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Is Fraser Valley the next big market in the B.C. housing sector?

 

 

Latest numbers from the Fraser Valley Real Estate Board (FVREB) revealed that B.C.’s southwestern region has experienced significant home price growth in February, indicating a possible companion to the red-hot Vancouver market in the near future. Last week, the Board revealed that the benchmark price for a single-family property in the Valley increased by 20.4 per cent year-over-year and 0.4 per cent compared to January, hitting $859,300.

 

 

 

 

“This is the kind of February we like to see. Last year at this time, the incredible demand created a market that was difficult for consumers,”

according to FVREB president Gopal Sahota, as quoted by CBC News.

 

 

“Now, we have sales moving upward from the winter months at a typical, healthy pace and a growing inventory to support it,”
Sahota stated, adding that the numbers are so far showing a “return to normal historical sales numbers.” Apartment prices also rose sharply by 26 per cent compared to February 2016 and 1.8 per cent month-over-month, up to $267,000. Meanwhile, average townhome costs grew by 25 per cent year-over-year and 0.5 per cent since January, reaching $422,400. Recently, Finance Minister Bill Morneau assured that the federal government is still closely monitoring the Canadian housing market, amid seemingly inexorable price growth in Vancouver and Toronto. 

 

“We continue to be very focused on thinking about how we can manage what is peoples’ most significant investment. And we do watch the level of indebtedness, in particular around housing,” Morneau stated, adding that “strong underlying markets” continue to drive the two cities’ outsized performance.  “So in Toronto and Vancouver, unemployment is lower in those two places than it is in some other places. Incomes are higher. The economy is doing better. So there are underlying reasons for the housing markets to do better and we’ll continue to monitor, to work with provinces and municipalities who have an important role to play here to manage what we see [as] a challenge, but not one that isn’t manageable.”

 

 

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(courtesy of urbansurrey.com)

Surrey population surpasses 500,000; doubles Vancouver in growth

tvqvafbSurrey City Centre

Census data released today by Statistics Canada has revealed that Surrey’s population has surpassed 500,000. As of May 2016 last year, the population of Surrey was 517,887, an increase from 468,251 in 2011 representing a growth rate of 10.6%, outpacing the national average, British Columbia, the City of Vancouver, and the Vancouver CMA.

In comparison, between 2011 and 2016:

  • Canada as a whole grew by 5.0%
  • British Columbia grew by 5.6%
  • City of Vancouver grew by 4.6%
  • Vancouver Census Metropolitan Area (CMA): 6.5%

The only Vancouver CMA municipality to grow faster than Surrey was the Township of Langley which grew at a rapid 12.6%. As a whole, the Vancouver CMA grew to 2,463,431.

With Surrey adding an average of 1,000 new residents per month, as of February 2017, the population of Surrey can be estimated to have already increased further to 525,000. It is expected that Surrey will surpass Vancouver in population to become the largest city in BC by 2030.



Looking at growth by Census Tract, the areas of Surrey growing the fastest were in the south and east, in places such as Grandview Heights, Sunnyside Heights, South Newton, and Clayton. There was also noticeably strong growth in Surrey City Centre as a result of new condo developments in recent years, with one Census Tract east of King George Blvd and south of 104th Avenue growing by 33%. This growth in City Centre will likely increase even more by the 2021 Census, with more new condo developments expected to be completed within City Centre in the next 5 years than in the previous 5 years.

Developable land and affordability in comparison to Vancouver can both be seen as driving factors in Surrey’s strong growth.

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Growth rate by Census Tract in Metro Vancouver


 

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Growth rate by Census Tract in North Surrey – Area east of King George Blvd and south of 104th Ave grew by 33%.

https://censusmapper.ca/maps/583#11/49.2613/-123.1145

By Stephen Hallingham|
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Wednesday, December 28, 2016

Registration begins Jan. 16 for children entering kindergarten in September 2017.

Children who turn five before Jan. 1, 2018 are eligible to start school in the fall.

 


Kindergarten children 2.jpg


Kindergarten registration must be done in-person at your neighbourhood school or school of preference (if space is available). For a map of school catchment boundaries, check here and for a list of all schools, check here.

The following documents are required at the school when registering:

* proof of birth date for the students (eg. birth certificate or passport)

* proof of guardianship (eg. birth certificate or other legal documentation)

* proof of citizenship (eg. birth certificate, passport, citizenship card, landed immigrant document, permanent resident card)

* proof of address (eg. rental agreement, utility bill, driver's license)

Please note that enrolment at several schools in Surrey is already at, or over, capacity and they are therefore unable to accept out-of-catchment registrations.

Specialty and choice programs are also available. Some (French Immersion, Intensive Fine Arts, Traditional and Montessori) require online/lottery application, which begins Jan. 30. For more information or to learn about information evenings being held in January 2017, check here.

Find #SouthSurrey & #WhiteRock homes by School Catchment:


 

Logo 2016 HD


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