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🚄 SkyTrain Progress, 64 Ave Plans, and NAR Lawsuit in Canada?

🚄 SkyTrain Progress, 64 Ave Plans, and NAR Lawsuit in Canada?

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

Scott Moe
April 11, 2024

Happy Thursday!

We’ve got lots of good updates for you about the Surrey area this week.

The SkyTrain expansion project is moving forward, and a key road widening project has begun to help with our growing population.

We are also looking at how the NAR lawsuit in the U.S. could impact the housing market here in Canada.

— Scott

🚄 SkyTrain Project Inches Forward

Driving the news: The Government of British Columbia has named SkyLink Guideway Partners (SLGP) as the preferred proponent to design, build, and finance the elevated guideway and associated roadwork for the Surrey-Langley SkyTrain project.

Details: The Surrey-Langley SkyTrain project is being delivered through three separate contracts, with the guideway being one component.

The selected team will start early works like utility locating and vegetation clearing while finalizing contract negotiations.

Announcements for station construction and systems installation are expected soon.

Why it matters: The 16-km SkyTrain extension from King George Station to Langley City Centre is the first rapid transit expansion south of the Fraser River in 30 years, improving mobility in our fast-growing region.

Between the lines: Naming the preferred proponent allows early works to begin as final contract negotiations proceed for this major public transit infrastructure project.

What's next: B.C. will continue evaluating proposals and negotiating contracts for the station construction and systems installation packages in the coming months.

The bottom line: Selecting SkyLink Guideway Partners marks a key milestone in the long-awaited Surrey Langley SkyTrain extension that will transform transit connectivity in Metro Vancouver's southern suburbs.

🎥 Tour a BREATHTAKING $2.1M Cloverdale Surrey Home w/VIEWS, 5 BEDS & 4k SQFT!

Revel in the panoramic vistas from this stunning 2-storey home with a basement, perched atop the Cloverdale hilltop!

Offering 4,155 sq ft of luxurious living space, this residence boasts 🛏️ 5 bedrooms and 🛁 3.5 bathrooms, all meticulously updated to enhance its allure.

🔑 Highlights:

🌄 Breathtaking Views from Every Window & Wrap Around Patio
🍳 Gourmet Kitchen with Stainless Appliances, Gas Stove & Quartz Counters
✨ New Fixtures, Bathrooms, Hot Water Tank, Crown Molding & Wainscoting
🌳 Hardwood Floors & Bright Open Main Floor Layout
🛌 Primary Bedroom with Private Patio & Panoramic Western Views
🎬 Daylight Walkout Basement with 2 Bedrooms, Rec/Media Room & Separate Entrance
🚗 Gated Backyard with Detached Double Garage, EV Charger & Beautiful Landscaping
🍇 Fig Tree, Wisteria, & Pergola-Covered Eating Area in Garden

A masterpiece of design and functionality, this home is a haven of peace and luxury in a prime central location!

📍 18135 58th Ave, Surrey, BC V3S 1M2

💰 C$2,199,900

🏗️ Surrey Begins 64 Avenue Road Widening Project

Driving the news: The City of Surrey has broken ground on a $15.7 million project to widen 64 Avenue between 177B and 184 Streets, upgrading it from two to four lanes.

Details:

The project includes new pedestrian and cycling infrastructure along the corridor.
Traffic signals will be added at 180 St, 181A St, and Claytonwood Gate intersections.
It represents the final phase of widening 64 Ave between 176-196 Streets.
BC Hydro is installing duct banks during construction to service new hospital/cancer center.

Why it matters: The widening aims to improve traffic flow and safety for all modes of travel in fast-growing Cloverdale, supporting sustainable transportation options as Surrey's population nears 1 million.

The big picture: Surrey is investing $100M in upgrading and building new transportation infrastructure to meet increasing travel demands from rapid population growth.

Between the lines: In addition to 64 Ave, the city approved a separate $7.8M contract for improving 32 Ave from 184-188 St, supporting goods movement in Campbell Heights.

What's next: After completing 64 Ave, Surrey will move on to the multi-phased 32 Ave upgrade program linking Highway 15 to 196 St.

Construction is expected to be completed by Spring 2025, with potential 4-week road closure over the summer.

The bottom line: Investing in key corridor expansions like 64 Ave is crucial for Surrey to enhance mobility and prepare transportation networks for the city's rapid residential and commercial growth.

🎥 Surrey & Langley 2024 Market Update: BRUTALLY HONEST

What’s really happening in the Surrey and Langley markets? Here’s my brutally honest take....

🏠 NAR Lawsuit in the U.S. Could Have Impacts in Canadian Real Estate

Driving the news: A legal settlement that overhauls the way realtor commissions work in the U.S. housing market could have ripple effects in Canada, potentially making it cheaper to buy or sell a home.

Details: The National Association of Realtors agreed to a $418M settlement ending a lawsuit alleging inflated commissions.

It will change rules requiring sellers to pay buyer agent commissions, typically 3% in a 6% total split.

This comes as a proposed Canadian class-action lawsuit alleges a "conspiracy" to fix inflated commissions. The lawsuit targets the Canadian Real Estate Association and brokerages representing over 150,000 agents.

Why it matters: If successful, the Canadian lawsuit could reduce transaction costs on residential real estate by allowing more negotiation and competition on commissions paid by buyers and sellers.

The big picture: Canada and the U.S. have some of the highest realtor commission rates globally, with sellers often inflating home prices to account for hefty percentages paid to agents on both sides of the transaction.

Real estate commissions in BC usually fall between 7% on the first $100K and 2.5-3.5% on the balance of the sale price.

The average estate agent fee in the U.K. is currently less than 1.5%.

Between the lines: The cases challenge the real estate industry's opaque and allegedly anti-competitive practices around commissions. Reform could impact housing affordability but isn't a "panacea."

What's next: While the U.S. settlement needs court approval, its outcome could inform the proposed Canadian class action as it works through certification.

Housing market impacts would follow legal decisions.

The bottom line: Lawsuits in Canada and the U.S. are driving towards potential commission structure upheaval in real estate transactions that could bring more negotiating power and cost savings to homebuyers and sellers.