Update from Angell Hasman
Dear Land Assembly Owners,
We hope this message finds you well.
We would like to provide an important update regarding our land assembly and the current market conditions affecting redevelopment opportunities throughout the region.
First, we would like to advise that Joerg Everding PREC is no longer with Angell Hasman & Associates Realty Ltd. and is no longer a licensed real estate professional. Joerg has decided to pursue a different career path, and as a result, we kindly ask that all future communications regarding the land assembly be directed to Vadim & Anna via our new email bcdevelopmentops@outlook.com.
Current Market Conditions
As many of you may be aware, the redevelopment market continues to face significant challenges. Development activity has slowed dramatically, with development applications substantially reduced compared to previous years. At the same time, a growing number of development sites have entered receivership and are being sold through court-ordered sale processes.
The pre-sale market has also experienced considerable weakness, creating additional challenges for developers seeking to secure financing and move projects forward.
Unfortunately, these conditions have had a direct impact on our land assembly. The development group that had previously expressed interest in our site has elected to step back from pursuing the opportunity at this time as they focus on other projects and priorities.
Additionally, since we first brought our site to market, competition has increased significantly. We are now competing not only with other land assemblies, but also with numerous court-ordered sale opportunities that are substantially further along in the development process. In some cases, these competing sites are 50% to 75% complete and are being offered at heavily discounted pricing.
Moving Forward
Despite the current market challenges, we continue to believe that our site possesses several unique advantages, including its strategic location, geography, and proximity to the Transit-Oriented Area (TOA).
For this reason, our recommendation at this time is to maintain our current pricing strategy and continue actively marketing the property. Based on our analysis of current market conditions, we do not believe that a reduction in the asking price would materially improve the likelihood of achieving a successful sale. Instead, we believe patience will provide the greatest opportunity to maximize value when market conditions improve.
While no one can predict market timing with certainty, we are cautiously optimistic that market conditions may begin to improve as we move into late 2026 and beyond.
Listing Extension Request
Our current listing agreement is scheduled to expire shortly. To ensure continuity of marketing efforts and maintain our position in the marketplace, we are requesting a one-year extension of the current agreement. If you are in favor of extending the listing, please send us an email to our new email bcdevelopmentops@outlook.com and include:
• Your full name(s)
• The address of your subject property
We fully understand that this has been a frustrating process and a challenging period for all parties involved. Please know that we share your frustration. The prolonged market downturn has affected not only landowners and developers, but also our own business operations as we had to let go of several staff members. Despite these challenges, both Vadim and Anna remain fully committed to achieving a successful outcome for this assembly.
Effective immediately, all communications regarding the project will be handled directly by Vadim and Anna.
We sincerely appreciate your continued patience, trust, and support, and we look forward to working together as market conditions evolve.
Kind regards,
Anna Gamova PREC
778-834-2662
Vadim Zaharoff PREC
778-317-8679
Angell Hasman & Associates Realty Ltd.
BC DEVELOPMENT OPS
Comments