May 15, 2024 West Coquitlam Spotlight: Upcoming Presale Opportunities
West Coquitlam's real estate market is buzzing with activity. As one of the region's most interesting submarkets, West Coquitlam's development landscape is vibrant, characterized by significant activity in both the condominium and townhome sectors.
Market Dynamics and Trends
West Coquitlam experienced a unique trend in its real estate pricing, particularly in the condominium sector, which saw a notable 6.4% increase in benchmark pricing year-over-year.
The condominium resale market saw a substantial increase in inventory by 39.6% year-over-year, maintaining strong sales despite not reaching the peak levels of 2021-2022, and indicating a seller's market with a 35% sales-to-listings ratio. The inventory levels, the highest since 2020, are expected to rise through late spring and summer, potentially stabilizing the market by fall.
Presale activities are bustling, with concrete condominiums like Pine & Glen and Fraser Mill’s Encore drawing buyers, and wood frame options such as Soenhaus and Chapter gearing up for launches with attractive incentives. Meanwhile, the townhome segment has experienced a dramatic 140% increase in resales, notably influenced by the Partington Creek project, suggesting a tight supply and strong demand continuing into the upcoming seasons.
What is Making West Coquitlam So Attractive?
Several factors make West Coquitlam a desirable area for potential homeowners and investors:
- Transit Accessibility: The area is well-serviced by public transportation, making it convenient for residents to navigate through the Greater Vancouver area.
- Affordability: Relative to other parts of Metro Vancouver, West Coquitlam offers more affordable living options, which is a significant draw.
- Anticipation of Future Growth: The ongoing and planned developments are signs of a promising future for the area, encouraging more people to consider it a viable place for long-term investment.
Notable Upcoming Developments
Kora by Strand
Kora stands as the tallest tower in The Oakdale Collection and will quickly become a focal point in West Coquitlam thanks to its elegant design and unobstructed views. Offering a range of 1, 2, and 3-bedroom homes, Kora promises over 17,000 sq. ft. of amenities including a Signature Sky Spa and a Sky Terrace, making it an attractive option for those seeking elegance and convenience.
Westview Townhomes by Trillium Projects
Craftsman architecture lives within a neighbourly enclave at Westview Townhomes. This development offers 24 family-oriented 3 and 4-bedroom homes, featuring attached garages and private rooftop patios with sweeping views. These townhomes provide a blend of traditional neighbourhood feel and proximity to modern amenities.
Portico by Wanson Group
Portico sets itself apart with unique features such as 10’ ceilings and enclosable glass balconies, a first in Coquitlam. The development's recent unveiling attracted nearly 300 realtors, a demonstration of its desirability and the excitement surrounding the area. Portico's design incorporates an expansive courtyard with lush greenery, establishing it as a premium option with stand-out features.
Driven by strategic development and intrinsic regional value, West Coquitlam’s growth opportunity and lifestyle offering make it a prime location for both new homebuyers and seasoned investors. A robust market dynamic underscores West Coquitlam’s appeal, making it a focal point for residential living and investment opportunities.
For more specifics and statistics on West Coquitlam’s growth, contact our MLA Advisory team.
