State of the Market in Coquitlam City Centre

What is happening in Coquitlam City Centre & why it matters.

With the arrival of the Evergreen SkyTrain line, The City of Coquitlam has initiated the process of updating the existing City Centre Area Plan (CCAP) in order to guide development in “Coquitlam’s downtown” over the next several decades. The CCAP update will build upon past land use decisions to create new higher density areas, more mixed use spaces and pedestrian friendly developments along the corridor surrounding the Evergreen SkyTrain line. These changes in land use designation have the potential to greatly impact the value of your property. A map indicating the geographic focus of the CCAP and how the updated plan will guide development in the areas surrounding City Centre’s three new SkyTrain stations, can be found below.

The above map is from the City of Coquitlam’s planning and development resources.  It can be found in it’s original context at https://www.coquitlam.ca/planning-and-development/resources/special-plans-projects/city-centre-area-plan-update
The above map is from the City of Coquitlam’s planning and development resources. It can be found in it’s original context at https://www.coquitlam.ca/planning-and-development/resources/special-plans-projects/city-centre-area-plan-update

The CCAP update is being undertaken in two phases with a targeted completion date of mid 2019.

Phase 1 – In Progress

Phase 1 of the update started in December 2017 and is still underway. This phase investigates the existing context of the plan area in order to inform discussions on the area’s identity and character. This phase will inform early policy directions for the plan.

Phase 2 – Next Step

In phase 2 of the update, the findings from Phase 1 will be synthesized into a draft plan. This draft plan will contain a land use concept with guiding polices and an implementation strategy.

MAJOR UPCOMING PROJECTS

Below, you will find a summary of residential projects that are currently under construction or in the rezoning process with the City of Coquitlam. These projects highlight the type of development that will soon be typical of the area.

WHY IT MATTERS

The CCAP update will call for changes in land use designation for many properties in the area. These changes have the potential to greatly impact the value of your property.
Though an area plan update can cause some confusion in a neighbourhood, most owners find it to have a positive impact on their property value. The value of your property as development land is primarily driven by two factors:

  1. Land Use Designation – What can be built on the property

  2. Timeline to Development – How long until the new homes can be built

A plan for a particular area provides clarity and certainty regarding these two factors by providing information about what can be built on a particular property and when; this clarity often allows a developer to rationalize paying a higher purchase price for your property.

It is important to understand the difference between what your property will be designated in the future City Centre Area Plan and what it is currently zoned. A property must be taken through a rezoning process to enjoy the development benefits of the higher density zoning. Below is a description of land use designation and current zoning bylaw, commonly referred to as “zoning”:

Land Use Designation

Land use designation dictates the potential future zoning for a property. Designations are adopted as part of an area plan and provide guidance for the municipality’s consideration of rezoning and development applications for a property.

Current Zoning Bylaw

Current zoning bylaw, also referred to as “zoning”, is the guideline for how each property in the city may be used and developed at that point in time. These bylaws divide the city into zones and establish procedures for processing and deciding upon development applications.

 

2018 and 2019 promise to be years of change in the City Centre neighbourhood, as the City Centre Area Plan takes shape and provides guidance for development in the area. If you would like any further information on the current market or recent development activity, please give us a call.

In creating this report, we consult City of Coquitlam planning and engineering staff, analyze municipal development data and seek the insight of many of our developer clients to bring you the most relevant information. 

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Adam Lawrence

Land & Investment
Residential Development Land

Adam Lawrence joined Frontline Real Estate Services as a broker with the residential development land team in May 2017. Working alongside Owen Yates, Justin Mitchell, Mike Harrison, Megan Johal, and Kerriann Reimer, Adam tracks inventory, maps potential development areas and uncovers opportunities in Frontline’s core markets North of the Fraser River.

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