LATEST NEWS 
Professional Services
April 4, 2008
Vancouver’s TransLink launches real estate division
Metro Vancouver's transportation authority is launching a real estate division and plans to develop property as a way to generate financing for public transportation operations.
TransLink hired Phil Christie in July 2007 to be the new vice president real estate.
The formation of a new real estate division was made possible when the provincial government passed the Vancouver Transportation Authority Amendment Act in November 2007.
The new legislation allows TransLink to purchase land along new rapid transit routes and near transit stations.
This business activity will ramp up the value of the land through denser zoning and partnerships with land developers.
Despite the formation of the new real estate division, Christie said TransLink is not going into the property development business.
“We are first and foremost in the transportation business. We like to characterize the real estate transactions that we will undertake as those of a diligent owner, more than those of a developer,” Christie said.
“We will be doing some property development with extensive help from the private sector. We would not be getting into the construction end of things.”
A spokesman for the Greater Vancouver Home Builders’ Association (GVHBA) said the formation of the new real estate division at TransLink is a positive development.
“They are looking outside the box to find new ways to finance services. They must look at all possible solutions and we applaud that,” said Peter Simpson CEO of the GVHBA.
“This is good for the industry, because it creates more jobs. General contractors and the sub-trades will be happy.”
An $18 million proposed parking tax was cancelled by the provincial government at the end of 2007 and half of the shortfall will be made up by a recently announced property tax hike for businesses.
“Currently financing for transportation operations comes from various sources including fares, property tax, hydro levy and gas tax,” Christie said.
“Revenue raised through the real estate program will offset tax increases.”
| MOST POPULAR STORIES |
| CURRENT STORIES |
- Aerialists soar at groundbreaking celebration for Four Seasons Hotel and Private Residences
- More Ontario workers register as apprentices, but rate of completion declines
- China’s construction market offers opportunities, challenges for contractors
- FER Building Solutions plans restoration for Prince Rupert’s historic CN building
- Vanbots oversees smooth progress of Bramalea City Centre Mall project
- Use of dispute resolution services rises in competitive construction market
- TransCanada and ConocoPhillips plan to extend Keystone pipeline to U.S. Gulf Coast
- Refurbishment of Dahla dam could make it a target: defence analyst
- Lack of training blamed for death of Canada Line mobile-crane operator
- Quebec teen dies in collapse of garage under construction
| ALEX’S BLOG |
Reed Construction Data Chief Economist Alex Carrick discusses current developments in Canada's economic environment. He also shares light-hearted reflections on life and current events.
Economics Blog More 
- Some Other Keys to Commodity Pricing (2) (July 18, 2008)
- Some Other Keys to Commodity Pricing (1) (July 17, 2008)
- There are Exciting Answers to the World’s Food Shortage (July 16, 2008)
Lifestyle Blog More
- Taking Somebody Else’s Child to the Cottage (July 14, 2008)
- Which Letter of the Alphabet is the Funniest? (July 7, 2008)
| PROJECT NEWS BRIEFS |
Updates on Canadian construction projects from Reed Construction Data’s research team. More
- George Brown College wins $61.5 million in provincial funds for Toronto Waterfront campus (Jul 14, 2008)
- Plans get underway for Saline Creek Plateau and Parsons Creek communities (Jul 14, 2008)
- Life Construction seeks trade prices for 500 on Sherbourne condominium project (Jul 14, 2008)
- Working designs nearly complete for Joseph and Wolf Lebovic Jewish Community Campus (Jul 11, 2008)
- Alberta commits $200 million to Federal Building renovation and redevelopment (Jul 10, 2008)
