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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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Translink - SSWR

 

 

Date & Time: October 25, 2016 (5:30 PM - 8:30 PM)

Join the City and Translink at our White Rock open house to talk about Phase One of the 10-Year Vision, which will reduce road congestion and add new transit services in every community, starting in early 2017.

  • Date: October 25, 2016
  • Time: 5:30 - 8:30 p.m.
  • Location: White Rock Community Centre, Gallery

Public consultation on the Phase One plan runs from October 11-31, 2016. Your input will inform the final Investment Plan that's presented to the Mayors' Council and TransLink Board for consideration in November 2016.

Learn more and fill out our online questionnaire by visiting tenyearvision.translink.ca

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Foreign buyer tax has resulted in “policy shock,” but market will quickly recover to see prices higher than they are now, predicts Central 1 Credit Union chief economist

     Courtesy of  Joannah Connolly REW.ca September 20, 2016


Davidoff Pastrick Sommerville and Dachner UDI lunch Sept 16 Foreign Buyer Tax

 


Left to right: Tom Davidoff of UBC, Helmut Pastrick of Central 1 Credit Union and Tsur Sommerville of UBC listen to Arnon Dachner of Dentons at the UDI's September16 lunch panel on the Foreign Buyer Tax — Ryan Broda Photography

 

 

The “policy shock” of the new foreign buyer tax has created a “temporary market disruption” that will play out over the next three to six months, after which “market fundamentals” will mean the market recovers, according to a leading economist.

 

Speaking to a sold-out audience at the Urban Development Institute’s Foreign Buyer Tax luncheon and panel debate September 16, Helmut Pastrick, chief economist at Central 1 Credit Union, said that he expects house prices to recover so that they are higher this time next year than they are today.

 


 

 


Pastrick said, “I fully expect September’s sales to be down again, year-over-year, probably by 30 or 35 per cent compared with last September. The average price will probably fall again, relative to August, and this will play out over the next three to six months – it’s a temporary market disruption.

“After the market has absorbed this new tax regime, we will begin to see other market fundamentals come into effect. Prices will then continue to rise, and they will be higher this time next year.”

Pastrick’s fellow panellist at the UDI lunch, Tsur Sommerville, associate professor at UBC’s Centre for Urban Economics and Real Estate, added, “In other markets where a foreign buyer tax was introduced, such as Hong Kong and Singapore, in both those markets, prices continued to rise.”

Pastrick said later in the discussion, “I think home prices will begin to increase again, but at a slower rate. I expect to see higher prices until this economic cycle comes to an end, as all cycles do… But recessions only last a short while, and the cycle begins again. And in the long term, I would expect that over the next two or three decades, [Vancouver real estate] prices will double again, if not more than double. But there will be more economic cycles between now and then.”

He added, “Right now we don’t see any signs of an economic recession due to a shock event – we’re in a strong economic cycle.”

Sommerville added, “In terms of the demand side, you’ve got the combination of the strong economic cycle, low interest rates, and a demographic profile where you’ve got a large number of young people ramping up into home ownership. There are more Millennials than any other group, so you’re going to have a huge increase in housing demand, in a market where the ability to respond on the supply side is securely constrained.”

Sommerville’s colleague Tom Davidoff, associate professor at UBC’s Sauder School of Business, who was also on the luncheon panel, said that despite the strength of the economy and demand, there was still a significant risk of a sharp correction in home prices due to the foreign buyer tax.

He said, “A potential collapse in foreign buyer demand… could result in a less-bad version of what happened in the United States [in the sub-prime crisis of 2008]. There is a significant risk of an over-correction in prices – but I wouldn’t say that is the most likely outcome.”

The fourth member of the panel was lawyer Arnon Dachner, a partner at Dentons LLP, who warned delegates that tactics to avoid paying the foreign buyer tax – even seemingly legal approaches, such as contract reassignment – could be defined as an “avoidance transaction” that could leave the party still liable for the payable tax or other monies lost to the BC government.

 

The panel debate was moderated by Neil Chrystal, president and CEO of Polygon Homes, who recently told REW.ca that that he thought the overseas buyers’ tax was “morally and ethically wrong” and added, “I wouldn't be surprised if it was challenged legally.”

 


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Joannah Connolly

 

Joannah Connolly

Joannah Connolly is the editor and content manager of REW.ca and Real Estate Weekly newspaper, and editor-in-chief of Western Investor and West Coast Condominium. She also moonlights as the host of the Real Estate Therapist call-in show on Roundhouse Radio 98.3FM every Saturday, 9-10am. A dual Canadian-British citizen, Joannah has 20 years of media experience in Vancouver and London, with a background in construction, architecture and business media. Like many of the residents of her newly adopted town, Joannah has a decidedly unhealthy passion for Vancouver real estate and is often to be found scouring property listings well above her pay grade.

© Copyright 2016

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WHERE: Sandpiper Pub, White Rock
WHEN: September 11 5 – 8
WHAT: Live music, door prizes, toonie toss, raffle and 50/50
HOW MUCH: $20 / ticket ( $10 directly to Semi Rugby) – You get a
Burger, Fries and a Beverage (Beer or Pop)
Kids Welcome – Bring the whole family


Semiahmoo Totems - HudsonHomeTeam

 


 

Contact us for tickets:

 

 info@HudsonHomeTeam.com

604-773-3940

 

 

 

 

 

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We believe there aren’t a lot of events today due to the forecast of inclement weather.

 

None the less, here is today’s map.

 

(click the image for today’s map)

 

 

 


 

 

 

 

 

 

 


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Renee Bernard
Posted Apr 22, 2016 9:44 pm PDT

 

SURREY (NEWS 1130) – The Surrey Board of Education is making an unusual move in dealing with overcrowded schools.

Trustees are asking the city to temporarily halt new development in three neighbourhoods.

“At the moment we are in a crisis. This is the worst I have ever seen it on the board,” says Laurae McNally, a 30-year veteran of the board, who spearheaded the motion directed at the city.

The board wants the city to “temporarily suspend all new development approvals in the Clayton, Grandview/South Surrey and South Newton regions until the Surrey School District receives adequate provincial capital funding to support the many new students in these regions.”



“We have 275 classroom portables, which we have to pay for out our operating budget. We have four high schools on extended days,” McNally explains.

Plus, a couple of schools need to run five kindergarten classes to meet demand.

“The $4 million a year that the portables cost us is the equivalent of 50 teachers that we could put in our system.”

She says teachers, students and parents have been very patient but they are getting very tired of the situation.

“Everybody wants to see a light at the end of the tunnel.

 


 

Earlier in the school year we had the opportunity to experience one of the Semiahmoo Music Society's various concerts. While we had heard great things about the school music program, we were blown away...

 

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