Happy Thursday!

Though the weather may be cooling, the Fraser Valley’s real estate landscape is far from frozen, with new projects and shifting prices stirring local optimism.

Today, we’ll look at Surrey’s new $1.1 million daycare project, which is bringing more options to families, as well as the proposed 24-storey student housing tower reshaping our skyline.

We’re also taking a look at recent trends in Fraser Valley housing prices, which suggest that the market is finding its footing.

— Scott

👶 Surrey Invests $1.1M to Expand Childcare Services in Bridgeview

Driving the news: Surrey has approved a $1.1 million contract with Hilson Construction Ltd. to renovate the Bridgeview Community Centre into a Métis Family Services licensed daycare.

This facility will soon accommodate 48 children aged 0-5 while retaining its gym and commercial kitchen for community use.

Details:

• The renovation includes creating new spaces for staff, upgrading mechanical and electrical systems for better energy efficiency, and installing gender-neutral and universal washrooms.

• The project aligns with Surrey’s equity, diversity, and inclusion goals. Construction is set to begin this month and finish by March 30, 2025. Why it matters: The development addresses Surrey’s growing demand for accessible, high-quality childcare services.

• This addition is a win for families, especially those with young children, who will benefit from proximity to affordable daycare.

• The center’s renovations also underscore the city’s dedication to sustainability and inclusivity.

The big picture: Surrey’s investment reflects broader provincial and federal efforts to expand childcare services.

With collaboration between local and federal agencies, this project is part of a strategy to reduce childcare waitlists and support working families.

What’s next: Once complete, the daycare will be managed by Métis Family Services, offering culturally inclusive care and enhancing the community's access to resources.

Families can anticipate a modernized facility that combines recreation with vital childcare services.

📈 What November’s Fraser Valley Housing Trends Mean for 2025

Driving the news: The Fraser Valley housing market is experiencing a slight upward shift in home prices as increased buyer demand has led to more sales compared to last year.

Communities like Langley, Chilliwack, Abbotsford, and Mission are seeing varied trends across housing types, with benchmark prices reflecting slow but steady adjustments.

Details:

• Single-family homes: Prices showed a minor recovery after months of decline in Langley and other regions.

• Townhomes: Prices are stabilizing, with some areas showing modest increases.

• Apartments: Chilliwack apartment prices have dipped by 6% over the last three months, while other areas remain inconsistent.

Sales in November were up 30% year-over-year across the Fraser Valley. This growth outpaced the increase in new listings, indicating strong buyer interest, possibly influenced by lower interest rates.

Why it matters: For local residents, these trends mean a slightly more competitive housing market where buyers are showing renewed confidence despite price fluctuations.

The modest rise in home prices could signal a broader stabilization in the regional housing market, benefiting sellers while offering opportunities for buyers in select segments.

The big picture: Housing prices in the Fraser Valley are closely tied to trends in Metro Vancouver, where values have been largely static over the past year.

However, Mission is emerging as a hotspot with clear upward trends across all housing types.

Conversely, Chilliwack’s declining apartment prices reflect higher turnover for budget-friendly units, hinting at shifting buyer priorities.

By the numbers:

• Benchmark prices for homes in the region have shifted by less than 4% over the past year.

• November saw a 30% increase in sales, contrasting with a smaller rise in new listings.

• Sales-to-new-listing ratios indicate higher competition, especially in affordable apartment categories.

Between the lines: The Fraser Valley is at a pivotal point.

While the market shows increased activity, any sustained growth will depend on macroeconomic factors like interest rates and inventory levels.

Buyers and sellers alike are watching closely to gauge whether this is the start of a longer-term trend.

What’s next: As the market transitions into 2025, both buyers and sellers should prepare for potential fluctuations.

More data is needed to confirm whether the increased demand will solidify price recovery or if new listings will temper market pressures.

The bottom line: November’s data highlights a cautiously optimistic housing market in the Fraser Valley.

For those navigating buying or selling decisions, staying informed about hyper-local trends is key to making the most of these evolving conditions.

🎥 Something HUGE Is Happening in British Columbia's Real Estate Market!

In this video, I'll review this month's "Moeket" update for November 2024 and analyze everything happening in the market this month!

🏙️ Surrey’s Skyline to Welcome Student-Friendly Housing

Driving the news: Surrey City Centre could soon see a major boost in student housing as a partnership led by Lark Group proposes a 24-storey mixed-use tower.

The project includes 397 student dormitories, accommodating 944 beds, primarily targeting Western Community College students but open to others.

Detail:

• Affordable rents: Preliminary estimates suggest single rooms at $1,150-$1,250/month, and shared rooms at $800-$900/month.

• Design features: Dorm units range from 205 to 312 square feet, each with a private bathroom. Communal spaces include dining areas, lounges, a lawn, and a fire pit.

• Mixed-use spaces: The tower will include ground-floor retail, third-floor offices, and a daycare linked to the college's teaching programs.

• Strategic location: Positioned in a transit-oriented area, the development supports accessibility for students and faculty.

Why it matters: Surrey is grappling with a significant housing shortage, particularly for students, many of whom come from abroad.

This project offers a practical solution by providing affordable and purpose-built housing, reducing pressure on the local rental market.

It also aligns with Surrey's vision of becoming a hub for education, work, and sustainable living.

The big picture: This initiative highlights a growing trend of integrating education with urban development.

Surrey's transformation into a "city of opportunities" includes infrastructure that supports economic growth, educational excellence, and sustainable city planning.

What’s next: The proposal awaits preliminary approval from Surrey City Council.

If it moves forward, the project will return for final consideration, with construction potentially commencing soon after approval.

The bottom line: If realized, this tower would address a pressing need for student housing while enhancing Surrey City Centre’s status as a vibrant, transit-friendly community hub.

📰 In Other News:

• Things to Do on New Year’s Eve in Surrey

• Canadian Business Trends for the New Year

• $27M Invested in New Guide Dog Centre in Delta

📊 Current Market Snapshots:

That’s all for today, I hope you have an amazing week!

If there’s ever anything you need:

• a custom market or home value report

• a home services list for a reliable contractor or services professional

• feedback or a professional opinion on a home project

Just let me know! We’re here to help with all your home needs.

Talk soon,

Scott with the Moe Team