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👀 Surrey Buyers Rejoice + Lanes, Trains, and Delays

👀 Surrey Buyers Rejoice + Lanes, Trains, and Delays

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

Scott Moe
July 18, 2024

Happy Thursday!

If you’re a home buyer, we’ve got a particularly good update for you about the market and how things are shifting in your favor.

Surrey is enhancing pedestrian safety with major investments and upgrades on King George Boulevard, tackling essential safety concerns along one of the city's busiest routes.

We’re also taking a look at the construction on the Trans-Canada Highway, from 216 to 264 Streets in Langley, which will bring significant improvements but also increased commuter delays.

— Scott

🤔Home Prices Are Falling… But It’s Good News?!

Driving the news: In a significant market shift, house prices in Surrey and Langley have declined for the first time in a while.

This change follows the Bank of Canada's decision to reduce its lending rate by a quarter point on June 5th. Despite this, sales in June fell dramatically, down 133% from May, and inventory levels have surged to a five-year high.

Details:

Sales down: June saw only 1,317 sales, a 30% drop from last year and 30% below the 10-year average.
Inventory up: Inventory has increased by 41% compared to last year. It’s now at the highest level we’ve seen in the past 5 years!
Price changes: All three housing categories—detached homes, townhomes, and apartments—experienced a slight decline of less than 1% month-over-month. Prices are now about the same as they were 1 year ago.

Why it matters: For buyers, this market shift presents a unique opportunity. With higher inventory levels, buyers have more choices and less competition.

It's a favorable time to enter the market, especially if you're able to secure a mortgage now.

The big picture: The market is currently balanced, with a sale-to-listing ratio of 16%, indicating neither a strong buyer’s nor seller’s market.

However, the trend towards increased inventory and potential further rate cuts could tilt the market more in favor of buyers by the fall.

What's next: The Bank of Canada’s upcoming interest rate announcement on July 24th could further influence the market. If rates decrease, it might stimulate buying activity, potentially leading to increased competition again.

The bottom line: If you’re considering buying a home, now is a strategic time to explore the market.

The current conditions offer better options and less competition, positioning buyers to make advantageous decisions before any potential market uptick in the fall.

🚶‍♂️ Surrey Council Aims to Improve Pedestrian Safety

Driving the news: Surrey is advancing pedestrian safety with significant investments and improvements on King George Boulevard, addressing critical safety issues along one of the city's busiest corridors.

Details:

Project funding: Surrey City Council has endorsed the King George Boulevard Walking and Safety Improvement Project, earmarking $3,421,000 for its design and construction.
Federal support: In 2022, the city received $6,589,000 from the Federal Active Transportation Fund to enhance pedestrian safety on King George Boulevard between 96 Avenue and 108 Avenue.
Project scope: Due to overlap with a Bus Rapid Transit (BRT) project, the revised focus will be on the stretch between 105 Avenue and 108 Avenue. Design completion is slated for this year, with construction expected to start in Spring 2025 and finish by March 31, 2026.

Why it matters: The project aims to address safety issues in a corridor that includes six of the city's highest-collision intersections, where pedestrians account for 70% of those killed or seriously injured.

The big picture: The revised project cost is estimated at $5.7 million, with the Federal Active Transportation Fund covering 60% ($3,421,000) and the remaining 40% ($2.28 million) funded through the 2024 Transportation Budget.

Between the lines: The project includes new sidewalks, curb bulges, pedestrian crossing improvements, and street lights.

Key areas for new sidewalks and crossings include 14 Avenue from King George Boulevard to 161B Street, and the south side of 84 Avenue between 140 Street and King Creek.

What’s next: Construction for the sidewalk and pedestrian crossing improvements is expected to start in July and be completed by September, enhancing safety and accessibility for Surrey residents.

The bottom line: Surrey's investment in pedestrian safety on King George Boulevard is a crucial step toward reducing accidents and improving the overall safety and quality of life for its residents.

🎥 5 BEST Surrey & Langley Neighborhoods w/ZERO Maintenance Lifestyles

Discover the 5 best neighborhoods in Surrey and Langley for a zero-maintenance lifestyle! Whether you’re looking to downsize or just want hassle-free living, these top communities offer convenience, comfort, and style.

🏠 TransLink Hears From Public About SkyTrain Designs at Open Houses

Driving the news: TransLink hosted open houses for public input on the Surrey/Langley SkyTrain extension, focusing on the design of the eight new SkyTrain stations.

