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💪 $1.3M for Surrey and White Rock Schools, 2,800 new homes, & property tax hikes

💪 $1.3M for Surrey and White Rock Schools, 2,800 new homes, & property tax hikes

Learn about local changes in the Fraser Valley area that impact the value of your home and lifestyle.

Scott Moe
January 17, 2024

Happy Wednesday!

There are lots of great things going in Fraser Valley this month.

Our local schools are getting significant support for student engagement and development.

Surrey is getting 2,800 much-needed new homes, and we are also explaining how you could see an unexpected number on your property tax bill.

— Scott

🏫 Surrey, White Rock school PACs to receive $1.3 million grant

Driving the news: Surrey and White Rock's school Parent Advisory Councils (PACs) are set to receive a substantial grant of $1.3 million.

This funding is part of the $11.2 million allocated to schools across British Columbia from the province’s community gaming grants.

Details: A total of 111 schools in the Surrey and White Rock areas will benefit, with each school receiving a grant ranging from $2,000 to $35,000.

Lord Tweedsmuir Secondary’s PAC tops the list with the highest funding of $35,000.

Why it matters: These grants are significant for the enhancement of extracurricular activities, field trips, and educational supplies, which are crucial for holistic student development.

The big picture: The allocation of these funds is based on a rate of $20 per student, ensuring a fair distribution relative to the size of each school.

Smaller PACs with less than 100 students will receive a minimum grant of $2,000, ensuring even the smallest groups receive support.

By the numbers: Out of the total $11.2 million announced for the province, Surrey and White Rock schools alone account for over $1.3 million, highlighting the significant investment in this region's educational infrastructure.

Between the lines: The grants are not only for PACs but also available to District Parent Advisory Councils (DPACs).

These funds are intended to foster greater parental and community involvement in schools, thereby enhancing the educational environment.

What’s next: Schools and councils can apply for these grants annually between April 1 and June 30. This cycle ensures ongoing support for educational activities year after year.

The bottom line: The grant of $1.3 million to Surrey and White Rock school PACs is a testament to the government's commitment to supporting educational communities.

This funding is expected to significantly boost student learning experiences through various school-based activities and programs.

🎥 How we sold this Cloverdale home in a slow market:

Check out how we sold this $899,900 home in Cloverdale BC in a slow market!

🏗️ Surrey to fast-track 2,800 homes with $95M from federal Housing Accelerator Fund

Driving the news: Surrey is set to accelerate the development of 2,800 new homes over the next three years, thanks to a $95 million contribution from the federal Housing Accelerator Fund.

This initiative is part of a broader plan to address housing shortages, promising thousands more units in the next decade.

Details: The announcement was made at a future development site near Surrey City Hall, where Bosa Properties plans to construct the Parkway homes project.

The funding is part of the $4-billion Housing Accelerator Fund, managed by Canada Mortgage and Housing Corporation (CMHC), focusing on affordable, high-density housing near transit areas, including student accommodations.

Why it matters: This funding reflects a concerted effort to tackle Canada's housing crisis by facilitating faster and more affordable housing development.

It underscores the importance of collaboration between federal, provincial, and municipal governments in addressing complex social issues.

The big picture: The Housing Accelerator Fund, launched last year, is a strategic move by the federal government to remove obstacles in housing development, emphasizing affordability and accessibility.

It represents a significant shift in policy to address housing scarcity in urban areas.

By the numbers: Surrey's share of the fund amounts to $95 million, earmarked for the rapid development of nearly 3,000 housing units, with a vision for much more in the future.

The bottom line: This investment is a vital step towards alleviating the housing crisis in Surrey, a rapidly growing city poised to become British Columbia's largest.

It marks a significant commitment from the government to ensure affordable housing is within reach for more Canadians, particularly in urban centers.

📈 Your home value declined: but your taxes may still go up

Driving the news: Most homeowners in Fraser Valley will see an increase in property taxes- even if their home value has decreased.

This is a result of how municipalities calculate taxes, not just based on individual property values but also in relation to the city's overall financial needs.

Details: In areas like Langley City, Abbotsford, and Chilliwack, home values have dropped by 2% to 5%, yet property taxes are set to rise.

This anomaly arises from how tax rates are determined, focusing on municipal revenue targets rather than individual property values.

Municipalities set tax rates based on total revenue requirements. This system ensures consistent funding for city services, regardless of fluctuations in the property market.

Why it matters: The increase is significant for homeowners. It affects their finances and challenges the common perception that lower property values should mean lower taxes.

By the numbers: For example, a 5% decline in home value in Chilliwack could still result in a 7% increase in property taxes.

In contrast, a stable or increased home value could lead to even higher tax hikes.

Between the lines: The method of calculating property taxes means that your tax bill is influenced as much by the value of other properties in your area as by the value of your own home.

What’s next: Homeowners should anticipate variations in property taxes and plan their finances accordingly. Understanding the broader tax system can help in managing expectations and budgeting.

The bottom line: Declining home values don't automatically translate to lower property taxes.

The intricate relationship between individual property values, overall municipal needs, and the way taxes are calculated plays a crucial role in determining what homeowners actually pay.