Port Moody Real Estate Market Report for March 2020

Port Moody Real Estate Market Report For March 2020

After the most recent Port Moody Real Estate Market report was released, we investigated a number of trends in real estate currently impacting the city, which includes concerns about rapid population growth. Data was also assessed regarding the amount of townhouses, condos, and detached properties for sale (as were notable changes from the prior month). Our research has allowed us to simplify the way we monitor market occurrences.

Zooky Detached House

Port Moody Detached Housing Market Trends

Zooky Condo

Port Moody Condo Market Trends

Zooky Townhouse

Port Moody Townhouse Market Trends

The redevelopment of Port Moody involves a proposal to build more than 2300 all-new homes within 18 different buildings.

Another significant redevelopment proposal involves the City of Port Moody’s first review process. The proposed redevelopment can potentially lead to a boost in the municipal population, currently hovering at about 35,000 individual residents.

Edgar Development – as represented by Brook Pooni Associates – is seeking to have Woodland Park redeveloped, as explained in their official rezoning community amendment application plan. This 23.4acre site, located at 1030 – 1190 Cecile Drive, slightly north of where Cecile Drive/Clark Road intersect. Currently, 19 buildings containing 200 townhomes occupy the site, all of which were built over 40 years ago.

This property is a 5-minute drive away from Moody Center Station (which connects to the Skytrain and West Coast Express). By foot, it’s about a half-hour walk.

Acton Ostry Architects put this proposal together, which pitches a total redevelopment of the site. 2344 homes will be built, and 325 units will be designated as rental homes (below-market) in association with an organization known as BC Housing. All remaining homes are designated to be condo units.

This combination of units breaks down as follows: 15% townhomes, 48% 2-bedroom units, 3% 3-bedroom units, 32% 1-bedroom units, and 2% bachelor units.

The residences will be housed inside of 18 different buildings. The building heights will range between 4 and 6 stories tall, 18 and 26 stories tall, and 12 stories tall. These buildings are set to be situated within low elevation areas on the site in an effort to minimize blocked views for surrounding units. Such placement minimizes the impact made on low-density adjacent developments.

Some of these buildings will be used for varied purposes. Approximately 10,000 square feet worth of space will be allocated to childcare community amenities. Also, 5000 square feet worth of space will be allocated to retail fronts, including neighborhood cafes and a small supermarket.

The first phase of the rental housing redevelopment will involve a large amount of non-market components, in addition to replacement units for current tenants.

If everything goes according to plan, seven different construction phases will be built in total over a 16year timeline. The initial phase is expected to be completed by 2024. The final phase should be completed by 2036.

This redevelopment will produce 2.217 million square feet worth of total floor space, giving the project a ratio density that is 2.15 times bigger than the lot’s size. About 3100 parking stalls for automobiles will be situated underground, representing a minimization of the parking standards in the municipality.

This environmentally sensitive proposal aims to allocate 16.5 acres (which accounts for 70% of this area) to remediated, protected, and enhanced streams and urban forests. It will also create public parks and multipleuse natural open spaces.

If it is approved, this redevelopment project would be the second biggest one in Port Moody. The largest one is currently the redevelopment of the Flavelle Sawmill, a site that received municipal government approval in 2018.

3.6 million square feet worth of floor space will be created by the upcoming Flavelle Waterfront redevelopment. As part of this project, 3.26 million square feet will be allocated to residential space. The remainder will be a mixture of restaurant, retail, light industrial, artist, and office space. It will accommodate as much as 7000 residents and accommodate over a thousand jobs.

Elaine Benson

Elaine Benson

Your Port Moody Real Estate Expert

If you are interested in contributing a Zooky Local Market Report in your area, click here: Local Market Report

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