The region’s next great metropolitan centre is in the midst of securing funding for its Light Rail Transit system, and has taken a leap forward with its application to the P3 Canada Fund, being granted a “screened in” status. The P3 screen is applied to projects with capital costs of more than $100 million, for funding under the new Building Canada Fund. The City expects to welcome nearly 300,000 new residents over the next 30 years, and implementation of a new transit system is necessary to support sustainable growth and a strong economy.
As a resident living in Vancouver’s downtown peninsula, vehicle traffic can be the bane of one’s existence. Traveling in and out of the city on a daily basis requires navigating a congested maze replete with an obstacle course of traffic calming devices, cyclists, and spaced out pedestrians oblivious to the fact that their frail corpses are no match for a hunk of metal careening down the street.
As of today, the Mayors’ Council on Regional Transportation has released its $7.5 billion investment plan to support the additional 1 million new residents to Metro Vancouver over the next 30 years.
“Moving forward with this plan after years of input is great news for Vancouver and our whole region. It provides a clear road forward for urgently-needed new transit investment that will cut congestion, grow our economy, and expand transportation choices,” said Mayor Gregor Robertson.
In a city that is geographically constrained, there lies an inherent challenge to ease congestion in a way that is affordable and fair. A previous post describing the economic fundamentals of transit included potential additions to rapid transit lines around the Lower Mainland such as the long advocated for LRT for Surrey, and with the Regional Transportation Plan, major capital projects include the following:
Urban and Real Estate Economics at The University of British Columbia might be the most interesting course offered at a post secondary education facility. Not because students wake up everyday excited to deconstruct the elasticity of supply and demand, but it’s a course that actually requires you to play video games. The game, Sim City. The task, of course inherently educational, to virtually recreate a city relative to what was learned during the course, documenting the resulting effects. I do not envy city planners in the least bit. The class, however, gives students a greater appreciation for how economic infrastructure is shaped according to our core necessities.