{"id":16905,"date":"2020-11-16T11:11:00","date_gmt":"2020-11-16T19:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16905"},"modified":"2020-11-13T09:00:51","modified_gmt":"2020-11-13T17:00:51","slug":"skytrain-extension-home-prices-job-gains-lure-homebuyers-investors-developers-to-fraser-valley","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/11\/skytrain-extension-home-prices-job-gains-lure-homebuyers-investors-developers-to-fraser-valley\/","title":{"rendered":"SkyTrain Extension, Home Prices &#038; Job Gains Lure Homebuyers, Investors &#038; Developers to Fraser Valley"},"content":{"rendered":"<p style=\"text-align: justify;\">BC home sales rose nearly 43% in August, year-over-year, according to the British Columbia Real Estate Association (BCREA), but were up 55.9% in the Fraser Valley and soared 63% higher in Chilliwack to lead the entire province.<\/p>\n<p style=\"text-align: justify;\">The Valley housing boom, which continued into the fall, reflects a switch in housing demand that has seen people opting to move from central urban cores to suburban locations as more are working from home and others seek more housing space for less money.<\/p>\n<p style=\"text-align: justify;\">The average home price in the City of Vancouver is now $1.07 million, while it is $820,000 in the Fraser Valley and in the $585,000 range in Chilliwack and Mission, the BCREA reports.<\/p>\n<p style=\"text-align: justify;\">There is also the attraction of employment as Surrey \u2013 the fastest growing city in BC \u2013 continues to post impressive job gains.<\/p>\n<p style=\"text-align: justify;\">This year, Surrey\u2019s biggest companies recorded the largest one-year increase in their average number of employees since 2017 : up 8.6% from 2,653.6 in 2019. This surge was more than double the annual average employment growth experienced over the past two years for Surrey\u2019s largest businesses.<\/p>\n<p style=\"text-align: justify;\">Prospera Credit Union, which recently built a new headquarters in Surrey, had the highest one-year employment growth in the city. It increased 50.9% to 649 employees in 2020.<\/p>\n<p style=\"text-align: justify;\">The City of Surrey had the highest five-year public-sector growth in job creation. The municipality increased its employee count to 4,000 in 2020.<\/p>\n<p style=\"text-align: justify;\">Other major employers include the Fraser Health Authority, the local school district and Kwantlen Polytechnical University, all of which have seen at least a 15% increase in staff over the past five years.<\/p>\n<p style=\"text-align: justify;\">Industrial<\/p>\n<p style=\"text-align: justify;\">Four of BC\u2019s five largest industrial land transactions in the first half of 2020 were in the Fraser Valley, according to Avison Young, including the largest, a $10 million sale of 4.8 acres in Langley.<\/p>\n<p style=\"text-align: justify;\">Surrey and Delta are leaders in industrial development, highlighted by the $190 million, 470,000-square-foot World Commodity Trade Centre now under construction in Surrey\u2019s Campbell Heights industrial zone, part of China\u2019s global Belt and Road initiative.<\/p>\n<p style=\"text-align: justify;\">Flowing east<\/p>\n<p style=\"text-align: justify;\">A surge in investment has also been fired up by the new $3.1 billion Surrey-Langley SkyTrain extension, recently approved, that has triggered one of the largest land plays in British Columbia.<\/p>\n<p style=\"text-align: justify;\">Projections are that the SkyTrain corridor will spark a population increase of at least 120,000 people over the next two decades. Land prices in the corridor have soared. In September a half-acre Langley site zoned for high density and close to a proposed transit station, sold for $4.5 million.<\/p>\n<p style=\"text-align: justify;\">Real estate action is also flowing east.<\/p>\n<p style=\"text-align: justify;\">On September 21 the District of Mission passed a bylaw designating nearly 300 acres of Mission riverfront land for comprehensive development under an Official Community Plan. This plan process is expected to take two years, but Martini Group of Vancouver has a conceptual plan for 87 acres in the District Waterfront Revitalization Project, which Martini wants to develop sooner into a large industrial project, including manufacturing sites, which the company claims would generate at least 1,000 new jobs.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, land in Mission is already selling at record high prices.<\/p>\n<p style=\"text-align: justify;\">Earlier this year, two acres of waterfront industrial land in the waterfront district sold for $3.2 million, according to Jag Cheema, a real estate agent with Royal LePage Wheeler Cheam Realty in Mission,<\/p>\n<p style=\"text-align: justify;\">\u201cWe are seeing a lot of buyers coming from Greater Vancouver,\u201d Cheema said, and it is not just for industrial property. The veteran Mission agent noted that a 0.89-acre Mission residential site, zoned for single-family housing, sold in September for $1.1 million after receiving multiple inquiries.<\/p>\n<p style=\"text-align: justify;\">Abbotsford and Chilliwack were touted last year as \u201cemerging as destinations for new industrial development and subsequent sales and leasing activity\u201d Avison Young.<\/p>\n<p style=\"text-align: justify;\">Chilliwack, where the new Molson\u2019s-Coors brewery moved into last year after leaving Vancouver, is seeing a surge in residential and commercial investment.<\/p>\n<p style=\"text-align: justify;\">There has been a recent upswing in multi-family rental sales \u2013 average per-door prices are in the $150,000 range based on recent transactions reported to Western Investor \u2013 and when the 1.9-acre Cascade retail centre was listed this year it sold at the full asking price of $4.5 million.<\/p>\n<p style=\"text-align: justify;\">One of the largest Valley residential projects is Creekside Mills at Cultus Lake near Chilliwack, a 79-acre \u201cagri-hood\u201d development with 129 detached houses, now selling from $700,000 by Frosst Creek Developments Ltd.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2020\/11\/fraser-valley-rolls-record-real-estate-numbers\" target=\"_blank\" rel=\"noopener noreferrer\">Fraser Valley Rolls to Record Real Estate Numbers<\/a> by Frank O&#8217;Brien | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BC home sales rose nearly 43% in August, year-over-year, according to the British Columbia Real Estate Association (BCREA), but were up 55.9% in the Fraser Valley and soared 63% higher &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/11\/skytrain-extension-home-prices-job-gains-lure-homebuyers-investors-developers-to-fraser-valley\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-16905","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SkyTrain Extension, Home Prices &amp; Job Gains Lure Homebuyers, Investors &amp; Developers to Fraser Valley &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/11\/skytrain-extension-home-prices-job-gains-lure-homebuyers-investors-developers-to-fraser-valley\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"SkyTrain Extension, Home Prices &amp; 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