Happy Thursday!

Big moves are happening across Metro Vancouver, and if you’re in the market—or just keeping an eye on what’s next—you’ll want to stay ahead of these updates.

Surrey-Langley SkyTrain expansion is officially in full swing, with major construction now underway. Traffic detours, a massive manufacturing plant, and billions invested—this project is reshaping transit in a big way.

Surrey’s downtown is getting a facelift with a $1.2M demolition contract paving the way for two high-rise office towers and a public plaza. If you thought Surrey City Centre was booming before, just wait.

And when it comes to real estate? 2025 is kicking off with some big questions. From potential tax changes to shifting investor confidence, the market is at a crossroads. What’s next for BC real estate? We break it all down ⬇️

Hope you like it!

— Scott

🏗️ Surrey-Langley SkyTrain: Major Construction Now in Motion!

Driving the news: Major construction on the 16-km Surrey-Langley SkyTrain extension is now officially underway, marking a significant milestone in Metro Vancouver’s transit expansion.

While no formal groundbreaking ceremony has taken place, work has been progressing rapidly since November 2024.

Details:

• Construction is focused on foundational piling at future station sites, including Bakerview-166th Street, Langley City Centre, and 152nd Street.

• A temporary manufacturing plant is being built in Campbell Heights to fabricate 5,000 pre-cast guideway segments.

• Traffic disruptions have begun along Fraser Highway, with detours in place.

• The provincial government has split the project into three major contracts to enhance competition and attract more local firms.

Why it matters: The SkyTrain extension will dramatically improve transit access between Surrey and Langley, reducing congestion and travel times.

Residents will benefit from a more connected regional transit system, spurring economic development along the corridor.

The big picture: This is the first time Metro Vancouver has seen simultaneous SkyTrain expansions, with the Millennium Line’s Broadway extension also under construction.

Once completed, the region’s SkyTrain network will expand to 101 km with 67 stations.

By the numbers:

• 8 new stations will be added along Fraser Highway.

• $5.996 billion is the revised cost, a 50% increase from earlier estimates due to market inflation.

• 2029 is the target opening year, following a one-year delay from initial projections.

Between the lines: Splitting the project among three contractor groups is a shift from previous SkyTrain expansions, where a single consortium managed all aspects.

The approach aims to control costs and ensure timely completion amid rising construction expenses.

What’s next: A formal groundbreaking ceremony is expected in early 2025, following last fall’s provincial election delays.

In the coming months, station construction will intensify, and elevated guideway installation will begin.

The bottom line: Surrey and Langley commuters can look forward to a long-awaited transit upgrade that will ease travel and support growth in the region.

🌆 Surrey Approves $1.2M Contract to Kickstart Downtown Redevelopment

Driving the news: Surrey Council has greenlit a $1.2 million contract for the demolition of the former North Surrey Recreation Centre, paving the way for the Centre Block project.

This development will introduce two high-rise office towers, ground-level retail, and a public plaza to the city's downtown core.

Details:

• The demolition begins in early 2025 and will be completed by summer 2025.

• Arena 1 will be the first structure removed due to its proximity to the SkyTrain line.

• The site’s redevelopment is led by Surrey City Development Corporation (SCDC) and is adjacent to one of the region’s busiest transit hubs.

• The project will prioritize safety, environmental compliance, and minimal disruption to the community.

Why it matters: This project will inject new life into Surrey’s downtown, boosting economic activity and job creation.

The Centre Block is expected to attract businesses, retail, and visitors, reinforcing the city's status as Metro Vancouver’s second major urban center.

The big picture: Centre Block is part of a broader vision to transform Surrey City Centre into a modern business district.

It follows significant investments in public infrastructure, including City Hall, the Library, and Civic Plaza.

What’s next: Once demolition is complete, construction will kick off on the high-rise towers and public plaza, solidifying Surrey’s evolution into a bustling downtown hub.

The bottom line: Surrey is making strategic moves to grow its city core, bringing new business opportunities and enhancing livability for residents.

🎥 Big Opportunities in 2025? Fraser Valley Market Predictions

Get the latest Fraser Valley real estate updates with a 2024 recap and key predictions for 2025. Find out what’s changing in sales, prices, and market trends!

🤔 10 Big Questions for BC Real Estate in 2025

Driving the news: British Columbia’s real estate and development industry is entering 2025 with uncertainty and key questions that could shape the market.

From potential legislative changes to shifting investor sentiment, here are the biggest storylines to watch.

Details:

• Tax Loophole Crackdown? The Province may move to close the reverse vesting order loophole, which avoids the property transfer tax. With a budget deficit, this could be an easy revenue source.

• More Housing Legislation? The NDP-led government, fresh off a tight election win, could refine its approach after industry complaints about a confusing rollout of past policies.

• Development Cost Charges (DCCs) on the Rise? Metro Vancouver’s DCC increases took effect January 1, with more scheduled for 2026 and 2027. Will there be adjustments?

• Rental Protection Fund Replenishment? The $500 million fund has helped non-profits acquire aging rental properties. Premier Eby promised to add more funds, but will the deficit prevent it?

• Changes to REDMA? Developers want more flexibility in the Real Estate Development Marketing Act (REDMA), particularly regarding presale requirements and permit deadlines.

• Will CURV Move Forward? The ambitious Vancouver high-rise missed its 2024 presale targets and now faces a May 2025 deadline with a buyback guarantee in place.

• Westbank’s Next Moves? After selling multiple properties in 2024, will the developer continue unloading assets in 2025?

• Burnaby Lake Village in Limbo After internal conflicts led to creditor protection, the fate of the 19-acre site remains uncertain.

• Are Developers Buying Again? After a year of "price discovery," falling interest rates could entice developers back into land acquisitions.

• Will Investors Return? Institutional and presale investors remain hesitant, and without their return, 2025 could resemble the sluggish market of 2024.

Why it matters: Real estate is a cornerstone of BC’s economy, impacting housing affordability, job creation, and urban growth.

Policy shifts, economic conditions, and investor confidence will dictate how the market evolves, affecting everyone from homeowners to renters and businesses.

The bottom line: 2025 is shaping up to be a year of pivotal decisions in BC real estate.

From government intervention to market recovery, the answers to these 10 questions will determine the industry’s trajectory.

📰 In Other News:

• Canada closes border between B.C.-U.S. crossing at Pacific Crest Trail

• New Chilliwack sports arena to have a tent roof

• Events this weekend in Surrey

📊 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