Happy Thursday!

We’ve got some intriguing updates for the Surrey area this week.

Surrey is looking at using heat from the sewer system as a sustainable form of heat for the city. Crescent Beach is making changes that will make the summer more enjoyable for visitors.

We are also looking at how the Fraser Valley real estate market is doing so far this year.

— Scott

😮 Surrey Wants to Use Sewers to Create Renewable Heat Energy

Driving the news: Surrey city council approved a $5 million funding agreement with BC Hydro and two contracts for a renewable energy plant that will harness waste heat from Metro Vancouver's sewer system.

Details: The $70 million Sewer Heat Recovery Project will generate 6 megawatts of energy by capturing heat from the regional trunk sewer.

• Council awarded a $4 million design contract to Kerr Wood Leidal Associates Ltd.

• An additional $1.9 million construction contract was authorized for the consultant.

• The project has received $32.2 million in external funding to date.

Why it matters: The innovative project recovers energy that would otherwise be wasted, reducing greenhouse gas emissions and supporting Surrey's sustainability goals.

The big picture: Sewer heat recovery is an emerging technology that taps into a constantly renewable source of thermal energy – the warmth from wastewater flowing through sewer pipes.

By the numbers: The project is estimated to cost $70 million in total, with Surrey receiving $32.2 million in external funding so far.

What's next: Design work begins this month and is expected to be completed by April 2025. Construction will occur in two phases, starting this year and wrapping up in fall 2027.

The bottom line: Surrey is certainly capitalizing on an unlikely energy source while generating renewable energy.

🎥 Tour a MASSIVE $2.29M Langley Home w/ 6 Beds + 3 Car Garage

What can $2.2M buy you in Langley BC? Take a look at this home…

This family home offers stunning updates and spacious living on a quiet cul-de-sac. Spanning 4,682 sqft, it features 🛏️ 6 bedrooms & 🛁 4 bathrooms.

Home Highlights:

✨ Gourmet kitchen w/ granite, wine fridge & 6-burner gas stove
🧱 Newer roof
💎 Updated bathrooms with luxurious fixtures
🌟 Elegant oak hardwood floors, wainscoting & crown moulding
🛏️ Office on main, plus a 2-bedroom suite
⛰️ Upper deck with North Shore mountain views!
🚗 Expansive triple garage + driveway for 9 cars
✅ Prime Murrayville location near shopping, schools & golf

This meticulously maintained home blends comfort and style. Don't miss out! 🏡

📍 21523 46a Ave, Langley, BC V3A 9E7
💰 2,289,900

☀️ Surrey To Improve Crescent Beach This Summer

Driving the news: Surrey City Council has approved measures to help with traffic and pedestrian conflicts in Crescent Beach, a popular seaside community, following recommendations in a staff report.

Details: Some of the measures include:

• Prohibiting parking on one side of McBride Avenue.

• This summer, Two-hour parking limits will be imposed on sections of Sullivan and Beecher streets.

• Revision will be made on the city’s existing on-street parking signage.

• Sidewalk connections will be completed along Sullivan Street

• New accessible walkways will be created on Wickson Road, Target Street, and Alexandra Street.

In total the city will create 25 on-street parking spots, including those fronting the city-owned lot, in June.

Why it matters: The City hopes these steps will improve safety and reduce congestion in Crescent Beach, addressing concerns raised by residents.

Between the lines: Survey feedback on the changes from residents has been mixed, with some opposing changes that could increase the number of vehicles in the area, while others prioritized safety and called for increased bylaw enforcement or a shuttle service.

What's next:

• June: New parking and wayfinding signs will be installed, on-street parking will be created, and continuous walkways will be provided from transit stops to the beach and parking lot.
  

• Ongoing: City staff will monitor parking demand during peak periods to determine the measures' success and identify any future work needed.

The bottom line: Crescent Beach will have better and safer parking options for local residents to enjoy during the summer months.

🎥 The Surrey & Langley Housing Market is Finally Shifting

Discover the latest shift in the Surrey & Langley housing market this April 2024 and learn what these changes mean for buyers and sellers.

🏠 “A Lot Of Caution” In Fraser Valley Housing Market, According To April Stats

Driving the news: The Fraser Valley Real Estate Board (FVREB) recently reported a modest increase in April home sales, influenced by cooler spring weather in the region.

However, buyers remained cautious, leading to a cooler resale market compared to the previous year.

Details:

• The FVREB recorded 1,471 transactions on its Multiple Listings Service (MLS) in April, up 5% from March but down 5% compared to April 2023.

• Active listings reached 18% over last month and 17% above the 10-year average.

• New listings increased by 33% in April, which helped to bolster the overall inventory.

• The sales-to-active listings ratio of 20% indicates balanced market conditions, with the average number of days homes spend on the market continuing to decline across all property types.

• Single-family detached homes, apartments, and townhomes went down on average days in the market for the month of March, with an average of 21 days.

• Overall benchmark prices edged up by 0.5% from March and 1.5% over April 2023.

Why it matters: The Fraser Valley housing market is experiencing a relatively calm and balanced period, providing buyers with more time to shop around without the pressure seen in previous years.

The big picture: The market is cautious, with buyers waiting for the Bank of Canada to lower its rate before making a purchase.

The bottom line: Despite the relatively balanced housing market, buyers are exercising caution due to the current interest rate environment, leading to a slightly cooler resale market compared to the previous year.

📰 In Other News:

New South Surrey school opening to students ahead of schedule

Fun incoming! Aldergrove Outdoor Experience opens soon for weekends

Surrey Council approves another $10M contract to further improve 80 Avenue

📊 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