BLOG

Read the Latest Real Estate News, Market Updates, and Helpful Tips

RSS

The Surrey-Langley SkyTrain extension project advances as the province selects South Fraser Station Partners to spearhead the design and construction of eight stations. This significant milestone marks a pivotal step forward in the development of the extension, aiming to enhance transportation connectivity and accessibility across the region.

Extension Details

Adding 16 kilometers of SkyTrain track from King George Station in Surrey to downtown Langley, the project aims to enhance transportation accessibility.

Completion Timeline

Anticipated completion by late 2028 with an estimated cost of $4.01 billion.

SkyTrain

Consortium Details

Comprised of Aecon Constructors, Acciona Infrastructure Canada, Pomerleau B.C., and AECOM Canada, South Fraser Station Partners was chosen through a competitive procurement process.

Project Segments

The SkyTrain extension comprises three contracts: stations, elevated guideway, and associated work, and electrical systems and trackwork. Initial construction activities are underway along the Fraser Highway corridor, including power line relocation.

Transit Impact

Expected to provide sustainable transit options for the rapidly growing Metro Vancouver region.

Government Perspective

The B.C. Ministry of Transportation highlights the significance of the SkyTrain project in providing high-quality transportation to tens of thousands of residents.

Community Considerations

Residents are advised to plan for additional travel time or explore alternative routes due to ongoing construction activities.

Future Developments

Further contract selections and construction phases are in progress to ensure project completion and operational efficiency.

Written by Jared Gibbons – Top 1% Realtor.

Read

Surrey, a bustling city in British Columbia, is gearing up to embrace cannabis retail as the council approves a policy framework for stores.

Background

Despite the nationwide legalization of recreational cannabis, Surrey has been slow to adopt retail stores. However, the proposed framework aims to change this narrative.

Council’s Decision

Council unanimously passed a framework allowing two cannabis stores in six neighborhoods, including Whalley/City Centre, Guildford, Fleetwood, Newton, South Surrey, and Cloverdale.

Community Feedback

The city conducted a survey in January, with over 4,100 responses. Around 70% of participants supported having 12 or more stores citywide, indicating significant public interest.

Flexibility and Market Concerns

During the council meeting, there was a discussion about flexibility in increasing store numbers. City officials emphasized the need to balance market access with business sustainability, mindful not to flood the market too quickly.

Location Regulations

Stores must be at least 200 meters away from schools, community centers, and existing cannabis locations. While requests were made to include places of worship, the complexity of defining them posed challenges.

Moving Forward

With applications set to open in the coming months, prospective store owners are urged to choose locations that respect community sensitivities.

Conclusion

The move to welcome cannabis stores aligns with evolving attitudes and consumer behaviors. Surrey aims to provide legal access while addressing concerns about the black market, ensuring responsible cannabis retail within the city.

Written by Jared Gibbons – Top 1% Realtor in the Fraser Valley.

Read

Starting April 15, early risers hoping to enjoy White Rock‘s scenic waterfront parks in the small hours will face disappointment. A recent bylaw amendment, set for final approval, will enforce closures between 2 a.m. and 5 a.m.

Reasons Behind the Change

The city council plans to finalize amendments to the parks regulation bylaw, making it an offense to loiter in designated parks during these hours. While this may affect those seeking early morning strolls or photo opportunities, the primary aim is to deter suspicious activities.

Targeted Areas

The affected areas include the pier, the promenade, Bayview Park, Memorial Park, and Grand Chief Bernard Robert Charles Memorial Plaza. These changes come after concerns about noise disturbances, violence, and vandalism along the waterfront, particularly after nearby restaurants close.

Addressing Concerns

During the March 25 meeting, council members unanimously supported the amendments. Engineering manager Corinne Hayer and municipal operations director Jim Gordon emphasized the need to safeguard the community’s safety and integrity.

Enforcement and Penalties

If approved, fines for violating the bylaw will start at $100 for the first offense and increase to $250 for subsequent offenses. The RCMP will be responsible for enforcing these regulations, with amendments to the city’s ticketing bylaw empowering officers to do so.

