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Why Mission is the Next Key Suburban Market
Once considered a rural town on the outskirts, Mission is now carving its place as the next suburban market to watch. The population of Mission is growing, with 2021 Census data showing a 7.7% increase from 2016, bringing the total number of residents to 41,519. This figure has undoubtedly risen since its release as more homebuyers flock to markets outside of Vancouver.
In April, the composite benchmark price for all residential properties in Metro Vancouver was $1,374,500. As prices climb, the entry-level buyer is being priced out of the local residential market, making mountainside communities like Mission more appealing to those interested in getting on the property ladder. The appeal is equally as strong for families eager to upsize to more spacious homes that meet their needs.
There are, of course, considerations for buyers surveying the market, many of whom like the idea of having access to urban amenities without living directly over or next to them. Buyers coming from more densely populated areas still want a notable view from their home, but there is a greater need for a lifestyle that encompasses immersion in nature. This, among a combination of factors, is why Mission is the next key suburban real estate market.
The connectivity is alluring to developers
Connectivity emerges as a repeat concern for anyone planning to enter the real estate market. There becomes a fine line between moving outward for affordability and the cost of commuting if a residential area is not well planned. Set in the scenic landscape of the Fraser Valley, Mission is readily accessible via the West Coast Express train line and the Mission Bridge, offering access to Abbotsford and onto Highway 1.
The Fraser Valley Highway 1 Corridor Improvement Program aims to better serve the growing region and over 80,000 motorists who use the highway daily between Abbotsford and Langley. The former is expected to become a major core within the Fraser Valley, and Mission sits in a quiet pocket 15 minutes away. Developers are catching on to this ease of connectivity and accessibility, and signs of growth are clear in Mission with many major developers establishing a presence in the community with respective projects.
Meanwhile, Fifth Avenue Real Estate Marketing is overseeing four upcoming projects, marking the company’s swift growth in the Mission market. Westminster Plateau is among these offerings, a collection of 36 townhomes and 54 condominiums in a multifamily community 90 years in the making.
A closeness to nature remains a magnetic draw
The benefits of spending time in nature are immense, and research has shown that having access to nature through parks, gardens, greenways, and landscaping helps promote well-being and stress reduction. Coming out of the pandemic, Canadians realize this to a greater extent, and people are willing to move away from built-up areas to find a reprieve where nature is abundant.
Sprawling mountainside communities offer this type of lifestyle and access to the outdoors. The success of North Vancouver conveyed this a long time ago. Yet, limited supply and demand for housing in the Vancouver region has pushed it off the list of options for most people. Mission has the natural features buyers desire. Westminster Plateau, as an example, is on a hillside above the Westminster Abbey, boasting views of sprawling parkland and the Fraser River. It invites a drastically different perspective to views seen in Vancouver, which is another attractive aspect for buyers.
In terms of outdoor activities, Mission is rich in offerings, with hiking, sturgeon fishing, bike rides, and beautiful walks among the aspects favoured by locals. During the winter months, residents of Mission often have the opportunity to skate or play hockey on frozen-over ponds.
The strong sense of community speaks volumes
It’s not uncommon for a community mentality to be lost in a busy downtown centre by way of building design and the rarity of seeing neighbours in surrounding units. Mission, by contrast, has a small town, neighbourly ambiance. On any day, you might see your neighbours drinking their morning coffee on their porch, kids outside playing, and friends walking their dogs. There is a sense of safety within Mission.
The area is family-orientated, and with schools in the locality, it appeals to young families. Unlike Metro Vancouver hubs, Mission gives residents the sense of being in the countryside and removed from the pace of the city. Yet, nearby districts are easily accessible. This unique meld is rendering Mission the next suburban market for residential and mixed-use development, and it is undoubtedly one to watch.
By: Michelle Des Rosiers, Senior Vice President of Fifth Avenue Real Estate Marketing
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