The following article is written by Grant Woolliams, a Vancouver Realtor with RE/MAX Crest Realty (Westside) who specializes in East Vancouver, the Westside of Vancouver, and Downtown homes. You can visit his website at www.grantwoolliams.ca.
Sometimes the only thing that seems to stay the same in our world is the fact that everything always changes. This certainly appears to be true for Greater Vancouver.
Which areas will see the most drastic change over the next 10 or 15 years? Hard to say, but let’s explore a few areas that won’t be the same for too long.
The Cambie Corridor
In August of 2009, the Canada Line sky train opened and on May 9th, 2011 the City of Vancouver council approved the Cambie Corridor Plan. With this plan both the allowable height and floor space ratio (FSR) of buildings were increased, especially at transit hubs. As the allowable height was raised to between 6 and 12 stories along most of Cambie Street, the area plan does not concentrate density exclusively around stations, but rather supports a more evenly distributed density. However, the largest change will occur at transit hubs such as Oakridge, which will undergo huge change, and the intersection of Marine and Cambie. At Marine and Cambie alone there are several very large upcoming projects such as Marine Gateway by PCI, Cambie & Marine by Intracorp, and a possible development on the northwest corner of this intersection.
Southeast False Creek
When most Vancouverites think of development in False Creek, they think of the Olympic Village which is now known as the Village on False Creek. However, there is much more happening in the area. The False Creek area east of Cambie Street, including much of the False Creek Flats area, has some major, major developments coming soon or already completed. These include Central by Onni, Lido by Bosa, The Maynards Block by Aquilini, Proximity and Opsal Steel by Bastion, James and Meccanica by Cressey, and Pinnacle Living 1 and 2 by Pinnacle International just to name a few! The area has waterfront, excellent views, close proximity to downtown, and will never be the same!
Remember the days when condo developments sold out immediately? In February 2011, Bosa’s 45-story development called Sovereign, located at the corner of Willingdon and Kingsway, sold out in the first day of sales. At over 500 feet tall, it will quite literally tower over Great Vancouver. It is, however, not the only such project. Metroplace and Silver by Intracorp (an imposing 46 stories high), Wilson Avenue by Bluesky, The Chancellor by Polygon, and The Met by Concord Pacific are just a few of the other major projects slated for the area. Beedie Living and Anthem Properties are also working on plans to completely redevelop Station Square, proposing to intertwine retail, office, entertainment, and residential high rises. Look out Vancouver!
The announcement of the Evergreen Line was undoubtedly big news for the Tri-Cities (Port Coquitlam, Port Moody, and Coquitlam). The line, which is scheduled for completion in the summer of 2016, will be comprised of six stations and connects Lougheed Town Center to Port Moody and Coquitlam Town Center. New projects are numerous as land developers and builders are investing heavily in nearby areas. Specific developments include Oasis by Onni, Foster by Mosaic, Mone and MTwo by Cressey, Celadon by Polygon, Easton by Allaire Properties, and Levo by Unimet. Certain areas of the Tri-Cities have seen big change in recent years and don’t expect this trend to stop now.
How could somebody talk about the changing landscape of real estate in Greater Vancouver and not mention Surrey? What about South Surrey in particular and the Morgan Heights and Morgan Crossing area? It has seen major change but it isn’t finished yet. What about the Silver Valley in Maple Ridge which is undergoing massive change at the moment? What about the River District in South Vancouver by Polygon? What about Downtown Vancouver?
It seems the list could go on and on. It is not easy to say which area will change the most dramatically, but it seems one could agree that the Greater Vancouver of tomorrow won’t be exactly the one we know today.
Considering a new home in one of these up-and-coming Vancouver neighbourhoods? Check out BC mortgage rates and run the numbers!