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Madison Pacific Properties Inc T.MPC

Alternate Symbol(s):  MDPCF | T.MPC.C

Madison Pacific Properties Inc. is a Canada-based company, which owns, manages and develops commercial real estate assets. These industrial, retail, residential and office assets are located in British Columbia, Alberta and Ontario. The Company’s investment portfolio comprises 55 properties with approximately 1.9 million rentable sq. ft. of industrial and commercial space and a 50% interest in seven multi-family rental properties with a total of 219 units. Approximately 91.25% of available space within the industrial and commercial investment properties is leased and within the multi-family residential properties, 98.2% is leased. Its development properties include a 50% interest in the Silverdale Hills Limited Partnership which owns approximately 1,405 acres of primarily residential designated development lands in Mission, British Columbia. Its portfolio includes 1919 W 8th Vancouver, British Columbia and 1873 Adanac St. Vancouver, British Columbia.


TSX:MPC - Post by User

Post by undervalueon Jul 31, 2024 2:01pm
99 Views
Post# 36156613

Mission housing targets.

Mission housing targets.

Mission will be expected to approve almost 1,800 new housing units in the next five years

In a news release on Tuesday (July 30), the province announced housing targets for another set of "priority communities", including Mission. 

According to the release, the targets are based on 75 per cent of the province’s estimated housing need for each municipality.  The City of Mission's official target is set for 1,798 net new units to be completed within five years.Mission Mayor Paul Horn said in a news release that the province's expectations are comparable with Mission's due to the city's affordable housing strategy. 

"Mission is experiencing remarkable growth and Council has already been focused on ensuring a diverse housing supply, and on working with developers to accommodate renters, first time buyers, seniors and people with low or fixed incomes. That work will continue here, including a suite of new policies and bylaw amendments expected this fall."

Per the city, Mission aims to have 211 new units in 2025, 261 in 2026, 335 in 2027, 434 in 2028 and 557 in 2029 to meet the provincial target.

Housing minister Ravi Kahlon said in the release that the province is working closely with municipalities to ensure more homes are built in communities with the greatest needs

"By having these targets, all levels of government will be able to align to address the housing crisis and help build more affordable housing for people in these communities for years to come,” Kahlon said. 

The province also sent a list of recommended housing guidelines for the number of units by size, ownership, cost and support.

Mission is recommended to have 1,227  owner units and 571 rental units; 992 one-bed units, 281 two-bed units, and 524 three-plus-bed units; 298 units at market rate and 273 below market; and 54 supportive rental units. 

Per the release, municipalities will be evaluated on their progress after six months initially and then every year.

"To meet housing targets, municipalities will need to create the conditions for housing development, including updating zoning bylaws or streamlining development approval processes," the B.C. government website reads. 

If a municipality can’t meet their target, an advisor could be appointed by the Minister of Housing to review progress and make recommendations.

"As a last resort, the B.C. government may issue a directive to require the municipality to enact or amend a bylaw or accept or reject a permit to help meet the target," the website reads.

The housing targets are part of new provincial legislation, including transit-oriented development areas and small-scale multi-unit housing, that City of Mission staff previously expected to have a “far-reaching” impact on Mission’s approach to housing.

 

 
 
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