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🚧 BC Ferry Improvements, 64th Ave Plans & BC's Population Boom

🚧 BC Ferry Improvements, 64th Ave Plans & BC's Population Boom

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

Scott Moe
February 08, 2024

Happy Thursday!

There’s a lot to update you on in Surrey and B.C. this month.

The BC Ferries have come up with a plan that will better suit the public this summer, and 64th Avenue is about to be under construction until 2025.

We are also looking at some pretty significant population predictions for BC that you might want to take into consideration for your real estate investing goals.

— Scott

🛥️ BC Ferries Aims For Better Reliability By Cancelling Summer Refits

Driving the news: In response to public outcry over unreliable service, BC Ferries announced plans to ensure all major vessels are operational during the peak summer months, sidelining their usual refit schedule to accommodate the anticipated surge in passengers.

Details: Traditionally, summer months saw some vessels undergoing maintenance, leading to reduced fleet availability.

The 2024 maintenance schedule lists 20 refits, with 15 involving major vessels. These maintenance periods, crucial for safety and reliability, typically last four to six weeks.

This year, the company will forego these refits, aiming to keep all hands on deck during the critical travel season.

The commitment to a full summer fleet comes with its own challenges, notably compressing maintenance activities into the remaining nine months and potentially straining operations.

Why it matters: The move is a direct response to last year's operational hiccups, including unexpected breakdowns and crew shortages, which left travelers stranded and frustrated.

What’s next: BC Ferries is exploring long-term strategies to enhance service resilience, including fleet modernization with larger, more efficient vessels and standardizing operations to improve flexibility and response to unexpected breakdowns.

The bottom line: BC Ferries is taking decisive steps to improve service reliability during peak travel times, balancing the immediate need for operational continuity with the longer-term goal of fleet and infrastructure enhancement.

This approach reflects a broader commitment to meeting the evolving needs of British Columbia's residents and visitors, ensuring the ferry system remains a vital link in the province's transportation network.

🎥 Tour a $1,500,000 Home w/ Hockey Rink Basement in Langley BC

This stunning 2-storey home, nestled in Langley, offers 3,206 sq ft of potential on a 3,541 sq ft lot. Just steps from RC Garnett Elementary, it's perfect for families!

📍 7059 200A St. Langley, BC V2Y 2Z5

🛌 3 bedrooms
🛁 2.5 bathrooms

🔑 Features:

🍳 Great Room Kitchen/Eating Area/Family Room
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This is a Langley gem with endless possibilities!

🚦 City Council Greenlights Street Widening Contract For 64th Avenue

Driving the news: Surrey's city council has approved a significant contract for the expansion and enhancement of 64th Avenue, aiming to transform the busy corridor from 177B Street to 184th Street into a more efficient and safer route for commuters and residents alike.

Details: The contract, valued at nearly $15.7 million, was awarded to BA Blacktop Infrastructure.

This major project entails not only widening the road from two to four lanes but also includes the addition of new sidewalks, bike lanes, and updated signal systems at key intersections.

The project is set to commence this month, with an expected completion by spring 2025. It involves a strategic closure of 64th Avenue for about four weeks during the summer of 2024 to facilitate swift construction.

Why it matters: This initiative is a critical component of Surrey's broader strategy to improve its transportation infrastructure, addressing the pressing need for reduced congestion and shorter travel times in the rapidly growing Cloverdale area.

Between the lines: A noteworthy aspect of this project is its synchronization with B.C. Hydro's duct bank project, which aims to enhance electrical infrastructure along the same corridor.

This coordinated effort is designed to minimize disruptions and maximize efficiency for the community.

What’s next: Residents and commuters can anticipate the beginning of a transformative period for 64th Avenue, promising enhanced mobility and safety.

The bottom line: The approval and imminent start of the 64th Avenue widening project underscore a proactive approach to urban planning and infrastructure development in the Surrey area.

👥 B.C.’s Population Could Reach Almost 8 Million By 2046

Driving the news: A recent report from BC Stats, titled Sustaining Growth: Population and Demography for B.C. and Canada, forecasts that British Columbia's population could swell to nearly 8 million by 2046, marking a significant 44% increase from its 2023 population of 5.5 million.

This growth, however, comes with notable demographic changes: an aging population and increased diversity.

Details: The projection hinges on Canada maintaining its current immigration targets, as international migration is expected to be the primary driver of B.C.'s population growth, given the province's low fertility rate of 1.11 children per birth parent — the lowest in the country.

The aging of B.C.'s population is a trend that's set to continue, with people aged 65 and over already making up 20% of the population in 2022.

This shift poses challenges for the healthcare system and could lead to labor shortages, as the proportion of the working-age population decreases.

By the numbers: Between 2016 and 2022, B.C. welcomed almost 350,000 immigrants, with a significant number settling in the Metro Vancouver area.

Eastern Asia and South Asia are the largest sources of these immigrants, together accounting for 45% of the total immigration to B.C. during this period.

Why it matters: The demographic shift towards an older and more diverse population has wide-ranging implications for society, the economy, and government policies, particularly in areas such as healthcare, labor markets, and housing.

If the population grows 44% by 2046, we should expect to see home values skyrocket and the demand for for new home construction to stick around.

Between the lines: The preference for urban centers like Metro Vancouver for new arrivals suggests a continued concentration of growth in these areas, raising questions about urban planning, infrastructure, and housing affordability.

What’s next: Policy-makers, particularly at the federal level, are focusing on economic immigration to mitigate some of the challenges posed by an aging population.

However, immigration alone is unlikely to reverse the aging trend, pointing to the need for comprehensive policy approaches that address the broader implications of demographic changes.

The bottom line: As B.C. prepares for a future with a larger, older, and more diverse population, the province faces critical challenges in healthcare, labor markets, and housing.

When we look at long-term population projections like this, investing in real estate looks better than ever.