July 27, 2025
Posted by Matt Scalena PREC.
Brought to you by SkyTrain Condo Living, the Only Real Estate Platform Licensed by TransLink.
On the Vancouver Real Estate Podcast, host Matt Scalena sat down with Darren Kwiatkowski, Executive Vice President and Founding Partner at Shape Properties, to discuss a question reshaping Metro Vancouver’s property market: Is being near a SkyTrain station the new waterfront property?
Kwiatkowski, whose company transformed Brentwood Mall into The Amazing Brentwood—one of Metro Vancouver’s most ambitious mixed-use redevelopments—offered a candid view of where real estate value is heading. With decades of experience navigating market cycles and executing large-scale projects, his insights provide a roadmap for how investors and homebuyers should think about transit-oriented development.
Why SkyTrain is the Future of Real Estate in Metro Vancouver
SkyTrain has become more than just a transit system. It is now one of the defining forces shaping Metro Vancouver’s real estate market. For developers, retailers, office tenants, and homebuyers, proximity to a SkyTrain station has become a decisive factor. In an interview with Darren Kwiatkowski of Shape Properties, the scale of SkyTrain’s impact became clear. What once started as a transport convenience has now evolved into a major driver of urban growth, development patterns, and investment opportunities.
SkyTrain as the New Waterfront Property
Darren Kwiatkowski draws a powerful comparison: SkyTrain stations are like lakefront property. The reason is scarcity. There are only so many stations along a line, and that limited supply has created a premium for properties directly adjacent to the stations. While an additional station may occasionally be added, as was the case in Richmond, such expansions are rare and planned years in advance. The limited nature of these sites ensures they remain highly sought after.
As Metro Vancouver becomes increasingly congested, access to SkyTrain has shifted from being a desirable feature to an essential one. The system provides a level of accessibility that is difficult to replicate with other transit modes. Being next to a SkyTrain station is like having your car parked in your own garage rather than several blocks away. Convenience and immediacy matter, and this principle is now embedded in both consumer behaviour and real estate values.
SkyTrain vs. Other Transit
SkyTrain differs fundamentally from other forms of transit. With buses, bikes, or cars, movement is more dispersed; people can enter and exit at various points. But SkyTrain funnels passengers through a single access point. Retailers, offices, and residential projects that sit directly at these stations enjoy a significant advantage. Those located even a few blocks away risk losing a portion of this built-in foot traffic.https://www.skytraincondo.ca
Two decades ago, when SkyTrain was less established, its long-term influence was uncertain. Today, the answer is clear. Businesses and residents want to be right at the station. It has become a focal point for growth and an anchor for transit-oriented developments.
Not All Stations Are Equal
While proximity to SkyTrain generally increases desirability, not all stations offer the same opportunities. Kwiatkowski highlights that land scarcity and population growth remain the core drivers of long-term real estate value. Areas that combine these two factors tend to see the strongest returns. For years, many SkyTrain stations offered limited development potential because of restrictive zoning. The provincial government’s push for greater housing density near transit has changed this, unlocking opportunities around many stations that were previously off-limits for significant development.
Vancouver, Burnaby, Richmond, and Coquitlam have particularly benefited. These cities feature linear growth patterns where SkyTrain connects well-defined town centres. The Broadway Line expansion and its eventual extension to UBC further enhance this network, cementing SkyTrain as a backbone of regional growth.
The Role of the Surrey–Langley Extension
The new Surrey–Langley line presents a different dynamic. Rather than reinforcing existing town centres, it functions more like regional rail. It provides a vital link between suburban communities and downtown Vancouver, offering a practical alternative to driving. Over time, this route is expected to attract significant development, but the growth pattern will differ from that of Burnaby or Coquitlam.
Surrey and Langley operate on a grid-like urban form, with dispersed employment, retail, and recreational hubs. While SkyTrain will enhance connectivity, life in these communities remains less concentrated around a single transit node. Over time, however, the Fraser Highway corridor is likely to intensify with new development, supported by the certainty and permanence that fixed rail transit provides.
SkyTrain Shapes Development
SkyTrain not only connects development; it also shapes it. As new lines open, land near stations quickly becomes a focus for higher-density housing, retail, and offices. Brentwood is a prime example, where a once underused area has transformed into a major mixed-use hub anchored by SkyTrain. Similar growth stories are emerging in Coquitlam, Surrey, and Richmond.
As Kwiatkowski notes, these stations act as magnets for investment. Developers recognise the value of predictable, high-volume foot traffic, while residents appreciate the convenience of reliable transit. This dynamic creates a feedback loop: increased development drives more ridership, which in turn justifies further investment in infrastructure and amenities.
Investment Implications
For investors, SkyTrain proximity is no longer a niche consideration but a central factor in evaluating opportunities. The most desirable sites are those directly adjacent to stations, as even a short walk can significantly reduce demand. The certainty of land scarcity around stations, combined with the region’s population growth, points to continued long-term value appreciation.
However, as Kwiatkowski emphasises, understanding the nuances of each station and line is crucial. While all SkyTrain-connected properties benefit from some uplift, stations with the greatest potential for redevelopment and population growth will likely offer the best returns.
The Future of Transit-Oriented Development
The future of real estate in Metro Vancouver will be shaped in large part by transit-oriented development. But as Kwiatkowski argues, SkyTrain is distinct from typical transit-oriented projects because of its unique ability to concentrate people at specific nodes. This creates unparalleled opportunities for retail, office, and residential projects that sit directly at stations.
As new lines are built and existing corridors densify, SkyTrain will continue to reshape the urban landscape. The system’s permanence provides certainty for long-term planning and investment, ensuring that proximity to stations remains a key driver of value.
Q&A: Key Takeaways from the Interview
Why is SkyTrain proximity so valuable?
Because stations are scarce, and being adjacent to one offers unparalleled convenience. This scarcity creates a premium similar to waterfront property.
How does SkyTrain differ from other transit modes?
SkyTrain funnels passengers through a single access point. Retailers and offices directly at stations benefit from concentrated foot traffic, unlike with buses or cars where movement is dispersed.
Are all SkyTrain stations equally valuable?
No. Stations in areas with both land scarcity and population growth generally provide the best long-term investment potential.
What impact will the Surrey–Langley extension have?
It will function like regional rail, improving connectivity and eventually encouraging growth along the Fraser Highway corridor. The pattern of development will be more dispersed compared with Burnaby or Coquitlam.
Will SkyTrain continue to shape real estate development?
Yes. Stations attract higher-density housing, retail, and office projects. Over time, this dynamic reinforces the value of being near SkyTrain, making it a central feature of Metro Vancouver’s growth.