Tsawwassen First Nation (TFN) often crops up in discussions of the shortage of developable industrial land in Metro Vancouver.
But an overhaul of TFN Economic Development Corp. following a review this spring has led to the temporary suspension of marketing efforts for the 300 acres slated for port-related industrial development.
“Now is the time to temporarily suspend the marketing of TFN industrial lands for long enough to properly assess what our future development goals should be, and how we can best realize those goals,” a statement TFN issued at the end of July said. “TFN lands are a limited resource, so it is essential that we carefully consider alternative development models to ensure we make well-informed decisions about the remaining 180 acres of unleased industrial lands.”
Developed in partnership with TFN Economic Development through long-term leases, the projects are intended to ensure long-term employment opportunities for Tsawwassen members. When fully built out, industrial developments will generate an estimated $245 million in annual income for TFN.
The largest project to date in the initial release of 100 acres is Delta iPort, a 57-acre venture of GWL Realty Advisors Inc. on behalf of Healthcare of Ontario Pension Plan (HOOPP). Smaller projects include facilities for Euro Asia Inc. (23.5 acres) and the Port of Vancouver (11.4 acres).
“When the TFN first started, they went with the lowest risk possible in terms of how the lands were developed,” explained Tom Fletcher, interim chief administrative officer for TFN. “The expectation all along was that at some point, before they went too far, they would take a look to make sure they were doing it right and maximizing the benefits to the community.”
TFN elected officials will have a greater role in setting long-term economic development goals and managing strategic initiatives in the future.
“We will continue to support our existing development partners who have already invested in the community, and look forward to proceeding with business as usual among established partners,” the statement said. “The interim board will serve to ensure there is no impact on … day-to-day operations during this transitional period.”
X marks its spot
With summer coming to an end, one of the biggest stories of this season’s recreational property market is how generation X has marked its spot in cottage country. Generation X – which found itself buying primary residences later as it formed the thin edge of the millennial wedge into the lower-paying service and gig economy – is now accounting for more than half of all recreational property purchases in many areas.
Those who secured good jobs, bought early and escaped the precarious employment that challenges many younger buyers to save for home ownership are now parlaying their success into second homes with views either to retirement or investment. It’s tough to admit, but we’re in the position many baby boomers were in when this columnist came to Vancouver at the end of the 1990s.
Royal LePage brokers reported that 60% of recreational property buyers nationally were 36 to 51 years old, followed by those aged 52 to 70 years old at 40%. The trend is evident at Skaha Hills near Penticton, where 55% of sales have been to buyers in the generation-X cohort. Similarly, Fifth Avenue Real Estate Marketing Ltd. in Surrey reports that retiring baby boomers are being joined “in select markets” by “millennials seeking a more balanced lifestyle, and the always-present astute investors.”
Speaking of investors, Mark Walker, a sales representative with Royal LePage Kelowna, says the investment angle is particularly acute for those who find themselves priced out of Lower Mainland markets. The University of British Columbia Okanagan gives them access to a student population base, however, making the opportunities equally attractive.
“We’re seeing the investors coming because they can’t afford to buy a million-dollar house in Delta with three bedrooms up, three bedrooms down,” he said. “They compare and pay $625,000 for the same thing.”
