The arrival of the long awaited SkyTrain has sparked considerable change for the neighbourhoods adjacent to Port Moody’s St. Johns Street corridor. The City of Port Moody anticipates a considerable boost to the population of downtown Port Moody over the next several decades and responded with an updated land use plan for the area in order to facilitate development and accommodate new residents and businesses.
Property developers and home owners alike have begun to gravitate toward this evolving community, drawn by the area’s natural beauty, convenient transit options and abundance of neighbourhood amenities, shops, restaurants, and breweries.
The updated land use plan calls for increasing residential density in several forms including: high rise condos, low rise condos, townhomes, and mixed use projects that incorporate both residential and commercial uses. This provides a variety of choices for people looking to purchase homes in the area while revitalizing the downtown with new businesses and services.
Currently, the City of Port Moody is reviewing 27 multi-family development applications at various stages of the approval process along the Port Moody Transit Corridor. The adjacent breakdown illustrates the potential number of homes, by neighbourhood and type, that could soon be coming to Port Moody’s Transit Corridor upon Council approval.
DEVELOPMENT APPLICATIONS BY NEIGHBOURHOOD
PORT MOODY TRANSIT CORRIDOR Development Land Transactions
There were 8 notable development land transactions in the Port Moody Transit Corridor in 2018, the following table illustrates those transactions.
The above transactions provide insight into the range of values for each land use designation. Beyond providing a general idea of property values, tracking development land transactions also indicates where we can expect to see future proposed developments. The above transactions indicate possible locations for new developments that will be taken through the entitlement (rezoning) process in the short to medium term.
2018 was an exciting year in the neighbourhoods surrounding Port Moody’s Transit Corridor. There was a multitude of new project launches, progress on both the Flavelle Mill and Andres Winery redevelopment sites, and several major development land transactions that are all coming together to evolve downtown Port Moody – which will continue for decades to come.
If you have questions or would like any further information on the current market, please don’t hesitate to contact Adam Lawrence.
Sources: Commercial Edge, City of Port Moody, Urban Analytics New Home Source, MLS.