{"id":14036,"date":"2019-10-31T10:10:54","date_gmt":"2019-10-31T17:10:54","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=14036"},"modified":"2019-10-25T09:53:51","modified_gmt":"2019-10-25T16:53:51","slug":"fraser-valley-has-become-the-lower-mainlands-most-active-industrial-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/10\/fraser-valley-has-become-the-lower-mainlands-most-active-industrial-market\/","title":{"rendered":"Fraser Valley Has Become The Lower Mainland’s Most Active Industrial Market"},"content":{"rendered":"

Mission Record<\/strong><\/p>\n

Avison Young reports that the Fraser Valley has become the Lower Mainland\u2019s \u201cmost active industrial market,\u201d with 105 sales worth $185 million in the first half of 2019.<\/p>\n

This represents a quarter of the $740 million worth of industrial transactions Avison Young reported for BC in its report on investment sales in the first half of the year. Those transactions included 39 valued at $5 million and up, for a total of $391.6 million, as well as 243 transactions worth less than $5 million that added $348 million to the total.<\/p>\n

With relatively few large industrial assets changing hands, thanks to a tight supply of available properties, the balance shifted in favour of smaller properties offering infill potential.<\/p>\n

\u201cVacant industrial land that is development-ready is increasingly scarce with most land acquisitions being infill sites or requiring rezoning,\u201d notes Colliers International in its own report on the region\u2019s industrial market.<\/p>\n

The available sites were often further out from the core, hence the rise of activity in the Fraser Valley.<\/p>\n

The strength of the market is shown in a recent transaction that Frontline Real Estate Services Ltd. handled at 33519-33527 Thompson Avenue in Mission.<\/p>\n

Mission isn\u2019t the most active industrial investment market in the Fraser Valley; that honour, according to Avison Young, goes to Surrey, which saw 62 transactions worth $92 million in the first half of 2019. By contrast, there were just four deals worth $5 million in Mission during the period.<\/p>\n

But as activity shifts eastward, new records are being set.<\/p>\n

According to broker Kyle Dodman, the deal on Thompson Avenue set a new record in per-acre pricing for Mission. The 0.82-acre site fetched $989,000, or $1.2 million an acre.<\/p>\n

The site has industrial zoning and is conveniently located off the north foot of the bridge connecting Mission with Abbotsford via Highway 11. The Sumas border crossing is a 20-minute drive south.<\/p>\n

Platform Pledges<\/strong><\/p>\n

By the time you read this, O reader, the makeup of the next federal government will more than likely be known.<\/p>\n

What\u2019s less certain is which planks of the winning party\u2019s platform the new government will have to walk (politicians should walk their talk, after all).<\/p>\n

Housing promises seem to hold the most interest in BC, where candidates of all stripes have foregrounded the housing crisis in presentations to voters (by contrast, housing has been hardly a factor in the spiels of candidates making their cases to this columnist\u2019s family and friends back east).<\/p>\n

While continuing with the 10-year national housing strategy introduced during its term just ended (tagged at $55 billion), the Liberal Party of Canada\u2019s platform promises \u201ca consistent national tax on vacant residential properties owned by non-Canadians who don\u2019t live in Canada.\u201d This could raise $217 million in its first year, and up to $256 million in the 2023-2024 fiscal year if implemented. This compares to BC\u2019s anticipation of $187 million this year from its own speculation and vacancy tax.<\/p>\n

Meanwhile, the Conservative Party of Canada has said it will replace the existing \u201cHousing Supply Challenge\u201d (saving $315 million over five years) with a \u201cBuild More Homes Competition\u201d (costed at $300 million in 2022-2023). \u201cThis competition will reward municipalities that have proven to reduce red tape that stands in the way of new home construction,\u201d according to the platform.<\/p>\n

Watch for changes to mortgage rules if the Conservatives are in power when you read this, too, including allowing 30-year amortization periods for government-insured mortgages.<\/p>\n

The federal NDP platform chimes in with national construction commitments, promising 250,000 homes nationwide in the first five years of its mandate, and an extra $5 billion for affordable housing in the first 18 months. It will also extend amortization terms on insured mortgages \u2013 for first-time homebuyers only \u2013 and introduce a \u201cforeign buyer\u2019s tax\u201d on the purchase of homes by those who aren\u2019t Canadian citizens or permanent residents.<\/p>\n

The Green Party also plans to start spending, with $1.7 billion in housing initiatives planned for its first year.<\/p>\n

Whoever forms the next government, the biggest question may be who gets taxed to fund housing \u2013 locals, or foreigners.<\/p>\n

Mission Deal Highlights Hot Fraser Valley Industrial Market<\/a> by Peter Mitham | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"

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