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Abbotsford-Mission, B.C. Named Third Region for Best Investment Opportunities in Western Canada for 2019
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(Posted on Nov 7, 2018 at 08:53PM by Michelle Bogle)
In a recent report by Western Investor, two neighbouring cities – Abbotsford and Mission – were named in the third top spot for best real estate investment opportunities in Western Canada for 2019. Located on the edge of the Lower Mainland, this region is proving popular with both residential and industrial investors.
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Part of the appeal in Abbotsford-Mission is affordability. More people from Metro Vancouver are infiltrating the area looking for work and housing. As of September, 1,567 new homes were under construction, including nearly 300 new detached houses, which sell for an average of $843,900.Â
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On the commercial front, Abbotsford’s industrial vacancy rate has dipped to 1.8 percent this year, which makes it the lowest in the Lower Mainland. The industrial lease rate is also sitting at an average of $9.17 per square foot. Investors particularly like this city for its robust infrastructure, award-winning cancer hospital and the fourth-busiest airport in Canada. It is also the agriculture capital of the country, grossing farm receipts three times those of Ontario’s Niagara region, which sits in second place.Â
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According to Western Investor, Mission is being poised as the next industrial destination. The district has great freeway and U.S. border access, which is ideal for distribution facilities. Currently, there are two main industrial parks in the area: Mission Industrial Park, which is primarily light industry, warehouse, office use and retail, and Silver Creek Industrial Park, which has direct railway and Fraser River frontage for heavier industrial operations.
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If you’ve been considering an industrial, agriculture or land commercial real estate investment in Abbotsford or Mission, please contact Marcus & Millichap’s Vancouver office to speak with one of our experienced asset-focused advisors.
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