Happy Thursday! A lot is happening in Fraser Valley this summer and the housing market is seeing some shifts.

Keep reading to learn about how our area is growing and how our economy remains resilient.

— Scott

⛷️ New All-Season Resort Proposed for Fraser Valley

Driving the news: British Columbia could soon be home to a new all-season mountain resort in the Fraser Valley.

After years of discussion, two competing offers for the area are now on the table: a sightseeing gondola project, known as the Cascade Skyline Gondola Project, and the all-season Bridal Veil Mountain Resort

Both proposals claim to have the support of Indigenous communities in the area.

Why it matters: British Columbia is gaining a reputation for hosting world-class mountain resorts.

A new all-season resort could enhance this standing, boost local tourism, and provide Fraser Valley residents with recreational opportunities throughout the year.

Details: The proposed Bridal Veil Mountain Resort, led by B.C. residents Robert Wilson, Jeff Wilson, and Mike Lalonde, and designed by renowned mountain resort planning firm Brent Harley and Associates, is in the early stages of the application process.

If approved, the 11,500-acre resort, complete with two sight-seeing gondolas, will be located in S’ólh Téméxw, the traditional and unceded lands of the Stó:lō people.

The Cascade Skyline Gondola Project aims to transform the landscape from Bridal Veil Falls to Mt. Cheam’s peak, offering panoramic views and access to the area’s natural beauty.

The project also plans to feature a Sto’lo Cultural and Interpretive Centre to showcase the history and heritage of the First Nations residing on the land where the attraction is planned.

Between the lines: The proponents of both projects aim to collaborate with the local Stó:lō communities for joint equity ownership and management, respecting and upholding the traditional, cultural, and land stewardship values of the local First Nations.

The big picture: British Columbians are renowned for their love of skiing and other mountain-based activities. The addition of another all-season resort would not only provide us with more recreational options but also contribute to B.C.'s global reputation for top-notch mountain resorts.

What’s next: If approved, these projects would require multi-year construction phases, with further dates to be announced in due course.

Bottom line: The decision regarding these proposals could have significant implications for tourism and recreation in British Columbia, as well as for the relationship between developers and local Indigenous communities.

However, the final decision is yet to be made. The province, developers, and local communities are watching with anticipation.

🏠 May 2023 Real Estate MOEket Update: South Surrey, White Rock, Surrey & Langley BC

Here's the MOEket update for May! The May 2023 real estate market update for South Surrey, White Rock, Langley and the surrounding neighbourhoods is here!

↗️ Fraser Valley’s Housing Market Sees Boost in May

Driving the news: Fraser Valley's housing supply got a significant boost in May, largely attributed to delayed spring market activity.

The uptick in residential listings is reportedly linked to adjustments within the market following a series of interest rate hikes last year.

By the numbers: Fraser Valley Real Estate Board (FVREB) reports that new residential listings in the region increased by over 40% from the previous month, with a total of 3,533 homes put up for sale.

This figure is slightly higher (up by 2.7%) than the region's 10-year average for May. Furthermore, active listings experienced a 20% month-on-month rise, reaching 5,558 units.

Details: Both detached homes and apartments took an average of 23 days to sell in May, while townhomes were faster, taking just 18 days. Overall, the region witnessed 1,711 sales last month, a 10.1% increase from the previous month and a substantial 25.8% increase year-on-year.

The big picture: Fraser Valley's composite benchmark home price reached the $1.01 million mark in May, a figure that was last recorded in September 2022.

What they're saying: "Typically, we would see an influx of inventory earlier in the spring sales cycle," said Narinder Bains, chair of the FVREB. "The series of interest rate hikes during the latter half of 2022 had many sellers and buyers in a holding pattern for most of the year. What we're seeing now is a recovery and adjustment to the new financing landscape."

FVREB CEO Baldev Gill commented on the trend: "Inventory has been trending upwards since December 2022, providing more choice, which in turn will hopefully spur on even more listings."

Reality check: Despite the promising surge in housing supply, Gill cautioned about the current economic environment, stating, "With inflation tracking at elevated levels, the potential for further rate hikes is very real."

