TGIF: The Growing TriCities!

TGIF: The Growing TriCities!

Friday, May 25, 2018

Every year our real estate board hosts a municipal update within the bounds of our region, which covers Burnaby, New Westminster, Anmore, Belcarra and the TriCities. This year’s focus was the TriCities, and Master of Ceremonies this year was our own team member and a past president of the Vancouver Real Estate Board, Ray Harris.

The event gave the opportunity for the Mayor & planner of each city to showcase their developments, growth and distinct communities. We live in an amazing part of the lower mainland and it was gratifying to see the variety both in development and community style – all welcoming sustainable growth, being forward thinking in mixed types of housing (new homes of all types in Burke Mountain, smaller lots, duplexes, densifying existing neighbourhoods by laneway housing & lot subdivision) and building rental housing – the best way to tackle affordable housing in an effective way.

Coquitlam appropriately is creating the largest rental project in BC – 1000 units in the Burquitlam, Lougheed area close to transit & full amenities. Experiencing a transition to a younger population, Coquitlam has the highest growth rate and is forecasting a further 42,000 residents by 2041.

Mayor Greg Moore of Port Coquitlam was proud of the fact that crime in our communities is at the lowest point for decades and that his City would be enjoying a new recreation centre, pool and library next year.

With the creation of extensive new industrial space, there will be new jobs in Port Coquitlam where the West Coast Express is supplemented by bus to SkyTrain. PoCo too is taking an innovative approach to densification with coach houses allowed without the necessity of a lane, reduced lot size required for duplexes and smaller lots being allowed in many larger lot areas. A “rent to own” development is anticipated to create an affordable option along with market rentals. We just walked in the latest TriCity park – Blakeburn Lagoons in Port Coquitlam – a lovely natural spot where you feel far from urban life – a wonderful addition and already popular.

The younger population dynamic is also transforming Port Moody – transit users in their 30’s a growing sector. Brewery Row, on Murray Street forms the largest employer as small businesses open and thrive in Port Moody. Mayor Mike Clay described his city as “basement suite friendly” having licensed them all in 1980 with no business licence fee. There is very little new housing on the market at present, but an anticipated almost 3000 units to be created on the transit corridor in the Coronation Park area and close to Moody Centre station. The most exciting developments at the west end of Port Moody along the Inlet are a ways off yet. Port Moody also proud of being the “safest community” in BC with the lowest crime rate and the lowest cost per private police force. Hats off to our local cops!

There is no doubt that the Evergreen Line has been the largest game changer for our communities and that the real estate activity along that corridor proves the point. Our three cities all welcome public involvement – council meetings are open to our residents so…if you have opinions, interest and wonder how to get involved, council meetings are a good place to start. All three cities have informative websites where we can follow along.

If you are wondering how your own real estate fits into this big picture, please ask us. We are always ready to chat real estate and always keep you covered. We remain your Generations Real Estate Partners continuing in our tradition of trust and caring

– Michelle, Scott, Sheila, Ray and Shane.

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