Buying a home near SkyTrain in Vancouver and Burnaby

Homes near stations tend to draw buyers and renters, and new shops and cafes tend to follow the stations. Being close opens your home to a larger pool of buyers when you sell. But the size of any premium varies, so I wouldn't count on a number. Focus on the unit and how walkable the area is on its own, then treat the transit as a bonus.

This is one to be honest about. Long term, I think the neighbourhoods on the Broadway line benefit from the subway. Short term, it isn't showing up evenly in condo pricing. Some areas along the line are holding up better than others, and the current numbers for each are in the Kyle Mark Report (free account).

Being able to go car-free matters more and more to people. Brentwood and Metrotown have SkyTrain, banking, shopping and groceries within a few blocks. Fairview and Mount Pleasant are close to nearly everything already, and in New Westminster's Brewery District, Sapperton Station is a few minutes' walk from your door.

But some new buildings don't come with parking, and the City of Vancouver removed residential parking minimums citywide in June 2022. Even if you don't own a car, your next buyer might. Go to the parkade before you go to the unit, stand in the actual stall, and confirm it's assigned to the unit. Think about visitors too.

The Broadway extension runs from VCC-Clark out to Arbutus with six new stations. CBC reported in May 2024 that the province had delayed the opening to fall 2027. It has slipped before, so build some slack into your plan. By opening day, forward-looking buyers will have already built the station into their price.

The stations aren't open yet, so I'd buy the area and not a bet on one block. I'd also only do it if you can hold for years. Five to seven is what I tell clients at a bare minimum on a purchase, and a short flip around an opening date is a riskier play. If you're selling near a future station, put the walk time and the opening date right in your listing.

The other side of a transit corridor is what else gets approved along it. I've been looking at duplexes in Mount Pleasant around 10th Avenue where 18-storey towers are coming, and there's rezoning around that corridor. You might be buying in a construction zone. Check what's proposed on your block with the City of Vancouver before you write.

Brentwood and Metrotown were sold as the showcase, and a lot of them are a podium, a parkade and a six-lane road you have to cross to get a coffee. Kingsway, Lougheed and the side streets around them can be very congested. So map your real daily commute and your actual walk to a coffee, not the brochure version.

And go at night. The most common thing I hear from clients who toured these areas and walked away is that it felt different in the evening than at a bright Saturday open house. That gut read is worth taking seriously.

Think about resale too. In a big tower district you can be one of hundreds of similar condos listed at the same time, and price and presentation are the only levers you've got. I'd be especially careful in any tower where a big share of the units sold to investors during the 2021 to 2023 presale run, because when those owners need out they all compete with you at once. Larger, brighter units with a usable layout hold up better than investor-grade shoeboxes.

I've had buyers come to me dead set on Burnaby because they thought it was the budget version of Vancouver. When we pulled the numbers side by side on the home they wanted, the gap was so small that the decision came down to lifestyle and commute. Depending on the pocket and the product, you may find the same. Metrotown and Brentwood have closed in on the East Side, and other parts of Burnaby show a clearer discount. If walkable retail and the beach are your top priorities, a small Burnaby discount may not justify the trade. If you commute, ride or drive your actual route at your actual time before you commit.