The housing crisis in Canada, especially in Vancouver, has created a challenging environment for real estate developers. Rising interest rates, high building costs, labor shortages, inflation, and global effects have all impacted the local market. Given these challenges, developers must carefully consider the location and type of product they provide for the community.
The Tri-Cities area, made up of Port Coquitlam, Port Moody, and Coquitlam is known for its beautiful natural scenery, thriving economy, and diverse population. It is a growing metropolitan area that has attracted investors and real estate developers worldwide. In this article, we will explore the unique opportunities and advantages that Tri-Cities offers to developers and community builders.
Overview of Tri-Cities
One of the most significant advantages of Tri-Cities is its excellent transportation infrastructure. The Evergreen Skytrain connects Port Moody and Coquitlam to downtown Vancouver, and the West Coast Express train provides a 20-minute ride from Port Moody to downtown. The area is also approximately 40-50 minutes from downtown Vancouver.
Tri-Cities is known for its natural beauty and tranquil atmosphere, making it an ideal location for those seeking a peaceful lifestyle. It provides abundant outdoor activities, and Port Moody offers an oceanfront community.
The area’s lifestyle is unique, as it is one of the few neighborhoods that values building communities where families belong and grow. It is family-oriented, meaning people come to Tri-Cities to feel at home, like they belong, and to go to a place where they are heard, and the community cares for them.
Tri-Cities has many amenities, including parks, lakes, ocean fronts, soccer fields and parks, hikes, walks, golf courses, and trails. The area also has access to several post-secondary educational institutions, neighboring Simon Fraser University and Douglas College. As the city grows, more educational sectors are making their way to Tri-Cities.
The business growth in Tri-Cities has been noticeable, with extensive growth in Tri-City Chamber membership. Thousands of businesses are flourishing in the Tri-City community, and the city is looking to expand and grow its business and education sectors within major community developments such as Transit-Oriented Developments (TODs) in both the cities of Port Moody and Coquitlam.
Aultrust’s Vision and Values
In this article, we will focus on two neighborhoods in Tri-Cities to showcase Aultrust’s vision and values regarding their unique developments. We will also briefly discuss why Aultrust is developing specific products in these communities.
As a developer and community builder, Aultrust understands the importance of creating livable, sustainable communities. Aultrust’s vision is to create neighborhoods that foster a strong sense of community and belonging, focusing on providing high-quality amenities, outdoor spaces, and educational opportunities.
Aultrust recognizes the potential of Tri-Cities, and their developments reflect the area’s unique characteristics. By focusing on the needs of families and young professionals, Aultrust is providing much-needed housing options in a growing metropolitan area.
Aultrust Development in Port Moody
The City of Port Moody is a vibrant community located on the eastern end of the Burrard Inlet, approximately 20 kilometers east of Vancouver. It is known for its oceanfront location and outdoor recreation opportunities, making it an ideal location for those seeking an active lifestyle. Port Moody is home to approximately 34,000 people of different ethnicities and cultures. The city is easily accessible by public transportation, including the Skytrain and West Coast Express train, making it convenient for commuters.
Port Moody is an underdeveloped community, especially around their transit area. The City of Port Moody is mandated to provide several transit-oriented developments, with the value of land expected to increase as the area becomes more urbanized. As a developer, it is essential to recognize the potential for real estate development in the area, with the Average total income of two-or-more-person households in 2020 of $161,400 annually compared to British Columbia’s Average household income of $90,354.
Aultrust Development recognizes the potential of Port Moody and is focused on creating livable, sustainable communities that reflect the area’s unique characteristics. Aultrust’s BAYROCK Terrace development is an excellent example of its vision and values. BAYROCK Terrace is located in the heart of Port Moody, featuring modern, high-quality condos that reflect the area’s unique characteristics. The development is just steps away from the Skytrain station, making it an ideal location for commuters, but in a quiet neighborhood facing ocean views.
The BAYROCK Terrace development features contemporary designs and functional floor plans, providing families and young professionals with the space and amenities they need to live comfortably. The development also includes an outdoor courtyard, providing residents with a place to relax and enjoy the area’s natural beauty.
Aultrust’s vision for BAYROCK Terrace is a Landmark and ever-lasting iconic development that provides a unique opportunity for downsizers and new families to live within a sustainable, livable community that fosters a strong sense of community and belonging. By providing high-quality amenities and outdoor spaces, Aultrust is creating a unique community that reflects the values and lifestyle of Port Moody.
As a developer, Aultrust understands the importance of creating sustainable, livable communities that reflect the area’s unique characteristics. BAYROCK Terrace is an excellent example of Aultrust’s vision and values, creating a sustainable community and fostering a strong sense of community and belonging.