As unaffordability continues plaguing Vancouver, the city’s outer reaches are suddenly becoming viable.
Aquilini Group is developing a subdivision in Tsawwassen, a small rural community 30 minutes out of the metropolis, and superlative amenities like Tsawwassen Mills are sprouting.
The premium fashion and shopping outlet has been a major draw for both Vancouverites and people living as far as Richmond and Surrey, and it’s also impelling growth in the area, too.
“Tsawwassen Mills is definitely a catalyst for the area,” said Mark Mark Fenwick, general manager at Tsawwassen Mills. “We’ve put a great selection of retail shopping into the area where people would previously have had to travel to Richmond or Surrey. Tsawwassen Mills brought number of retailers to area. Bass Pro Shops and Saks Off 5th. I’d say the building in Tsawwassen started before Tswwassen Mills opened in the fall of 2016. Aquilini Group started it, and it’s been accelerating with the development of single-family homes, townhomes and condominiums.”
Tsawwassen Mills features 180 stores spread across 1.2mln square feet of retail space. That might sound like an odd outlet to have in a town of roughly 25,000 residents, but it’s growing.
The local First Nations community has been working with developers like Aquilini and Century Group on two key subdivisions that will add just under 5,000 new homes to the area. Fenwick added that the foreign buyer tax isn’t applicable in the area, which could make it even more attractive to house hunters.
REMAX sales agent Ron Antalek says that the harmony between real estate developers and the First Nations community has been exemplary.
“Aquilini has proven to be a very professional developer and they have also been amazing with their First Nations partnership,” he said.
He added that Tsawwassen’s proximity to Vancouver, where affordability is an issue that looms large, will make more development there a near certainty. Moreover, a major selling point is that it’s an Oceanside community.
“Tsawwassen is an option for commuting to Vancouver and Richmond,” said Antalek.
Neil Sharma is the Editor-In-Chief of Canadian Real Estate Wealth and Real Estate Professional. As a journalist, he has covered Canada’s housing market for the Toronto Star, Toronto Sun, National Post, and other publications, specializing in everything from market trends to mortgage and investment advice. He can be reached at neil@crewmedia.ca.
