The MLA Canada Spotlight Series is designed to deliver key market intelligence into the residential real estate market. This report series is to provide insight into up-and-coming marketplace for homebuyers, developers, and real estate industry professionals alike, offering a comprehensive overview of both the quantitative and qualitative characteristics of trending sub-markets in the lower mainland.
This article is one of many in this unique feature series, focusing on the City of Coquitlam. Brought to you by the MLA Canada Advisory Team.
As a rising urban market, Coquitlam expects an influx of new growth and activity, thanks to large and upcoming, master-planned developments within West Coquitlam and Coquitlam Town Centre, as well as an approved City Centre Area Plan. The city has the most concrete condominium units in the development process of any submarket in the Lower Mainland.
“That’s special. With new development comes a lot of new opportunity. And, generally, rising price per square foot values will follow as a result of that,” adds Ryan Lalonde, President at MLA Canada.
New developments will create carefully designed communities that will provide a mix of residential, commercial, and recreational space otherwise unavailable in markets centered around smaller developments.
“I think that the secret might be out and that's why we're seeing the values and the demand that we have encountered over the past couple of months in Coquitlam,” says Suzana Goncalves, Executive Vice President of Marketing and Sales at MLA Canada.
Over the past decade, the search for value has gradually moved east through Vancouver, into Burnaby, and now into Coquitlam. Additionally, changing perspectives on office work and commute times is making Coquitlam increasingly attractive to young families, first-time homebuyers, and investors alike. Coquitlam’s centrality within the Lower Mainland and transit accessibility bodes well for future population and employment growth in the region.
“Coquitlam is set up, over the next two decades, to be a really important part of the Metro Vancouver landscape. When you think about the infrastructure, upcoming immigration, and the ability for Coquitlam to deliver what many people are looking for in their lives, it's a special community that's going to continue to thrive in the coming years.
“It's also why our organization will continue to have a long-standing footprint in Coquitlam programs. It’s something that we're passionate about. Our team is working day by day to understand not only our homebuyers, but the tracts of land available and how we make sure that we are bringing incredible housing to this marketplace,” Lalonde adds.
Watch our full Spotlight Episode to learn more about the active market of Coquitlam, featuring MLA Canada’s Executives, Ryan Lalonde and Suzana Goncalves.
Click below to access the full report on Coquitlam’s Community and Market Spotlight.