The bottom line: The increased supply of housing in Fraser Valley represents a recovery from the previous holding pattern instigated by the interest rate hikes of 2022.

This might bring more choice for buyers, potentially encouraging further listings and contributing to the region's housing market dynamism. However, the prospect of additional rate hikes, in tandem with high inflation, poses potential challenges on the horizon.

🏡 Featured Listing:

Tour a MASSIVE 1-BR UPDATED Condo Near White Rock BC Pier & Beach

🏆 Surrey, Richmond, and Langley win the Economic Recovery and Resiliency Award

Driving the news: The cities of Surrey, Richmond, and the Township of Langley have jointly won the Economic Recovery and Resiliency Award from the British Columbia Economic Development Association (BCEDA).

This award applauds their collaborative initiative, the Supply Chain Resiliency Program, which aimed at bolstering the economic development in the region.

Why it matters: The award highlights efforts towards economic recovery and resilience in communities with a population over 20,000.

This particular initiative identified industrial capabilities that could be retooled for emergency production needs in the future, and guided manufacturers to diversify their businesses into emerging sectors.

What they're saying: "Utilizing creative collaborative processes, the Supply Chain Resiliency Program was a unique project both in terms of its research methodology and its deliverables," said Surrey Mayor Brenda Locke. "The outcomes can now inform regional economic development efforts and encourage investment and innovation in B.C.'s manufacturing space."

Details: The program, a joint initiative of the three municipalities, focused on three key deliverables: an industrial capabilities inventory, a toolkit for de-risking emerging market opportunities, and a seminar series aimed at educating manufacturers to adopt technology. The initiative saw over 380 manufacturers participate, with more than 200 manufacturing businesses engaging in Technology Adoption Workshops.

The big picture: BCEDA awards recognize initiatives that successfully recover from natural and man-made disasters, including COVID-19, and promote long-term resilience and/or sustainability from future disasters.

For more than 30 years, BCEDA has given these awards to individuals and groups dedicated to community-based economic development. This year, the winners were announced during the BCEDA's annual awards presentation at the Penticton Trade and Convention Centre during the BC Economic Summit.

What’s next: The successful implementation of the Supply Chain Resiliency Program and its recognition by BCEDA could encourage similar efforts in other regions to boost their economic development and resiliency, especially in the face of potential future crises.

The bottom line: This collaborative effort between Surrey, Richmond, and the Township of Langley demonstrates how innovative, cooperative strategies can effectively enhance economic development and resilience, even amidst challenging circumstances.

The recognition from BCEDA validates their approach, while potentially inspiring similar initiatives in other regions.

In Other News:

• List of 47 cities in British Columbia targeted for the Housing Supply Act

• 11 Hidden Gems You Wouldn’t Believe Are In The Fraser Valley

• Canada’s Largest Real Estate Markets Saw Supply Outpace Population: Stat Can

• TransLink studying ways to limit SkyTrain track intrusions, including the installation of platform screen doors

• White Rock Free Summer Concerts At The Pier

• Bank of Canada increases interest rate to 4.75%

• Unique $3M "container house" for sale in North Vancouver

📊 Today’s Market Snapshots:

And just like that, prices are heading up, and multiple offers are back.

Our team had another busy month with another 7 sales, and that's what we were seeing right across the board in March.

Low inventory and lots of buyers are leading to multiple offers, and as a result, prices are heading up for the third straight month.

Prices were up with:

• Detached homes up 3.8%

• Townhomes up 1.7%

• Apartments up 1.6%

Now keep in mind prices are still between 10 to 20% lower than they were at the peak about one year ago.

Sales were virtually unchanged in April versus March, with 1554 sales and only 5.1% lower than April 2022.

And in terms of listing inventory, we usually see an increase in April versus March, but not this year April saw 3.2% fewer listings come on the market versus March and 31.6% less than April of last year.

So, in summary, there are a lot of buyers out there and not many sellers.

So if you're thinking of selling, now is a fantastic time as we are at a very strong seller's market, but if you need to turn around and buy, you're going to want to give yourself some extra time to do that.

If you have any questions about real estate in the local area, feel free to reach out to us at any time

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

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