Shopping Malls Rethink Real Estate in B.C.

Skyrocketing real estate prices have made shopping centres rethink how they use space. Several malls are now putting highrise buildings in their parking lots instead of cars. The owners of Coquitlam Centre are looking into building four residential highrise towers on the mall’s parking lot, just as three other lower mainland malls, Lougheed Town Centre Mall, Brentwood Town Centre Mall and Metrotown in Burnaby, are already doing.

Substantial redevelopment currently underway in West Coquitlam near North Road & Como Lake Avenue, in an area referred to as “Burquitlam.” Several new highrise towers along with new commercial space is being constructed around the newer Burquitlam Skytrain station which opened last December.

Condominium and townhomes continue to be in high demand outpacing the detached home market. While the detached home market is balanced, the apartment and townhome sales remain to be a sellers’ market with high demand and lower inventory.

The median home price in Coquitlam for September 2017 was $905,200, up substantially from $790,200 last year. The city saw 185 sales in September, down from the 233 homes sold this past August 2017 while the inventory of homes increased from 369 to 439 homes The average number of days on market currently sits at 21 days.