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🛠️ Home Renos Rise, Manhattan Tower & Real Estate Update

🛠️ Home Renos Rise, Manhattan Tower & Real Estate Update

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

Scott Moe
October 31, 2024

Happy Thursday!

There’s great news to share about BC this week!

Spending on renovations is a trend that is on the rise, impacting home prices across Canada. A large New York-inspired 43-story tower is coming to Surrey, set to transform the local skyline and is complete with a “Sinatra Lounge.”

We’re also taking a look at the latest real estate market data, which you can also check out on my YouTube channel!

— Scott

💰 Why Renovations Are Now a Key Driver of Canada’s High Housing Prices

Driving the news: A recent Re/Max Canada report shows that home renovation spending surged by $300 billion between 2019 and 2023, driven by pandemic-related trends.

This boom in renovations is contributing to the rising prices of single-family homes, especially in the Toronto and Vancouver real estate markets.

Details:

Renovation spending increased by 8% compared to the previous five-year period.
Single-family homes in cities like Toronto and Vancouver saw this influx of spending despite a decline in new residential building permits by 24%.
The renovation trend, especially in revitalizing older homes, plays a significant role in escalating home values.

Why it matters: For local homeowners, renovations offer a pathway to increase property value, which has become a crucial strategy as land for new single-family homes becomes scarcer.

Additionally, this trend reshapes neighborhoods and boosts the desirability of areas that were once considered less attractive.

The big picture: The push for revitalizing older homes reflects larger urban planning strategies like infill, where underutilized land in existing neighborhoods is being redeveloped.

With nearly 30% of Toronto's homes and 20% of Vancouver's built before 1960, many are being modernized or replaced, shifting working-class areas into hot real estate markets.

What’s next: Experts expect the renovation boom to continue as homeowners look to maximize the value of existing properties rather than searching for new homes in a tight market.

The bottom line: The rising cost of single-family homes is not just about high demand—it’s increasingly tied to homeowners investing heavily in renovations.

This trend is transforming local neighborhoods and will likely keep prices elevated for years to come.

🌇 The Manhattan: Bringing New York Vibes to Surrey’s Skyline

Driving the news: The Manhattan, a New York-inspired 43-storey tower, is set to rise in Surrey, bringing a taste of the Big Apple to British Columbia.

Developed by ML Emporio, this 418-unit building will feature a range of studio, one-, two-, and three-bedroom homes.

The Manhattan aims to merge Surrey’s vibrant growth with New York’s iconic style, reflected in its design, amenities, and even room names like the Sinatra Lounge and Yankee Fitness.

Details:

Location: 10260 133A Street, Surrey.
Homes: 418 units (studio to 3 bedrooms), 297-996 sq. ft.
Amenities: Co-working spaces, reading pods, and a rooftop lounge with panoramic views. Indoor and outdoor areas for fitness, entertainment, and relaxation.
Design: Modern, cubic-style architecture by Arcadis with dark grey panels, full-height windows, and mountain or city views.

Why it matters: Surrey is undergoing rapid development, and The Manhattan is uniquely positioned near future hubs like Centre Block, which will house a new Simon Fraser University medical school, offices, and retail space.

This project caters to young families, couples, and students, particularly those from the nearby SFU campuses, making it an attractive residential choice as Surrey evolves.

The big picture: The Manhattan is more than just a building. It embodies the global inspiration that drives Surrey’s urban transformation.

With proximity to transit (Gateway SkyTrain) and major amenities (Chuck Bailey Rec Centre, B.C. Lions Training Centre), this development will attract residents looking for convenience, luxury, and style.

Its intelligent building systems, modern kitchens with retractable dining options, and high-end appliances will set a new standard for high-rise living in the area.

What’s next: Construction is expected to begin in mid-2025, with completion slated for late 2029. Prices start in the high $300,000s, appealing to first-time homebuyers and investors alike.

With seven levels of underground parking, EV charging prep, and bike stalls, it’s ready to meet future needs.

The bottom line: The Manhattan blends New York sophistication with Surrey’s burgeoning landscape, offering residents luxury, functionality, and a sense of connection to both local and global cultures.

🎥 Tour a $1.675M Cloverdale BC Family Home w/HUGE Backyard

Outgrowing your home as a family?

Finding a spacious, modern home in the right location can be challenging, and the perfect balance often seems out of reach.

However, this West Cloverdale gem offers it all—3,175 sqft of living space, an updated kitchen, a 1-bedroom basement suite, and a luxurious, spa-like ensuite in the primary bedroom. The location is also ideal, close to Cloverdale Athletic Park and local amenities!

4 Beds | 4 Baths | 3,175 sqft 📍 6069 169th St, Surrey, BC

Move-in ready!

📉 What's Driving the Sudden Shift in British Columbia's Housing Market?

Driving the news: The Bank of Canada reduced interest rates by another quarter percent, marking its third consecutive cut this year.

Despite rate reductions typically sparking more real estate activity, the Fraser Valley market experienced a significant slowdown in September.

Details:

Fraser Valley recorded 982 sales in September, down 8% from August and 10% lower than last year.
This marks the second slowest September in the past decade, with sales 30% below the 10-year average.
Inventory rose 5% compared to August and is now 39% higher than in September 2023, reaching its highest level in years.
Home prices dipped, with detached homes down 1.5%, townhomes down 1.4%, and apartments down 0.2% compared to August.

Why it matters: For buyers, this presents a prime opportunity. With rising inventory and reduced competition, potential homeowners now have the upper hand in negotiations.

The shift into a buyer’s market means more time for decision-making, inspections, and better offers—luxuries that weren’t available during the seller’s market frenzy.

The big picture: Despite the overall market slowdown, pockets of the region, particularly townhomes in certain areas, are still holding strong in either balanced or seller’s market conditions.

However, with rates projected to continue dropping, buyer activity could pick up, and today’s inventory surplus may not last long.

Between the lines: Industry experts, including economists like Benjamin Tall, predict that the Bank of Canada’s current rate of 4.75% could drop to 2.5% by the end of next year, further incentivizing buyers.

The current climate could be seen as a window of opportunity for those who act soon.

What’s next: As October unfolds, with an anticipated additional rate cut, buyers and sellers alike should watch for potential shifts.

Spring 2025 may bring renewed competition in the market, and today’s buyers may look back on this period as a missed chance if they hesitate.

The bottom line: If you're considering buying, now is the time to act. Lower rates and increased inventory make this one of the best times in recent years to make a move in the Fraser Valley market.

Whether you're looking for a detached home, townhome, or apartment, the conditions are ripe for negotiation and opportunity.