Expert Collaboration

City staff collaborated with the solicitor in drafting the amendments, ensuring compliance with legal requirements. While most parks will be subject to overnight closures, some exemptions are necessary, following the solicitor’s advice.

Council’s Decision

With unanimous support from council members, the proposed amendments received first, second, and third readings, signaling a collective commitment to protecting White Rock’s waterfront community.

Written by Jared Gibbons, a top 1% Realtor in the Fraser Valley.

Read

Concrete guideway segments for the Surrey-Langley SkyTrain expansion project may soon be manufactured in South Surrey’s Campbell Heights neighborhood. A City of Surrey planning report indicates this area could significantly contribute to the project, despite lacking planned stops along its route.

Facility Details and Operations

The proposed facility, situated in the 19500 block of 24 Avenue, aims to produce and store around 5,000 concrete guideway segments for the SkyTrain line. These segments are crucial elements of the project. Casting operations at the Campbell Heights facility would operate six days a week, from 5 a.m. to 10 p.m., with loading and distribution activities occurring 24/7.

Environmental Considerations and Community Engagement

Although the site’s current zoning is for general agriculture, the council unanimously supported a temporary-use permit to facilitate the work. However, several issues, including environmental assessments and rights-of-way, require resolution before issuing the permit. The proposed facility anticipates employing approximately 350 tradespeople and staff.

Conclusion

Initially, the permit allows for three years of operation, with the potential for a three-year extension. Afterward, the site will revert to its original state for future development. Despite concerns raised by neighboring residents, including the removal of 133 trees, measures are in place for environmental considerations. The Campbell Heights facility’s involvement highlights the collaborative effort driving the SkyTrain network expansion.

Written by Jared Gibbons – Top 1% Realtor in the Fraser Valley.

Read

British Columbia’s government takes the lead on a new public development initiative on Vancouver Island, aiming to improve transit accessibility and offer more affordable housing options in Saanich, B.C.

Land Acquisition and Development Plan

Premier David Eby announced that the province has purchased two parcels of land for the Uptown development in Saanich, B.C., utilizing the $394-million property acquisition fund managed by the Transportation Ministry.

The plan involves constructing “hundreds” of new homes, along with retail and commercial facilities, on the site. Potential amenities such as child care, public spaces, and a transit hub are also under consideration.

The development initiative follows the recent acquisition of two properties for a combined cost of $9.3 million, with planning still in its early stages.

Government’s Active Role in Real Estate Development

Eby emphasized the government’s active involvement in real estate development, citing a “paradox” where transit users in B.C. are often priced out of homes near transit options. The province intends to retain ownership of the land, with housing developments at the sites structured as leaseholds or rentals.

Eby further highlighted that transit-oriented development can increase property values, leading to higher housing costs. However, by proactively purchasing land near transit hubs, the government aims to shape development to benefit transit-dependent individuals.

Conclusion: Addressing Housing Affordability and Transit Accessibility

Although the government has not disclosed a specific timeline for construction or completion, the initiative marks a proactive step toward addressing housing affordability and enhancing transit accessibility in the region.

Written by Jared Gibbons – Top 1% Realtor in the Fraser Valley.

Read

Welcome to our detailed exploration of the Fraser Valley’s real estate scene, spotlighting March 2024 statistics to illuminate present market trends. Whether you’re considering buying or selling, staying informed about the evolving dynamics in both detached and attached property markets across the Fraser Valley is crucial for making well-informed decisions.

Surrey

Surrey - Fraser Valley Real Estate


Detached Properties

In Surrey’s detached property market, current indicators suggest a balanced landscape with a 15% sales ratio on average, translating to approximately 1.5 in 10 homes sold. Properties are fetching 100% of their list prices on average. The most active price band, ranging from $1 million to $1.25 million, reflects a seller’s advantage with an average 30% sales ratio. For buyers seeking optimal opportunities, homes priced between $2.5 million to $2.75 million in Bridgeview, Royal Heights, and Sullivan Station, especially those with up to 2 bedrooms, present favorable prospects. Conversely, sellers may find success focusing on Cedar Hills and properties boasting 5 to 6 bedrooms.

