Post by
undervalue on Jun 17, 2024 1:07pm
Speculation clarity.
In Silverdale, the city thinks irrational land speculation is taking place.
To tamp down the prices, the city today is tabling some documents to try and clarilfy the Silverdale building sequence.
It a long document. The impact on MPC is nil, there appears to be zero speculation in the stock and this development.
The city will not start detailed planning for the West then East areas until Central is 65% complete.
That will be decades. Our JV has 1400 acres and aprox 7500 doors in central to build.
That the Council Policy LAN 64(C) Silverdale Comprehensive Planning Area Neighbourhood Planning Terms of Reference be amended to include: Thresholds Because the Silverdale Comprehensive Planning Area is such a vast and important growth area for the City, the community and the lower mainland, careful consideration should be given as to when Neighbourhood Planning shall be initiated to remain current to emerging market trend and demands. Council will not consider initiation of either the West or East neighbourhood (or portions thereof) until the 65% of the land area of the ‘South Slopes’ of the Central Neighbourhood Plan is under application, OR engineering services have been constructed and in the ground to within 500m of a neighbourhood plan boundary within an identified Arterial Roadway. Under Section 2 Authorization, after the opening paragraph and prior to Step 1: Council Authorization Process. Purpose The province is establishing housing targets for the City of Mission. When combined with inflationary rates higher than the historical average, and land speculation in Mission, land prices increase which can exacerbate the housing affordability issues experienced throughout BC. To curtail land speculation within Mission this report proposes establishing neighbourhood planning priority areas via the OCP update process as well as introduce thresholds to the Silverdale Comprehensive Planning Area to provide some certainty to when neighbourhood planning may be expected in the East and West neighbourhoods. Background Land speculation within Mission is rampant, causing inflated raw land prices resulting in many consequences for housing issues the City and province are currently facing, including: 1) driving housing costs up for the end consumer (which in turn exacerbates inflationary pressures), 2) places undue pressure to expand or upsize existing public services (roads, utilities, schools, parks, recreation etc.), and 3) potentially reduces the economic viability of housing projects for the development community which could cause delays in housing starts. On May 6, 2024, Council resolved: STAFF REPORT Page 1 of 7 180 That due to speculation regarding development outside of established planning and servicing areas within the City of Mission, causing artificial inflation of property values that may undermine the City’s ability to deliver on needed housing within defined and established areas, that staff prepare a report to regulate priority planning areas and establish a phasing strategy within the SCPA to define when Council should consider neighbourhood planning outside of the completed Central Neighbourhood Planning area. CARRIED Discussion and Analysis Council is seeking to provide clarity and certainty to residents as well as the development community in terms of prioritizing planning areas. Given that undertaking neighbourhood planning is a resource consuming exercise, it is important to understand what its purpose is. Neighbourhood Planning in Mission can be defined as a finer grain of detailed land use planning than provided by an Official Community Plan (OCP) for a defined area that is subject to increased development pressures where a comprehensive analysis is needed to ensure predictability for landowners, residents, the public, Council, and the development com