Just as SkyTrain was a game changer in our local development, Covid-19 and shopping on line are game changers in their own right. Noticed all the “temporarily closed” notices on small businesses around the TriCities? – most because of a Covid outbreak (compulsory closure happens when 3 staff members test positive for Covid ) – some of these may struggle to reopen. Then there are the many permanent closures scattered around our municipalities, especially evident on a walk around Coquitlam Centre Mall. As the large anchor department stores became unsustainable pre pandemic times, there were more Mall walkers than shoppers! At the cost of renting Mall retail space, smaller stores were struggling to hang on, but Covid and the massive increase in on line shopping finally killed them.
So… the huge sprawling shopping mall with acres of blacktop for parking is now an anachronism due for transformation. A massive amount of redevelopment is at the beginning stages on the largest land parcel in Coquitlam’s city centre – the mall. Some tenants will stay as retailers in a new shopping area on the site, with a boutique development surrounding. Developing close to transit hubs allows for generational change and more affordable housing for young people now looking to suburban living with handy transit options. Many of our children would welcome the option of staying close to home, family and friends.
While Port Moody is launching another long haul project to fashion a new official community plan, Coquitlam has already revised their official community plan and has a wide range of development projects either in the works or under construction. They are looking to pilot the construction of TriCities first 6 storey wood frame, are building family friendly townhomes then higher density closer to SkyTrain. In Mayor Richard Stewart’s words, legal suites and carriage homes make for “gentler densification” in single family neighbourhoods. Coquitlam and Langley are vying for the largest number of construction projects per capita underway or coming soon.
No rental buildings have been built for 50 years, but brand new ones are springing up in Coquitlam in an effort to catch up with demand.
From our “boots on the ground” real estate experience over the past year, part of it was old school in that our buyers were all local – no foreign/ off shore buyers creating the hot market. The main factor, aside from the pandemic trend of a desire for different space, has been and is, interest rates. Right now a mortgage rate for a 4yr. fixed term is 2.09% and a variable rate is 1.45%. Potential buyers have figured out that, at time of purchase, an increase in mortgage rates will negatively impact them more than a drop in sale prices.
Yes there is lots going on here. If you have questions related to your own situation, please be in touch. No question is a stupid one – real estate can be a complex issue and we know that you don’t buy or sell every day! Our job is to answer the questions and work with you on solutions tailored to your particular situation – there is no “one size fits all” approach. Happy to meet and discuss, either virtually, or safely masked and distanced in person.
Enjoy the summer weather and watch out for the cranes and construction zones! We remain your trusted real estate resource,
Generations Real Estate Partners:- Michelle Hawthorne, Scott Johnson, Ray Harris, Shane Goutsis and Sheila Francis.