Attached Properties

In Surrey’s attached property market, a seller’s market prevails with a 27% sales ratio on average, indicating approximately 2.7 in 10 homes sold. Similar to detached properties, attached homes are also selling at 100% of their list prices on average. The most active price band, ranging from $400,000 to $500,000, showcases a seller’s advantage with an average 34% sales ratio. Buyers eyeing the best deals should consider homes priced between $1 million to $1.25 million in Bolivar Heights, particularly those with a minimum of 4 bedrooms. Sellers, on the other hand, may find success in Bear Creek Green Timbers and Guildford, especially with properties boasting 3 bedrooms.

South Surrey White Rock

White Rock - Fraser Valley Real Estate


Detached Properties

In South Surrey White Rock’s detached property market, a balanced landscape is observed with a 19% sales ratio on average, indicating approximately 1.9 in 10 homes sold. Homes are selling, on average, 3% below their list prices. The most active price band, ranging from $1.5 million to $1.75 million, portrays a seller’s advantage with an average 54% sales ratio. For buyers seeking optimal opportunities, homes priced between $3.5 million to $4 million in Elgin Chantrell and White Rock, particularly those with a minimum of 7 bedrooms, present attractive prospects. Conversely, sellers may find success in Sunnyside Park, especially with properties boasting up to 4 bedrooms.

Attached Properties

In South Surrey White Rock’s attached property market, a seller’s market prevails with a 36% sales ratio on average, indicating approximately 3.6 in 10 homes sold. Attached homes are selling, on average, 1% below their list prices. The most active price band, ranging from $900,000 to $1 million, demonstrates a seller’s advantage with an average 51% sales ratio. Buyers seeking the best deals should consider homes priced between $400,000 to $700,000 in Elgin Chantrell, particularly those with up to 2 bedrooms. Sellers, on the other hand, may find success in Grandview and Sunnyside Park, especially with properties boasting a minimum of 3 bedrooms.

North Delta

North Delta - Fraser Valley Real Estate

Detached Properties

In North Delta’s detached property market, a seller’s market prevails with a 29% sales ratio on average, indicating approximately 2.9 in 10 homes sold. Properties are fetching 100% of their list prices on average. The most active price band, ranging from $1.25 million to $1.5 million, demonstrates a seller’s advantage with an average 56% sales ratio. For buyers seeking optimal opportunities, homes priced between $1.75 million to $2 million in Scottsdale, particularly those with a minimum of 7 bedrooms, present attractive prospects. Conversely, sellers may find success in Sunshine Hills Woods, especially with properties boasting 3 to 4 bedrooms.

Attached Properties

In North Delta’s attached property market, a seller’s market prevails with a 38% sales ratio on average, indicating approximately 3.8 in 10 homes sold. Attached homes are selling, on average, 2% below their list prices. The most active price band, ranging from $600,000 to $700,000, highlights a seller’s advantage with an average 64% sales ratio. Buyers seeking the best deals should consider homes priced between $500,000 to $600,000 in Annieville, particularly those with up to 1 bedroom. Sellers, on the other hand, may find success in Nordel, especially with properties boasting 3 bedrooms.

Cloverdale

Cloverdale - Fraser Valley Real Estate

Detached Properties

In Cloverdale’s detached property market, a seller’s market prevails with a 33% sales ratio on average, indicating approximately 3.3 in 10 homes sold. Properties are selling, on average, 1% below their list prices. The most active price band, ranging from $1.25 million to $1.5 million, underscores a seller’s advantage with an average 45% sales ratio. For buyers seeking optimal opportunities, homes priced between $2.25 million to $2.5 million in Clayton, particularly those with a minimum of 7 bedrooms, present attractive prospects. Conversely, sellers may find success in Cloverdale, especially with properties boasting 3 to 4 bedrooms.

Attached Properties

In Cloverdale’s attached property market, a pronounced seller’s market prevails with a 62% sales ratio on average, indicating approximately 6.2 in 10 homes sold. Attached homes are selling at 100% of their list prices on average. The most active price band, ranging from $500,000 to $600,000, highlights a significant seller’s advantage with an average 89% sales ratio. Buyers seeking the best deals should consider homes priced between $900,000 to $1 million in Clayton, particularly those with 3 bedrooms. Sellers, on the other hand, may find success in Cloverdale, especially with properties boasting a minimum of 4 bedrooms.

