DEVELOPMENT ACTIVITY IN BURQUITLAM-LOUGHEED
The arrival of the long awaited SkyTrain has sparked considerable change for the neighbourhoods adjacent to Coquitlam’s North Road Corridor. The City of Coquitlam anticipates the population living in the Burquitlam area to nearly double in the next 25 years, and responded with the implementation of the new Burquitlam – Lougheed Neighbourhood Plan (BLNP) in June 2017.
The plan calls for increasing residential density in several forms including high rise condos, low rise condos and townhomes in the hopes of creating a variety of choices for consumers looking to purchase a property in the area. With 5.2 million square feet of floor space currently in the construction pipeline and several large residential projects sold out, both developers and consumers have responded to the opportunities afforded to them in Burquitlam – Lougheed, and as a result, it has become one of the most sought-after areas in Metro Vancouver.
DEVELOPMENT LAND TRANSACTIONS
There were 30 notable development land transactions in the Burquitlam market during 2017. Broken out by product type, this amounted to:
The values in the table above indicate the average sale price per square foot of land for all 2017 Burquitlam development land transactions broken down by specific land use designation. The land use designation of your property is very important as it dictates each property’s redevelopment potential and is a primary driver of your property’s value.
The values in the table above are meant to indicate current market pricing for each land use designation. Not sure what your land use designation is or looking to have a more in-depth conversation about the value of your property? Please feel free to contact Frontline Real Estate Services at the coordinates on the back page.
What is a land foot?
A land foot is a unit of measurement used to describe the area of a specific piece of property. It is simply the square footage of land. While other metrics are available, we have opted to use the “average price per land foot” as the unit of measurement for the comparable sales above as it is a simple metric to compare across the different land use designations and avoids confusion between the square footage of land and the square footage of a home or other structure on a property.
The red and yellow highlighted regions on the below map indicate areas containing a high concentration of new development applications. It’s not surprising to see the applications are concentrated along the transit corridor, where the land use designations allow for the highest density forms of development. That being said, with the arrival of more businesses, amenities and services to the area, development will continue to spread from the core areas towards the perimeter of the BLNP.
In the highlighted regions there will be an estimated 9,467 new homes built, the majority of which will be low or high rise apartments.
In creating this report, we consult City of Coquitlam planning and engineering staff, survey multiple land transaction reporting systems (Commercial Edge, MLS), analyze municipal development data and seek the insight of many of our clients to bring you the most relevant information. If you have any questions, don’t hesitate to reach out to Owen Yates Personal Real Estate Corporation or Adam Lawrence.