Burquitlam State of the Market Report 2021
Looking back over 2020, the development land market faced new challenges as we navigated through the COVID-19 pandemic and an uncertain economic climate. These variables were cause for developers in Burquitlam to initially feel uneasy around the future of the real estate market and as a result, land sales slowed down significantly during the spring/summer last year, which are normally very active months. In 2021, however, the sentiment has shifted as this year has proven to be a busier market than we have seen in years, and this momentum is expected to continue.
StaTe of the Development Land Market in BURQUITLAM
When comparing this last year to the previous 12 months, the increase in sales activity is clear to see. In Burquitlam, the total area of land sold, total dollar value of land sold, and the number of transactions all more than doubled. Apartment land was in highest demand as over 55% of these transactions were designated either Medium or High-Density Apartment Residential. Although there was very little movement on high-rise sites in the past, they have picked up traction in the past 12 months; not only were they a common land use designation of the sites that have sold, but a significant number of development applications that were filed in the last year were for high-rise projects. For example, of all the active development applications in Oakdale, over 70% are for high-rise condos. On the other hand, townhouse sites have become far less popular as the upfront costs of building an underground parkade combined with a lower density product have developers prioritizing other opportunities.
Total Land Sales Volume ($) in Burquitlam
What Does This Mean to the Future of Burquitlam?
The Burquitlam land market is starting to see a number of developers complete projects that they’ve been working on over the last several years. Many of these developers are now looking to reinvest in new opportunities in the area. In addition to this, there have been several new developers enter the market and acquire development sites over the last twelve months. This is great news for land owners in the area as increasing competition for land in the area will result in higher land prices and faster deal timelines.
BURQUITLAM DEVELOPMENT APPLICATIONS
There are now 34 development land applications in and around the Oakdale neighbourhood, and 11 applications along southern perimeter of the Burquitlam-Lougheed neigbourhood plan.
HOT ZONE
34 significant* applications for multi-family residential development totalling approximately 7,245 units proposed:
5% Townhouse
25% Low Rise Apartment
70% High Rise Apartment
HOT ZONE
11 significant* applications for multi-family residential development totalling approximately 2,239 units proposed:
8% Townhouse
66% Low Rise Apartment
26% High Rise Apartment
* A “significant” application is any application with greater than 5 units/lots
UPDATE: SOUTHWEST HOUSING REVIEW
The Southwest Housing Review reached phase 2 this past June, and three of the neighbourhoods now have draft concept plans. Full adoption of this area plan is anticipated in the first quarter of 2022.
1. Miller-Grant
This neighbourhood plan will focus on renewing family-oriented housing with most of the area being designated for townhomes and a portion near Clarke Road being designated for medium-density apartments. In order to improve access to Miller Park, an expansion of the park land is proposed in the area.
2. Whiting-Appian
Unlike the other neighbourhoods in the review, this neighbourhood was originally designated for a future detailed study, so the Burquitlam-Lougheed Neighbourhood Plan did not include any future land use designations. The concept design plan for this region is around the Austin Creek watercourse and offers a mix of high-density apartments, medium-density apartments, and townhomes. This neighbourhood pocket is meant to act as a transition zone between the higher-density North Road corridor and the lower-density areas further east. A primary premise that guides this plan is to promote transportation connections.
3. Guilby-Grayson
Currently, properties in Guilby-Grayson are designated for townhomes, however the proposed concept plan would designate the parcels for medium-density apartments. This would be more in keeping with the surrounding land uses north of Alderson Avenue and provide a smooth transition to the “Neighbourhood Attached Residential” designated properties south of Alderson Avenue.
Residents will have access to Lower Lougheed Park, which is located immediately south of this area and will provide park and recreation opportunities. This park will be expanded in the future to accommodate residential growth, as specified in the Burquitlam-Lougheed Neighbourhood Plan.
The plans for Charland-Joyce, Blue Mountain-Quadling & Austin-Poirier Pocket are still being reviewed.
SOURCES
In creating this report, we consult City of Coquitlam planning staff, survey multiple land transaction reporting systems (Commercial Edge, MLS) and analyze municipal development data to bring you the most relevant information. If you have any questions about this report or the local development land market, don’t hesitate to reach out.
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