Port Coquitlam experienced a record-breaking year in 2024, approving 779 new housing units — the highest ever for the city. This surge in approvals aligns with B.C.’s new housing legislation, designed to tackle the province’s growing housing crisis. However, despite the impressive numbers, housing starts remain sluggish due to ongoing market uncertainty.
Record Approvals, but Delayed Progress
In 2024, PoCo council approved nearly two-and-a-half times the number of units compared to 2023, when 330 units were greenlit. In 2022, 545 units were approved. Yet, despite this increase, actual construction activity is lagging.
Bruce Irvine, PoCo’s director of planning and development, told the committee of council on March 11 that the city will likely miss its provincial housing targets this year. The slowdown reflects broader trends across B.C., where:
Housing starts are down 9.2%
Permit values have dropped 8.3%
The number of new homes permitted has decreased by 10.8%
The decline is largely due to elevated interest rates, skilled labour shortages, and rising construction costs, which have slowed the momentum despite the record approvals.
Major Development Projects in the Pipeline
While current starts may be slow, several major projects are set to reshape Port Coquitlam’s housing landscape, including:
PoCo Place Mall: A massive redevelopment with 2,000 residential units spread across six towers.
1563 Shaughnessy St.: A townhouse project near ƛ̓éxətəm Regional Park (Colony Farm).
2245 McAllister Ave.: Formerly known as The Met, this project will add 22 new units to the existing design.
New View Society: A partnership with BC Housing to create 74 homes for people with mental illness at 2365 and 2371 Kelly Avenue.
Since July 2023, Bill 44 has driven 23 applications for new duplexes and townhouses, along with six coach house applications, reflecting strong interest in smaller-scale developments.
2025: PoCo’s Busiest Year Yet
Looking ahead, Irvine anticipates 2025 will be the busiest year ever for PoCo’s planning department. The city plans to focus on several key initiatives:
Official Community Plan (OCP) Update: Phase 1 of the update will help shape the future of PoCo’s growth.
Amenity Cost Contributions (ACC): Introducing new fees to fund infrastructure and amenities.
Development Cost Charges (DCC): Expanding charges to accommodate new growth.
TransLink Business Case: Developing plans to support transportation infrastructure for the growing population.
Federal Support for Housing Acceleration
In February 2024, Port Coquitlam received $10.3 million from the federal government to accelerate its housing efforts. The funding will support faster permit approvals and infrastructure expansion to help meet PoCo’s five-year target of 2,279 new homes.
Conclusion
Port Coquitlam is experiencing a housing surge, with record approvals marking a significant step toward addressing the housing shortage. However, market uncertainty and rising costs are slowing the transition from approvals to actual builds. With major projects on the horizon and additional federal support, PoCo is positioning itself for substantial growth in 2025, making it a city to watch in B.C.’s evolving real estate landscape.
🏡 Interested in learning more about the latest housing developments in Port Coquitlam or exploring real estate opportunities in the area?
📞 Contact Tara Kennedy, Realtor at 236-992-8989
🌐 Visit TaraKennedy.ca for more information.
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