Langley

Langley - Fraser Valley Real Estate

Detached Properties

In Langley’s detached property market, a seller’s market prevails with a 28% sales ratio on average, indicating approximately 2.8 in 10 homes sold. Properties are selling at 100% of their list prices on average. The most active price band, ranging from $1 million to $1.25 million, underscores a significant seller’s advantage with an average 69% sales ratio. For buyers seeking optimal opportunities, homes priced between $2.25 million to $2.5 million in Brookswood, Langley City, and Salmon River, particularly those with up to 2 bedrooms, present attractive prospects. Conversely, sellers may find success in Murrayville and Walnut Grove, especially with properties boasting 3 to 4 bedrooms.

Attached Properties

In Langley’s attached property market, a seller’s market prevails with a 44% sales ratio on average, indicating approximately 4.4 in 10 homes sold. Attached homes are selling, on average, 3% below their list prices. The most active price band, ranging from $800,000 to $900,000, highlights a significant seller’s advantage with an average 73% sales ratio. Buyers seeking the best deals should consider homes priced between $600,000 to $700,000 in Fort Langley, particularly those with up to 1 bedroom. Sellers, on the other hand, may find success in Murrayville and Walnut Grove, especially with properties boasting a minimum of 4 bedrooms.

Abbotsford

Detached Properties

In Abbotsford’s detached property market, a seller’s market prevails with a 22% sales ratio on average, indicating approximately 2.2 in 10 homes sold. Properties are selling, on average, 1% below their list prices. The most active price band, ranging from $900,000 to $1 million, highlights a seller’s advantage with an average 44% sales ratio. For buyers seeking optimal opportunities, homes priced between $1.5 million to $2 million in Poplar, particularly those with a minimum of 7 bedrooms, present attractive prospects. Conversely, sellers may find success in Aberdeen, especially with properties boasting 3 to 4 bedrooms.

Attached Properties

In Abbotsford’s attached property market, a seller’s market prevails with a 39% sales ratio on average, indicating approximately 3.9 in 10 homes sold. Attached homes are selling at 100% of their list prices on average. The most active price band, ranging from $400,000 to $500,000, highlights a significant seller’s advantage with an average 52% sales ratio. Buyers seeking the best deals should consider homes priced between $900,000 to $1 million in Abbotsford West, particularly those with up to 1 bedroom. Sellers, on the other hand, may find success in Abbotsford East and Poplar, especially with properties boasting a minimum of 4 bedrooms.

Mission

Detached Properties

In Mission’s detached property market, a seller’s market prevails with a 27% sales ratio on average, indicating approximately 2.7 in 10 homes sold. Properties are selling, on average, 3% below their list prices. The most active price band, ranging from $800,000 to $900,000, underscores a significant seller’s advantage with an average 100% sales ratio. For buyers seeking optimal opportunities, homes priced between $1.25 million to $1.5 million in Hatzic, particularly those with a minimum of 7 bedrooms, present attractive prospects. Conversely, sellers may find success in Mission, especially with properties boasting 3 to 4 bedrooms.

Attached Properties

In Mission’s attached property market, a seller’s market prevails with a 34% sales ratio on average, indicating approximately 3.4 in 10 homes sold. Attached homes are selling, on average, 2% below their list prices. The most active price band, ranging from $700,000 to $800,000, highlights a significant seller’s advantage with an average 70% sales ratio. Buyers seeking the best deals should consider homes priced between $500,000 to $600,000, particularly those with 2 bedrooms. Sellers, on the other hand, may find success in Mission, especially with properties boasting 3 bedrooms.

Connect with Jared Gibbons, Your Local Realtor

For personalized guidance and expert advice in navigating Fraser Valley’s real estate market, Jared Gibbons, your trusted local realtor, is here to assist you. With a deep understanding of the region’s nuances and a commitment to client satisfaction, Jared provides invaluable support throughout your real estate journey.

 
 
 
Read