As the price of land escalates, suburban shopping mall owners are rethinking the financial sense of their sprawling malls with extensive above ground parking lots. And interior walkways are so wide that clubs of residents use them as indoor exercise circuits! So..the exciting thrill of the ‘80’s new shopping experience now becomes an opportunity to maximize land value – high rises with shopping below and underground parking. We are watching this transformation in real time locally at Lougheed Mall and Coquitlam Centre – both ideal locations as transit hubs.
This plays into our Lower Mainland long term commitment to densification and the latest trend to design “15 minute cities” with all relevant services and amenities available within a quarter hour travel.
Along with the creeping density in neighborhoods surrounding the reconstruction, comes the inevitable demise of some of our older traditional neighborhoods. These older homes are finding themselves in demand as developers need their land to build the accompanying apartment buildings and amenities.
An unexpected consequence of Covid, with residents being sequestered in their homes for months is that there are now other, different buyers for solid older detached homes. City dwellers who suddenly have the permanent alternative of working from home and are no longer facing a commute, are discovering the friendly burbs. Gardening is back in fashion as these buyers seek more inside and outside space. This turn of events has resulted in an increase in detached home sales and will revive family neighborhoods.
For many residents in lockdown, the call of the great outdoors became irresistible, resulting in moves to rural, quieter parts of BC.
Farms, ranches and more remote waterfront properties became the new Gold Rush! One of our clients moved from Coquitlam to the Sunshine Coast recently and reported that she had already met three parties who had moved there from the TriCities!
As the crystal ball gazers continue the debate on future real estate prices, our guru, Ozzie Jurock, urges us to remember that Canada, and especially Metro Vancouver, remains one of the most desirable places in the world to live – we have lifestyle, climate and yes…best price increases. Post Covid, immigration will return! So.. be wary of waiting for prices to flatten or bottom out – may never happen.
Our team’s mantra for both our clients and ourselves is “never gamble with your primary residence as you could lose” because as we know now, better than ever, our market turns on a dime overnight. So please don’t sell your home waiting to buy back into the market at rock bottom prices. It would be a scary proposition at any time, let alone in this unprecedented real estate territory.
We are always available to confidentially discuss your specific real estate goals and dreams and how to navigate current uncertainties to reach your desired outcome. Whatever the weather we are confident that we have you covered now as always, continuing in that long tradition of care and trust.
Generations Real Estate Partners:-
Michelle Hawthorne, Scott Johnson, Sheila Francis, Ray Harris and Shane Goutsis.