Port Moody Real Estate Market Report For January 2020
In our first Port Moody Real Estate Market Report of 2020, we’ll take a closer look at Port Moody’s latest real estate trends. Below, you’ll find all the information you need about the Port Moody real estate market including average house prices, new listings in the last month, and all the current listings available to view. As always, we have split our stats into different categories for different property types, making it easier for you to find the information that’s important to you.
Port Moody Detached Housing Market Trends
- Total Port Moody Houses For Sale: 45
- Variance from Previous 30 Days: -23%
- Average Port Moody Detached House Price: $1.4M
Port Moody Condo Market Trends
- Total Port Moody Condos For Sale: 28
- Variance from October, 2019: -16%
- Average Port Moody Detached House Price: $620K
Port Moody Townhouse Market Trends
- Total Port Moody Townhouses For Sale: 19
- Variance from October, 2019: +6%
- Average Port Moody Detached House Price: $700K
Port Moody’s Woodland Park townhouse community to undergo grand redevelopment
Ringing in the new year with an exciting new development, Vancouver-based real estate firm Edgar Development recently unveiled its plans for the 23-acre development within Port Moody’s Woodland Park townhouse community. Among its ambitious plans are a wealth of exciting amenities including a 5,000-sq. ft. community centre, retail spaces and daycare facilities for up to 37 children.
Making Port Moody real estate market more accessible
Edgar Development’s bold new proposal includes around 2,000 new homes. These are expected to be a combination of condo and rental units within buildings which will range between 6 and 24 storeys. Around 325 of these rental homes will be non-market, in partnership with BC Housing authority, operated by a provider of not-for-profit housing.
The site is currently comprised of 19 low-rise buildings, all of which were built in the 1960s, containing 200 rental townhomes.
In its proposal, Edgar stated that the aim of the redevelopment was to “allow more people to find housing in Port Moody.”
As well as more accommodation, there will also be more park space for residents to enjoy, with the Edgar pitching a new 1.15-acre “active park” as well as developing a 1.5-km multi-use trail which will wind around the L-shaped perimeter of the property.
Edgar also demonstrated cognizance of the site’s environmental sensitivity, pledging to protect and enhance the five+ acres of the site deemed environmentally sensitive.
Relocating current residents
The proposal for this project was developed following an information session last May with existing tenants combined with a public open house last July. Edgar has pledged to help relocate current residents, providing them with logistical and financial assistance in line with Port Moody’s city policy.
The policy includes:
- Rendering of financial assistance in the form of free rent or a lump-sum payment in proportion to the tenants’ rental tenure
- Assisting tenants with moving expenses
- Providing at least four months’ notice after the issue of a demolition permit
- Rendering assistance in finding similar new accommodation
- Offering right of first refusal to move into new units within the development.
Construction will be phased to reduce the disruption to residents. The project is planned in seven phases, with final completion scheduled for 2034.
Edgar will now require an amendment to Port Moody’s official community plan in order for the project to proceed. Rezoning will also be required to allow for its commercial, public and institutional components. Some of the taller structures, which would be clustered in the site’s southeast corner, off Cecile Drive near Clarke Road, will also require rezoning.