Details:

Public involvement: Residents reviewed station designs, including entrances and adjacent plazas. Although some aspects, like track and station design, are predetermined by TransLink for safety and operational efficiency, public feedback is welcomed for other elements.
Materials and accessibility: Jennifer MacLean, associate vice president overseeing the project, highlighted the functional use of materials, such as tactile tiles with raised bumps to aid visually impaired individuals.

Station locations:

Green Timbers (140 Street and Fraser Highway)
152 Street (152 Street and Fraser Highway)
Fleetwood (160 Street and Fraser Highway)
Bakerview-166 Street (166 Street and Fraser Highway)
Hillcrest-184 Street (184 Street and Fraser Highway)
Clayton (190 Street and Fraser Highway)
Willowbrook (196 Street and Fraser Highway)
Langley City Centre (203 Street and Fraser Highway)

Why it matters: The new stations are designed to cater to the needs of their specific neighborhoods. For example, the station near the Jim Pattison Cancer Centre will provide easy access to the medical facility, while the Langley City terminal station will serve as a transit hub.

The big picture: TransLink aims to reduce car usage by not including parking at the new stations. Instead, there will be designated pick-up and drop-off points, and a new bus plan will be developed to connect outlying areas to the SkyTrain stations.

Between the lines: The four design open houses took place in Clayton, the Langley/Surrey border, central Surrey, and Langley City. A virtual open house was also held.

Public feedback from these events will be used to finalize station designs, with a second round of public engagement planned for the fall.

What’s next: The final designs, including details about landscaping and public art, will be presented in the fall. Work on the 16-kilometre extension is expected to begin this year.

The bottom line: The Surrey/Langley SkyTrain extension is progressing with significant public input, ensuring the new stations meet the community's needs and enhance accessibility.

🎥 Tour a $1.4M Cloverdale Surrey Home w/ BIG Private Backyard

Welcome to your new haven! This inviting 2-story home features 3 bedrooms and 3 bathrooms, perfect for growing families or those who love extra space.

☀️ The heart of the home is a bright and airy living area with a cozy natural gas fireplace, ideal for relaxing or entertaining. The kitchen boasts ample storage, modern appliances (including a wine cooler!), and is open to a dining area perfect for family meals.

🛌 Upstairs, you'll find the generous primary bedroom with a private ensuite, two additional bedrooms, and a full bathroom. The basement offers a versatile crawl space for additional storage.

🌳 Step outside to your private yard, offering plenty of room for outdoor activities and a two-car garage with additional RV parking. With a total of 6 parking spaces, there's plenty of room for all your vehicles and toys.

⛳️ Built in 1994, this well-maintained home offers classic charm and modern updates. Located just minutes from golf courses, shopping, and recreation, you'll have everything you need at your doorstep.

Don't miss the chance to make it yours!

📍17116 57th Ave, Surrey, BC V3S 8M9

🚧 Construction Begins on Highway 1 Widening in Langley

Driving the news: Construction has begun on the widening of the Trans-Canada Highway (Highway 1) from 216 to 264 Streets in Langley, promising significant improvements but also more commuter delays.

Details:

Lane closures:

Eastbound: Overnight lane closures from 9 p.m. to 5:30 a.m. Mondays to Fridays, and until 7 a.m. on weekends.
Westbound: Overnight lane closures from 8:30 p.m. to 5 a.m. Mondays to Fridays, and until 8 a.m. on weekends.

Speed limit: A construction speed limit of 80 km/h is in place during these times.

Why it matters: This project, part of a larger plan to improve Highway 1, aims to enhance traffic flow and safety by adding high-occupancy vehicle (HOV) lanes and upgrading the 232 Street overpass.

The big picture: The $345 million project includes $96.05 million in federal funding and will widen approximately 10 kilometers of the highway. The new 232 Street interchange will be 5.2 meters tall to accommodate commercial trucks and will feature three-meter-wide multi-use pathways for pedestrians and cyclists.

Between the lines: This widening phase is part of a series of projects extending through Abbotsford, with a third phase planned to widen the highway out to Chilliwack.

The project, originally announced in 2017 with an estimated cost of $235.5 million, is part of ongoing efforts to enhance transportation infrastructure in the region.

What’s next: Major construction is set to start this summer, with lane closures and reduced speed limits in effect until further notice. The goal is to improve commutes, reduce traffic congestion, and increase safety for all highway users.

The bottom line: Langley residents and commuters should prepare for delays as construction on Highway 1 gets underway, but can look forward to significant long-term improvements in traffic flow, safety, and accessibility.