The real estate market in Metro Vancouver is always evolving and we recently spoke with one of its most influential voices.
Tejvir Atwal is the Managing Director of Apcon Group, which is a local real estate developer that creates quality homes and livable communities.
Being on the frontlines of his company for 10+ years, Tejvir possesses valuable real estate insight and is working on a project that will transform Langley.
Can you tell our audience about Apcon and what sort of projects your team works on?
“Apcon Group is an integrated real estate development company that primarily focuses on multifamily developments, such as townhomes, condominiums, and anything commercial related. We’re founded and based in Surrey, and we operate in the Surrey and Langley communities.”
“Some of our notable communities in Surrey and Langley include The Hive at Willoughby Town Center, Havenwood, and Headwater. We have 300 homes in the construction stage, and another 800 to 900 homes in the development and pre-construction stages, which are expected to launch over the next two to three years.”
Tell us about Hive 2 and what excites you the most?
“The Hive is a two-phase master plan community consisting of 240 units plus five commercial units. We had great success during phase one, which we launched back in 2021. All homeowners are fully moved in and our commercial units are leased out as well, with Domino’s Pizza being the anchor tenant.”
The Hive
“Phase two is the second & final building, which consists of 156 residential units, which is currently in the construction phase and tracking to be completed by Spring of next year. The Hive resides in the Willoughby community during a time when Langley is up and coming, contributing to the growth and development of the area. The Hive celebrates being an urban centric development, close to a variety of food options, essential services, and banking, but it’s also located next to parks, recreation centers, daycares, and schools.”
How has Langley’s Willoughby Town Centre changed over the past 5, 10 years?
The Willoughby area is definitely one of the newest areas in Metro Vancouver. In terms of development wise, it’s very new, very fresh. In terms of demographic wise, we’re seeing a lot of young couples, young families, and a lot of downsizers there as well.”
“We have experienced end users being a mix of the above demographics. There have also been a lot of investors, especially in the early 2020s. Despite provincial and federal regulations, investors are still in play, but many single people and young couples who are starting a family are finding Langley’s Willoughby Town Centre to be an attractive option.”
What makes Langley such an attractive option?
“If you’re talking pricing wise, on a macro level, it’s priced less than the tri-cities area. If you’re talking about the area and community, it’s brand new, developed, and has plenty of upside. Local amenities and services have capacity for people moving to the area. Not to mention, Langley has new infrastructure compared to other Metro Vancouver cities.”
What was your vision behind creating The Hive Community?
“There were a number of factors at play. Aligned with Apcon’s values, our goal is to contribute positive developments to the community in general. Secondly, we had the opportunity to buy open land in Willoughby at a price that made this development feasible.”
“The third factor was the area itself. You’re looking at acreages on one side and across the street, brand new condominium buildings with commercial units on the bottom being built. This unique layout has lent very well to the area, so that motivates us to be part of the transformation occurring.”
Co-working space at The Hive
“When we first acquired The Hive site, the zoning allowed for 54 condominium units and 32 townhouses, so quite low density at that time. However, land prices got expensive even in that area, and with numerous other factors, we were able to work with Township to upsize the zoning. Now it has 240 residential units plus commercial space. It was a significant increase in the density, but it was much needed, given how much demand there is in the Willoughby area.”
How would you describe first-time homebuyers today?
“First-time homebuyers today are less likely to be the typical young single person looking for their first apartment. Instead, we are seeing more couples or young families moving up from rental apartments to condominiums or from condominiums to townhomes.”
“These buyers often have strong family support and may rely on assistance from parents for their first down payment, which has become more common due to the current market conditions and challenges with pricing, supply, and demand.”