Construction starts on Metro Vancouver condo tower defying market headwinds | Daily Hive

December 2025 groundbreaking ceremony for 1 Market Square, the first tower of Inlet District, with Port Moody mayor Megan Lahti. (Wegroup Properties)

Earlier this month, local developer Wesgroup Properties began construction on 1 Market Square — the first strata market ownership condominium tower in its Inlet District master-planned, high-density neighbourhood. Buoyed by unusually strong pre-sales, this project is moving forward despite Metro Vancouver’s very challenging real estate market.

The 27-storey tower marks the launch of the broader Inlet District development and will bring 299 condominium homes to Port Moody, along with a new grocery store and childcare facility.

According to Wesgroup, buyer interest in the project has remained strong despite wider market headwinds.

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“We designed Inlet District as a complete community,” said Joey Coupland, senior vice president of sales at Wesgroup Properties.

“We wanted to give residents the convenience of urban living with high-impact amenities and services like a grocery store, sports facilities and SkyTrain right at their doorstep and combine it with the proximity to nature, the water, local breweries and restaurants that make Port Moody such a desirable place to live. The strong interest that we are seeing in 1 Market Square despite the difficult presale market is proof that our vision for Inlet District is resonating with buyers.”

1 Market Square Inlet District Port Moody

Concept of 1 Market Square at Inlet District. (Wesgroup Properties)

A groundbreaking ceremony was held with local officials, including Port Moody mayor Megan Lahti.

This initial tower of 1 Market Square is located on the west side of the 15-acre land assembly, fronting Ioco Road, of a single-family neighbourhood. It is a short walking distance from SkyTrain’s Inlet Centre Station, which is just to the south.

“Inlet District is an important step towards delivering the kinds of homes our community needs,” said Mayor Lahti.

“Inlet District brings together so many of the goals we’ve been working towards: a walkable neighbourhood next to transit, new opportunities for local businesses, and a new public park and gathering spaces for the community. It’s the kind of growth that strengthens our local economy while protecting the character and quality of life that residents value. There is real momentum behind this project, and I’m confident about what comes next as Inlet District begins to take shape.”

At the heart of the community will be The Well, a 27,000 sq. ft. central amenity space available to Inlet District residents. Planned features include a large gym, yoga studio, pools, sports courts, a synthetic ice rink, co-working space, a music bar with vinyl library, adults’ and children’s lounges, and a cinema.

Concept of The Well at Inlet District. (Wesgroup Properties)

Concept of the central plaza at Inlet District. (Wesgroup Properties)

Pricing for the new homes starts at about $0.451 million, according to Wesgroup. Construction on this tower is expected to conclude in mid-2029.

When the entire multi-phased redevelopment is fully built out, there will be six high-rise condominium towers up to 31 storeys and three six-storey buildings, all oriented around a new 2.6-acre central public park. Altogether, the development will generate about 2,600 homes, including approximately 2,500 strata market ownership condominiums and 101 secured purpose-built market rental homes.

Two on-site childcare facilities will have a combined capacity for up to 194 kids.

The project’s design firm is Boniface Oleksiuk Politano Architects.

Immediately to the east within Coquitlam, Polygon Homes is pursuing Coronation Heights — a similarly-sized high-density redevelopment of the former Coronation Park Elementary School site.

Existing condition:

Aerial of the Inlet District development site in Port Moody. (Google Maps)

Future condition:

inlet district coronation park port moody wesgroup first phase

2024 artistic rendering of the first phase of Inlet District in Port Moody. (Boniface Oleksiuk Politano Architects/Wesgroup Properties)

The launch of 1 Market Square stands in sharp contrast to the broader outlook for the pre-sale condominium market outlined in MLA Canada’s December 2025 forecast.

In its Pre-Sale Pulse Market Insights report issued early this month, MLA Canada projected that December 2025 would see zero new pre-sale project launches across the jurisdictions of Greater Vancouver Realtors and the Fraser Valley Real Estate Board, reflecting what it described as “an incredibly slow time in the presale market,” with developers largely sidelined by weak demand, prolonged buyer decision-making, and short-term economic headwinds.

MLA Canada’s forecast underscores that while three projects launched in November 2025, totalling approximately 346 units, none recorded any sales during that month, and no additional launches were expected before year-end.

The company attributed this slowdown to empowered buyers, sluggish absorption rates, and growing caution among developers, many of whom have shifted their focus toward secured purpose-built market rental housing rather than strata market ownership condominium projects.

The MLA Canada forecast also noted that concrete high-rise development has become increasingly selective, typically limited to sites near public transit or strong amenities.

Mortgage delinquency rates remain low at about 0.22 per cent as of the second quarter of 2025, despite broader economic challenges. However, with roughly two million mortgages set to renew in 2025 and 2026 — many tied to higher-priced purchases made during Vancouver’s peak 2021 market — the full impact of rising payments has yet to emerge. While most homeowners appear prepared, foreclosures are beginning to increase and could rise further if economic conditions remain weak, with those who bought at peak prices facing the greatest financial strain.

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