Where to buy real estate in Canada 2021: Coquitlam, Port Coquitlam and Port Moody

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Surrounded by majestic natural views and centrally located within the Metro Vancouver area, the Tri-Cities of Coquitlam, Port Coquitlam, and Port Moody offer the perfect balance of outdoor lifestyle and suburban amenities. They have long been popular with homebuyers seeking greater affordability compared to Vancouver real estate, yet are still within commutable distance of the big city’s downtown core.

These three adjacent cities, which are located about 30 kilometres from the City of Vancouver, are among the fastest-growing municipalities in the region, attracting significant industrial and commercial development over the last 35 years. Their close proximity to both downtown Vancouver and surrounding cities make them ideal home-buying destinations for commuters, who can make the trip via car or SkyTrain in roughly half an hour to 45 minutes.

Port Moody is the westernmost municipality in the Tri-Cities, situated at the eastern end of the Burrard Inlet, with Coquitlam to the east and Port Coquitlam to the southeast. The three cities are directly connected via Highways 7 and 7A, and are accessible by bridge to neighbouring Surrey and Pitt Meadows. Travelling to Vancouver is easy as the SkyTrain services the Tri-Cities via the Evergreen Extension on its Millennium Line, as well as the West Coast Express Commuter Train. The cities are surrounded by an abundance of natural features, with over 90 kilometres of hiking trails, mountain access, and rivers for locals to enjoy. A total of 234,700 people call the combined Tri-Cities home.

Why we’re watching Coquitlam, Port Coquitlam and Port Moody

Of the Tri-Cities, Coquitlam has grown at the fastest pace, with its population increasing 6% between 2015 and 2016, and up 1.4% between 2019 and 2020 to roughly 140,000 people. Its city centre acts as the urban core of northeast Metro Vancouver, boasting a diverse downtown, high quality of life, and a number of municipal and provincial parks. It has a thriving commercial hub, home to Coquitlam Centre, one of the largest malls in B.C., a modern hospital, a number of private and public schools at the elementary and secondary levels, and has been a popular place for business and industrial enterprises to set up shop.

Port Coquitlam—also referred to as PoCo—was originally part of Coquitlam, incorporating into its own city in 1913 as it became an industrial stronghold and the site of the CP rail line. Now, following the redevelopment of its downtown core, the city offers a mix of commercial, light industrial and residential centres. Around 58,000 people call the city home, and while many commute outside of its limits for work, major employers include its school district, CP Rail, Sysco, Lilydale and the city itself. PoCo prides itself on its well-run, progressive community initiatives, historic downtown and attractive business opportunities. Residents can also enjoy plenty of green space, with 275 hectares of parkland, including the 25-kilometre Traboulay PoCo Trail, Belcarra Regional Park, Buntzen Lake and Colony Farm Regional Park.

Port Moody is known for its strong support of the artistic community. You’ll be sure to come across street performers in the park and enjoy perusing the exhibits held by its local Art at Council and various community and heritage art associations. However, the city also has a proud history of being an industrial hub, home to a number of energy and manufacturing businesses such as the Burrard Thermal Plant, Flavelle Sawmill Company, Imperial Oil and SunCor Energy. Roughly 33,000 people call Port Moody home; the city is popular for its vibrant food and drink scene, including the commercial centres of Newport Village and Heritage Mountain, and the “ale trail” of breweries located on Murray Street. The city prioritizes a pedestrian lifestyle and offers a robust cycling network, greenways and many parks. Port Moody’s location on the Burrard Inlet, Fraser and Pitt Rivers also makes it a popular destination for boaters and beachgoers, while hikers can take in the sites along the Shoreline Trail, Alfred Howe Greenway and the Great Trail, which is part of the TransCanada Trail.

Pre-COVID real estate market

Prior to the impact of COVID-19, each of the Tri-Cities had experienced modest, but stable growth in home prices, which remained relatively affordable to real estate in the City of Vancouver. The benchmark home could be purchased for $920,700 in Coquitlam in March 2020 (+1.8% year over year), $736,300 in Port Coquitlam (+2.4%), and $932,300 in Port Moody (+3%). Sales had seen strong year-over-year improvement as the region had recently absorbed the impacts of a number of taxes and policies designed to cool the market, such as a foreign buyers’ tax, empty homes tax, and federal mortgage stress test. Sales were up 42% annually in both Coquitlam and Port Moody, and 63% in Port Coquitlam from March 2019.

Impact of COVID-19 

The emergence of the first lockdown restrictions in April 2020 put a slight damper on price growth, though homes still sold for more than they had the previous month: the Coquitlam benchmark price rose to $927,800 (up 0.8%), and the Port Coquitlam benchmark increased to $772,100 (up 1.1%), while prices in Port Moody rose 1.1% to $937,000. Sales, however, had plunged by double digits, down 54% in Coquitlam, 56% in Port Coquitlam and 50% in Port Moody.

As witnessed across the Metro Vancouver Region, though, this had dramatically turned around by June 2020 as sales more than doubled in the Tri-Cities, up 132% in Coquitlam, 115% in Port Coquitlam and 115% in Port Moody.

