Burquitlam: A Rising Star in Metro Vancouver's Real Estate Landscape

📅 2 weeks ago

Burquitlam is transforming from a quiet neighbourhood into a bustling development hub, attracting numerous developers and reshaping the real estate market in Metro Vancouver.

Burquitlam, a neighbourhood that straddles the boundary between Burnaby and Coquitlam in British Columbia, is becoming increasingly notable in the real estate development landscape. This area, often referred to as a portmanteau of its geographical origins, is now witnessing a surge of development activities that are reshaping its identity. Situated just south of Port Moody, Burquitlam has emerged as a unique neighbourhood distinct from the busy Lougheed area to the south.
The development scene in Burquitlam is vibrant, with a roster of developers involved in various stages of projects. Recent completions include significant developments such as the Heart of Burquitlam by Concert Properties, Meridian by Townline, and Highpoint by Ledingham McAllister. Ongoing projects include Townline's Band and the four-building Gardena by Intracorp Homes, while several more are in the pre-construction phase, including the Burquitlam Park District by Intergulf Development Group and multiple proposals from Cressey and Morguard.
To understand the factors driving this development boom, STOREYS spoke with Evan Allegretto, President of Intracorp, and Mike Mackay, CEO of Strand, both of whom have multiple projects in Burquitlam. Historically, the neighbourhood was characterized by single-family homes and had a reputation for being a transit point between Burnaby and Coquitlam, with limited development opportunities.
Allegretto described Burquitlam as “a neighbourhood in transition,” while Mackay noted its previous status as “somewhat of a forgettable thoroughfare.” The catalyst for the current wave of development was the City of Coquitlam's proactive approach, which included the introduction of the Burquitlam-Lougheed Neighbourhood Plan in 2017. This plan allowed for increased density around the Burquitlam SkyTrain Station, transforming the area into a viable site for multi-family housing.
The Oakdale section of Burquitlam, which lies north of Como Lake Avenue, was later designated as a separate focus area for development in 2021. As a result, many of the towers being constructed are south of Como Lake Avenue, while future projects are planned for the northern side. Mackay highlighted the advantages of entering the market early, noting that the affordability of units compared to nearby areas like Lougheed and Brentwood made Burquitlam an attractive option for buyers.
The neighbourhood is evolving into a distinct node, capable of standing alongside established areas like Lougheed. Mackay emphasized that Burquitlam is becoming increasingly competitive in terms of desirability, thanks to its proximity to nature and a variety of parks, alongside the developments that are sprouting up. Allegretto believes that Burquitlam will eventually gain recognition similar to that of Metrotown and Brentwood.
The influx of developers is beneficial for potential buyers and renters, as increased competition leads to better pricing and quality choices. Allegretto stated, “When you look down the street, you can see homes that sold at that project for this price, so when you reflect on an Intracorp project, the decision-making feels safe when it comes to price.”
Despite the ongoing changes, Burquitlam still has areas dominated by single-family homes. However, developers are optimistic about the future, with Mackay likening the neighbourhood's progress to a baseball game, suggesting that Burquitlam is currently in the fifth inning of its transformation. He anticipates that over the next decade, the housing stock could double, introducing a mix of townhouses and high-rises, ultimately creating a complete community.

Related Posts