Residents in Metro Vancouver know two things: we need more housing supply and more transit.

The Province is paving the way for more transit now, with $246 million over the next three years, which will allow TransLink to immediately get going on the transit investments clearly needed in the region. With this funding, we are doing our part to make sure TransLink can take full advantage of the federal Phase One Transit Fund, and enabling a total of $740 million in investments to flow to the benefit of the region.

The opportunity of this funding, and of the work ahead on Phase Two investments, can also contribute to new housing, helping the region to construct vibrant new neighborhoods that are both affordable and accessible.

This is because new investments in transit create a unique opportunity to generate higher density along major transit corridors, enabling new housing starts to begin while at the same time generating revenue to pay for the projects. It is vital these two initiatives be taken together. Additional and easily accessible transit, whether it’s Skytrain or Light Rail or Rapid Bus, is recognized as being highly attractive to home buyers, and experience shows us that significant value is gained in these corridors as a result. This value should, in part, be harnessed to support the transit investments which will then give rise to new housing. This source of new revenue will help municipalities provide their share of funding. It is that simple.

We’ve had success solving this problem in many of our regional centres – places such as Surrey Central, Richmond Centre, Metrotown and Yaletown.  We already have high-density residential options mixed with jobs and services, supported by our world class SkyTrain network.  And Port Moody and Coquitlam’s high-density, transit-oriented town centres will soon be showcased when the Evergreen Line opens in 2017. 

Access to better and easily accessible transit means that residents can choose to drive less, make better use of the transit system and also walk or bike more. It also means reduced greenhouse gas emissions and a higher overall quality of life.

By working with local governments and the development community, the opportunity is there to fund the rapid transit and build new, sustainable communities.  Cities and regions all over the world have successfully used these ideas to encourage density where it makes most sense, and pay for transit lines that keep people moving. Copenhagen, Hong Kong and Portland are just a few examples of places that have found creative ways to fund and maintain major transit expansion.

The British Columbia government is committed to developing this vision and we are committed to working with our partners to identify and “capture” a portion of the profits that predictably arise after rapid transit lines are built, and make sure these profits are part of the strategy for funding the municipal share of the projects before construction begins. 

Build more housing units, and build more rapid transit – and build them together. It makes sense for the region, today and in the future.