A move by Genstar and Madison development companies to offer more than 1,100 acres of land in Silverdale for sale last week should not change the development outlook for Mission, according to the Greater Vancouver Home Builders’ Association.
GVHBA chief executive officer Bob de Wit said ownership will simply be in different hands.
If the properties are sold in parcels, the land may be fragmented, but the result will benefit the consumer, he added.
“When you have diversity, it’s good,” explained de Wit, noting different developers may have different plans on how to move forward.
“A mix of density on this site would be great in terms of offering a variety of housing types that would appeal to a larger pool of potential home-buyers,” added Gavin Duffus, communications manager for the Urban Development Institute.
De Wit also noted market conditions are strong now and whoever picks up the land will likely build sooner rather than later.
Whether an international or domestic company buys the land, they will want a return on investment, said de Wit.
The GVHBA has close to 800 members, and about one-quarter of those companies are developers/builders that could be interested in the Mission lands, said de Wit, adding members are responsible for about 80 per cent of housing starts in the Metro Vancouver area.
Genstar was a part of the GVBHA and de Wit hopes a local company will pick up the property because it would have similar business ethics and community values.
Duffus added a development opportunity of this size is rare and there would be “tremendous potential” for an interested developer.
“A development of this scale would bring much needed supply to the housing market and help address affordability,” said Duffus.
De Wit noted some of the most aggressive housing prices are in the Maple Ridge and Mission area.