Though often referred to as a secondary market, the Fraser Valley and surrounding communities is experiencing a boom unlike any other time in history thanks to a number of factors, including the ongoing pandemic, the resulting untethering from the traditional office, and rapidly evolving infrastructure. The effects are already manifesting themselves in the form of high-end boutique apartments currently being built in the area. Read on to learn more.
“Twenty years ago it used to be a bedroom community, a place where people would reside east of the [Fraser] River, and one member of the household would get in the car in the morning and commute over the Port Mann bridge and earn their income. Now it’s a growing urban metropolis,” said MLA Canada executive director Cameron McNeill
“The Fraser Valley market has been so hot since we came out of the first initial shock of Covid-19, we just can't keep our hands on any of our pre-sale product. Values are getting pushed, being driven mostly by people moving out of the areas west of the river who are simply realizing they have more geographic flexibility, that it's such a great spot but also [because of] affordability. Relative affordability let's call it — even though values are up 20, 30 percent, just to be able to expand their footprint and space is a luxury for many of these buyers.”
With the Surrey-Langley SkyTrain line expected to open before the end of the decade — which represents a 16 kilometre extension along Fraser Highway, from the Surrey King George Station to 203 Street in the City of Langley — McNeill predicts prices will only continue to trend upward as subsequent increased urbanization takes place and Canada prepares to accept record numbers of immigrants. Even now, he says the Holland, a 25-storey high rise overlooking Holland Park, is setting benchmark prices at approximately $925 per square-foot.
On the topic of Langley, there are two new concrete developments in particular worth mentioning in the up-and-coming Willoughby neighbourhood. Eastin by Essence Properties is a collection of 117 one and two bedroom condos featuring high-tech amenities such as facial recognition entry and Enterphone video calling.
Isle of Mann’s Ellery is as boutique as they come, a 22-home mixed-use low rise at the intersection of 88th Avenue and 206th Street that boasts a minimalist design and rooftop patio lounge.
McNeill says while additional expensive concrete buildings are likely on the way, the good news for consumers is the Fraser Valley still contains plenty of untapped land creating medium density opportunities for the future.
Click here for a complete list of MLA Canada’s current and upcoming projects in the Fraser Valley and beyond.
By MLA Contributor Benjamin Yong