Future outlook 

Now that the Tri-Cities real estate market has had over a year to adapt to the challenges of operating amid COVID-19, it’s evident that, like the rest of Canada, the region is experiencing unprecedented price and sales growth. Both Coquitlam and Port Coquitlam have seen benchmark home prices increase in the double digits, up 11% and 15% from April 2020 to $1,031,600 and $889,800, respectively. The benchmark price in Port Moody reached $1,017,000, a 9% increase. 

Sales are up 392% in Coquitlam, 383% in Port Coquitlam and 385% in Port Moody from the depths of the pandemic. While these increasingly competitive conditions will make breaking into the market all the more challenging for first-time home buyers, the Tri-Cities will continue to be a popular buying destination, especially as immigration recovers post-pandemic in the Metro Vancouver Region.

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Neighbourhoods

North Coquitlam

Located in the heart of the City of Coquitlam, this neighbourhood is part of the City Centre district. Established in the 70s, it is a well-connected and pedestrian-friendly area with plenty of retail, dining, and entertainment options—including Coquitlam Centre, one of the largest shopping malls in British Columbia—as well as plenty of green space.

Getting to North Coquitlam is easy by both car and public transit; it is bordered to the south by the Barnet Highway, which provides easy access to neighbouring Burnaby and to the BC interior to the east. The neighbourhood is located on the Evergreen Extension of the SkyTrain Millennium Line; Lincoln Station is handy for commuters, while Lafarge-Lake-Douglas Station offers easy access to Towne Centre Park. Voted as the best public space in Canada in 2017, this sprawling green space includes Lafarge Lake (popular for fishing and float tubing), numerous sports facilities, Percy Perry Stadium and the Inspiration floral sculpture garden. As well, the Coquitlam River and adjacent park are a short 10-minute drive away. In addition to Coquitlam Centre, North Coquitlam residents can enjoy the cafes and eateries of Glen Drive, and take in culture and arts at the Evergreen Cultural Centre. There are a number of local elementary, middle and high schools.

A total of 31,000 people call City Centre and North Coquitlam home. Given its downtown amenities and walkable lifestyle, it’s a higher-density neighbourhood compared to other parts of Coquitlam. The median household income is also slightly lower than the rest of the city, at $60,056, versus $74,475.

Much of North Coquitlam’s housing stock is made up of condos, making it a comparatively affordable neighbourhood, though local homeowners have enjoyed a steady increase in value. The average home price was $513,050 in 2020, a 3.3% year-over-year increase. That’s also up 25.7% over three years, and 78.3% over the past five years, reflecting soaring home prices across the general Metro Vancouver Region over the long term. North Coquitlam remains the most affordable neighbourhood in our top list in the Tri-Cities, making it a great neighbourhood to enjoy the best the Tri-Cities has to offer at an affordable price point. 

Eagle Ridge

Eagle Ridge is a neighbourhood for nature lovers and fitness buffs. Located within the Westwood Plateau on Eagle Mountain, it boasts the perfect backdrop for mountain biking and hiking, including the Coquitlam Crunch—a steep, 400-step trail peppered with fitness equipment stations. There’s also nearby Westwood Golf and Country Club and Panorama Spray Park, a popular waterpark.

Roughly 20,000 people call the Westwood Plateau home, which has been in development since the late 80s. It’s a mature residential neighbourhood that borders Port Moody to the west. Roughly half of the neighbourhood’s housing stock is single-family houses, though there are condos and triplexes available. Residents tend to have slightly higher incomes compared to the rest of the city, with a median household income of $83,388.

While there are a number of local schools nearby, including Eagle Ridge Elementary School, Scott Creek Middle School and Gleneagle Secondary School, and residents aren’t far from all the amenities in the neighbouring City Centre, including Coquitlam Centre.

Home prices in Eagle Ridge remain comparatively affordable than the City of Vancouver and other areas of Metro Vancouver; the average price for all home types was $739,675 in 2020, marking a 6.3% year-over-year increase. Over the long term, home prices have increased 9.7% over the past three years, and 61.5% over the past five.

College Park

Located in the northwest corner of Port Moody is the waterfront neighbourhood of College Park, a pedestrian-friendly and vibrant neighbourhood that boasts fantastic views.

Situated just the Burrard Inlet, College Park is popular for its easy accessibility, urban amenities, and gorgeous green space. It’s easy to travel to the City of Vancouver, or further east via the Burquitlam and Port Moody SkyTrain stations, or via the Barnet Highway.

Locals enjoy a number of eateries and shops along Clark Street, as well as close proximity to the hiking trails on neighbouring Burnaby Mountain. The neighbourhood is popular with families and there are several local schools including Glenayre Elementary, Seaview Community School, Moody Elementary, Moody Middle School, Banting Middle School and Port Moody Secondary. It is also close to Simon Fraser University, which is also located on Burnaby Mountain.

While the neighbourhood lacks local retail, it is well situated; residents can either travel to Coquitlam’s City Centre, or to the Cariboo Centre and Burquitlam Plaza in Burnaby in less than 10 minutes by car to do their shopping.

Homebuyers can choose from a mix of housing in College Park, as there are a number of townhouse developments in addition to traditional detached houses. It is comparatively affordable to other parts of the Metro Vancouver Region, with an average home price of $738,575 across all home types in 2020. That’s up 3.5% year over year, 14.4% over three years, and up 59.1% over five years.

 

 

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