Inlet Centre Backdrop in Autumn
In early 2008 multi-family homes in Port Moody became the city’s main source of available housing stock. Yes, more than 50% of Port Moody’s households are now multi-family.
In contrast to other cities, and based on the 2006 Census, Port Moody has a significantly younger citizen profile which means amongst other things that retail buying patterns of our citizens will be different.
In the 20 years between 1986 and 2006 the shifting age distribution of 55 plus has grown. While BC as a whole has a 55 plus (age) population of 26.8% and Metro Vancouver is at 24.1%, only 18.1% of Port Moody’s population is 55 plus.
Looking at 65 plus, and again BC is high at 14.5%, Metro Vancouver at 12.9% and Port Moody’s 65 plus population is at only 7.8%.
This younger demographic are more computer dependent and will communicate and be engaged through the internet and handheld applications such as the Blackberry and iPhone; it will be interesting to see how Port Moody capitalizes on this distinction.
Extrapolating the fact that we have more young couples here in Port Moody, based on single (1) person households in Port Moody of only 19.6% (compared to 28.5% in Metro Vancouver), the supply and demand for one bedroom suites is much lower than that of 2 bedroom.
There are only 5 – 1 bedroom suites for sale at the present time in the Inlet Centre (taking in the area from Klahanie to Newport Village) and only 8 sold in the past three months.
Although we can normally expect many listings to expire by December 31st, the current supply of 85 active (for sale) 2 bedroom suites substantiates this commentary, as does the demand in the past three months of 57 sold.
We are very fortunate to have an unrivalled quality of life in Port Moody that is affordable, modern family-oriented, promotes sustainable and green practices, and caters to a vibrant and active outdoor lifestyle.
We are uniquely situated on the Pacific North-West as Canada’s gateway to emerging markets and with a reputation as one of the most liveable regions in the world. This helps to explain the continued net gains from in-migration and why the global spotlight of the 2010 Olympic torch is unlikely to stop the desirability or demand of West Coast living, and with Port Moody being high on the list of the younger crowd.