By Brandon Harding, Team Principal
When we are conversing with developers, three things have been the rhetoric for years:
Construction costs are too high
Permitting times are too long
Project approval is too challenging
We cannot pay our prized labourers less money and offer less for materials because this is the backbone of the project getting built. So, what makes building in Coquitlam different from every other city?
Today’s modern world means everyone has access to information, so when a land assembly is purchased, and the new project reaches public hearing, the entire community will know. The results are more differing opinions and elevated hostility to change as human nature is predisposed to fall in line with the status quo. Builders are tired of beating their heads against the whiteboard, trying to please everybody in the municipality they are building. The silver lining being there is one city with a different perspective on growth and densification.
Why everyone loves Coquitlam
Residents in Coquitlam come out in support of improving their neighbourhoods through construction. They understand and embrace the positive aspects such as amenities, improved infrastructure, affordability, walkability, safety and all the prosperity gained. Instead of defensive development tactics to justify your project, people want to offer opinions and solutions to enhance it.
Help vs. Hindrance
Coquitlam is open for business and willing to co-operate with developers to help them obtain permits. Potentially, this can take less than two years, versus up to 5 years in Vancouver, making for a refreshing change. Imagine your dedication to improving communities through exciting new projects being welcomed instead of being pushed away. Council members and Planning collaborate to assist in finding ways to enhance projects. Cooperation leads to elegant and well thought out architecture and communities.
Land is affordable, so are the finished units
Investors need access to downtown. The world is moving so fast that time wasted on commuting does not accommodate our efficient schedules. On the other hand, lenders are tightening up, and foreign investors have been taxed out of the market, eroding the purchasing power of condo buyers. Burquitlam is where the two come together. Quick commutes with rapid transit and easy access to Hwy 1 meets affordable unit pricing because of relatively cheap land prices. For example, a land assembly like Thompson West is only asking $138/BSF, meaning you can capitalize on healthy profit margins. At the same time, investors can afford their first time home and get to downtown within 30 minutes.
Everyone’s moving there
A developer’s most significant fear after going through all the effort of acquiring a good site, construction, and then when it finally comes to presales no one wants your units — not a concern in Coquitlam. The growth in population of 9.8% from 2011 to 2016 makes Coquitlam one of the fastest growing communities in Metro Vancouver. With rapid transit around the corner and access to downtown getting even more accessible, growth should increase exponentially. A good example is Elmwood II, which is within walking distance to Burquitlam SkyTrain Station and 5 minutes from Hwy 1. This would be precisely the type of condominium that prospective buyers need to live and work in today’s modern environment.
Everyone loves Burquitlam. Please take a tour with us and discover for yourself why you need to secure your land in Coquitlam before it is too late.
