeking a convenient alternative to downtown.

A. Designing Public Spaces

A very important and yet somehow often overlooked aspect of TODs is the rightful value they place on public space. Parks, plazas, and shared recreational areas within these developments allow for true ‘third spaces,’ that is, places outside of work and the home where community members can meet and interact in a free flowing way. The appeal of such places is also undeniable for potential residents, providing attractive features that tend to increase property values in the area.

Case in Point: Projects like Vancouver’s Cambie Corridor have shown that incorporating well-designed public spaces with transit hubs has proven successful with higher resident satisfaction and higher property values.

B. Leveraging Retail and Cultural Hubs

Retail spaces and cultural institutions are a second level in which community and interesting/attractive areas are created. They also help to establish a TOD’s sense of identity, making people feel a sense of connection to a particular and unique place in a world that more and more is filled with copy-pasted franchises and big box stores. A curated mix of shops, restaurants, and venues not only meets residents’ needs but also solidifies this sense of unique identity in the area while generating economic activity.

Example: In Burnaby, the Metrotown TOD incorporates retail and cultural centers that have become popular destinations for people from all around, benefiting both the residents and surrounding businesses.

C. Encouraging Affordable Housing Initiatives

Another factor that especially the younger generations care about is whether TODs incorporate affordable housing options. Policymakers and developers can collaborate to include subsidized units, mixed-income housing, and rental options in TOD planning. While for some this can seem to lower the value of an area, new buyers find it important and sensible to have mixed housing within an area they are moving into.

Notable Development: The Uptown Transit Hub in Surrey incorporates affordable housing units to ensure that its benefits extend across income groups.

Demographics in TODs are evolving as these areas attract diverse populations:

A. Aging Populations

The aging Baby Boomer generation is increasingly drawn to TODs for their convenience, accessibility, and reduced reliance on cars. Suburban TODs, in particular, provide an appealing downsizing option for retirees, offering a blend of accessibility, affordability, and a sense of community. It used to be the case that almost all suburbs relied on cars for transportation, but TODs are leading the way to a new way of looking at and developing suburban areas.

B. Young Professionals

Millennials and Gen Z are known for preferring sustainable transportation options and urban lifestyles. They are one of the key drivers of TOD demand by saving money on transportation costs and being more willing and able to use public transportation. These demographics highly value walkability, access to amenities, and vibrant social environments that TODs are made to provide.

C. Diverse Communities

TODs foster inclusivity by offering a variety of housing options, ranging from affordable units to luxury residences. This diversity ensures a mix of socioeconomic backgrounds, which as we mentioned previously, is often seen as a benefit to many young buyers.

Furthermore, the availability of affordable housing options within TODs ensures that individuals with lower incomes are not priced out of close transit and other essential amenities. This inclusivity is particularly crucial for low-income families, seniors, and individuals with disabilities who often rely on good public transportation.

Now that we’ve established the many benefits of Transit-Oriented Developments (TODs), let’s take a look at how developers can best take advantage of them.

1. Design High-Density, Mixed-Use Spaces

Mixed-use spaces (residential, commercial, and community spaces all within walking distance of each other) help to make a more seamless experience within neighborhoods. They are places where you can get everything you need in a human rather than a car-proportioned scale. By integrating all these spaces within a compact footprint, developers can create highly attractive self-sustaining communities that cater to the demands of modern living.

Example: A recent project in British Columbia used mixed-use developments that drove local business engagement while significantly increasing property value.

2. Prioritize Walkability

Streetscapes that prioritize pedestrians make neighborhoods more livable and environmentally friendly. It’s not just about distance, but about the feeling of walking without fast-moving vehicles whizzing by or feeling like you have to run when you get a walk signal. Developers can enhance walkability by including wide sidewalks, bike lanes, and green spaces. Then, the transit hub in the area can allow for travel to and from the area.

Why It Matters: Pedestrian-friendly areas not only reduce car dependency but also foster stronger community interactions.

3. Adopt Sustainable Design

Sustainability has become a strongly desired quality for young buyers. It not only helps with building costs, but energy-efficient systems and water conservation measures can help with utility costs over time as well. In this way, developers can align with green building practices that reduce environmental impact while also providing lower long-term costs for residents.

Insight: TODs incorporating green infrastructure witness higher approval rates and tenant retention due to their eco-conscious design.

4. Navigate Policy Changes

It’s well-known now that the B.C. and Vancouver governments have been often updating their regulations. Understanding the latest in these developments is crucial to effective TOD implementation. Developers should stay informed about zoning requirements and use the latest government incentives to best leverage government policies.

Quick Tip: Partner with knowledgeable brokerages or legal advisors to adapt efficiently to changing policies.

5. Balance Demographics

Inclusive communities thrive when they address the diverse needs of families, professionals, and retirees. Developers should strive to offer a few different housing options to ensure affordability at every level. This can be achieved by incorporating a mix of housing types, such as apartments, townhouses, and single-family homes, with varying sizes and price points to accommodate different income levels and lifestyle preferences.

Balanced Approach: Communities designed for multigenerational use are more resilient and attract long-term residents.

Adaptable brokerages are another key pillar to the overall success of Transit-Oriented Developments (TODs). These brokerages are instrumental in helping developers navigate the complexities of TOD projects by offering a series of critical services:

1. Regulatory Compliance: A knowledgeable brokerage will know precisely how to provide guidance on the latest B.C. and municipal-level policies, making sure that developers meet the regulatory requirements for the development while also maximizing the use of incentive programs. This, in turn, helps streamline the approval process and reduce potential delays.
2. Market Trends: Brokerages are also good at reading the temperature on buyer preferences, demographic shifts, and emerging opportunities in the local real estate market. This insight can allow developers to make more informed decisions on design, amenities, and pricing that align with this cutting edge data.
3. Community Engagement: Successful TODs must consider local community needs and aspirations. Brokerages, at least the good ones, can facilitate meaningful engagement between developers and the local community by organizing public consultations, gathering feedback, and fostering collaboration between developers and stakeholders in the area. This ensures projects are well-received and integrate smoothly into the community.
4. Data-Driven Strategies: Access to reliable data is critical throughout every stage of the process. Luckily, brokerages can often provide transparent and actionable market analysis, letting developers anticipate challenges and seize opportunities most effectively.
5. Technological Support: >Modern brokerages equip their agents with advanced tools for marketing, communication, and transaction management. This technology not only improves operational efficiency but also enhances client interactions.

Transit-Oriented Developments are becoming the newest wave of high-demand properties in Vancouver, and British Columbia overall. TODs work by using tried-and-true city planning to create vibrant, sustainable communities that prioritize accessibility and community living, letting people find and meet each other within a local area.

TODs also meet the changing needs of urban residents while driving economic growth in the area. Developers who can best implement the principles of a TOD area and collaborate with experienced, adaptable brokerages will be the most likely to lead and benefit from this growing trend. As TODs continue to evolve, they will likely establish a new benchmark for sustainable and inclusive development in the years ahead.