Happy Thursday!

Things are heating up in the local economy as we get closer to spring here in B.C.

We’ve got funding coming in for new schools in Surrey, and the Langley Events Centre is expanding as well.

We are also looking at what to expect from the local real estate market throughout 2024.

— Scott

🍎 B.C. Invests in Surrey's Educational Future with Two New School Projects

Driving the news: B.C. has allocated funds for two new school projects in Surrey to tackle overcrowding concerns, demonstrating proactive measures to support the growing population.

Details: The new projects comprise a Darts Hill area elementary school and an addition to Grandview Heights Secondary.

The 2024 budget allocates $3.75 billion for school capital projects over the next three years, covering new schools, expansions, seismic upgrades, and land acquisitions.

Officials have noted the importance of accommodating the influx of residents in the area, with nearly 350,000 new arrivals to B.C. in recent years.

The investment reflects a strategic commitment to educational infrastructure and future growth.

Why it matters: These initiatives underscore the province's commitment to enhancing educational infrastructure for Surrey families. This budget is the largest school capital budget in B.C.'s history, reflecting a proactive approach to rapid population growth.

The big picture: Surrey's school district has experienced substantial growth, adding over 2,400 students annually in the past two years.

Between the lines: Funding for prefabricated additions at existing elementary schools is expected to address immediate capacity needs.

What’s next: The new projects will enter the planning phase, aligning with the province's long-term vision for educational development.

Continued collaboration between stakeholders will be crucial in realizing these initiatives and addressing evolving community needs.

The bottom line: The announcement of funding for Surrey school projects reflects B.C.'s proactive stance to address population growth and infrastructure demands.

It underscores the importance of investing in education for sustainable development and community well-being.

🎥 Tour An INSANE $1.59M South Surrey Townhome With River & Mountain Views

Explore a serene living space at Viridian by Portrait Homes, a semi-detached home set against a picturesque forest and the Nicomekl River backdrop.

This expansive 2,455 sqft residence offers a fusion of luxury with the natural environment.

🛏️ 4 bedrooms
🛁 3 bathrooms

🔑 Features:

• 🔥 2 Welcoming Fireplaces for Cozy, Inviting Nights

• 🚘 Spacious Garage with EV Charging Setup & Extra Parking for Guests

• 🍳 Deluxe Kitchen featuring Premium Stainless Steel Appliances & Ample Island

• 🌳 Open Design Living Area with a Generous Covered Patio Facing the Woods

• 💆‍♂️ Master Bedroom offering Stunning Scenery & Luxurious Ensuite with Soaking Tub & Heated Floors

• 🌬️ Guaranteed Comfort with Forced Air, Natural Gas Heating & Air Conditioning

• 🍖 Outdoor Natural Gas Connection for BBQ Gatherings

• 🌄 Peaceful Views of Forests, Mountains, and the River, Ensuring Ultimate Privacy and Serenity

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Seize the chance to acquire a slice of paradise in Surrey, where modern refinement meets the splendor of the natural world!

🏗️ Arena Expansion: Langley Events Centre's Bold Move for Future Recreation

Driving the news: The Langley Events Centre is poised for a significant expansion, adding five more arenas to its current two.

Details: Currently, the Langley Events Centre features a complex built in 2009, comprising a 5,300-seat NHL-sized ice arena, a dry arena, a triple gymnasium, a double gymnasium, and a field house.

The WHL Vancouver Giants have called it home since 2016.

The ongoing construction of the new expansion, initiated by the Township of Langley in December 2023, will introduce a larger building footprint than the existing facility.

The project includes a $25 million underground parkade and a $15 million added cost for the stacked dry arenas over the ice rinks.

Why it matters: The $149 million expansion project aims to meet the growing community's demand for recreational facilities efficiently and sustainably, avoiding additional land use.

The big picture: The expansion's unique multi-level, stacked configuration optimizes space utilization, featuring three ice arenas on the ground level and two dry arenas directly above.

This design innovation balances functionality and cost-effectiveness while preserving green spaces at Willoughby Community Park.

Between the lines: The expansion underscores the Township of Langley's commitment to providing state-of-the-art recreational facilities for its growing population, aligning with broader efforts to enhance community infrastructure sustainably.

What’s next: Construction on the expansion is expected to conclude in 2026.

The bottom line: The Langley Events Centre expansion exemplifies proactive planning to address the community's evolving recreational needs.

🎥 The Future of Surrey & Langley BC Real Estate Will SHOCK You

Let's take a look at the Surrey, Langley, South Surrey & White Rock BC real estate markets and see what we can expect in 2024.

👥 B.C.’s Population Could Reach Almost 8 Million By 2046

Driving the news: Residential real estate activity has surged in the eastern Metro Vancouver and Fraser Valley regions, marked by consecutive monthly increases in home sales, as reported by the Fraser Valley Real Estate Board (FVREB).

FVREB's jurisdiction covers key areas like Surrey, Langley, North Delta, and White Rock in Metro Vancouver, along with Abbotsford and Mission in the Fraser Valley.

Details: In February 2024, home sales within the FVREB jurisdiction rose by 32% compared to January 2024, with a total of 1,235 homes listed for sale.

However, this figure remains 21% below the 10-year sales average.

The average price for all homes in FVREB's jurisdiction reached $1.005 million in February 2024, marking a 7.5% year-over-year increase. Benchmark prices for single-family detached houses, townhouses, and apartments also experienced notable growth.

Why it matters: The uptick in home sales and new listings signals renewed momentum in the real estate market, offering growth opportunities for buyers and sellers.

Between the lines: Despite increased activity, buyers remain cautious, leading to relatively shorter times homes spend on the market.

The declining number of days listed suggests a potentially competitive market, prompting stakeholders to stay informed and proactive.

What’s next: With the market entering the spring season, expectations for heightened activity persist.

The bottom line: The observed uptick in residential real estate activity signifies a shift in market dynamics across the eastern Metro Vancouver and Fraser Valley regions.

With rising home sales and prices, home sellers and home buyers alike should remain adaptable to capitalize on emerging opportunities while exercising due diligence in transactions.

📰 In Other News:

Vancouver facing uncertainty on what 2025 FIFA World Cup will cost

500 student housing units slated for Surrey downtown

White Rock Makes List of Top Places to Retire

📊 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