News

  • The below is an excerpt from Peter Mitham’s article Metro’s industrial land shortage stretches up the Fraser Valley, the article was originally published in Business in Vancouver on Aug. 22, 2016.

     

    Greener pastures?

    Metro Vancouver’s industrial land shortage is well known, and the Fraser Valley is often seen as a place of greener pastures for development.

    But there’s a shortage of industrial land there, too, according to Abbotsford city staff.

    Two years ago, staff identified 1,700 acres of developable land out…

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  • This article, OLIVIA: A Hidden Gem in South Surrey, was originally published by REW.ca on August 10, 2016

    On a gentle, sloping hill, with views towards the mountains, in the rapidly growing South Surrey neighbourhood of Grandview Heights, is where you will discover OLIVIA. This is a boutique-style offering of 37 townhomes, many of which boast fabulous views.

    “What makes OLIVIA distinctive is that it feels like its tucked away yet set within an established family-orientated neighbourhood, all the while providing a sense of privac…

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  • Above: Woodland Park townhomes by Infinity Properties

    The below is an excerpt from Peter Mitham’s article Tech sector demand keeps Vancouver office market clicking, the article was originally published in Business in Vancouver on Aug. 9, 2016.

    Prices pump townhomes

    Fraser Valley brokerage Frontline Real Estate Services Ltd. reports that rising prices for detached homes have made larger townhomes a desirable alternative kind of housing south of the Fraser.

    Townhomes have enjoyed attention as a means of providing family housin…

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  • This article Home Sales in the Fraser Valley Fall but Demand Stays Strong by Joannah Connolly was originally published on REW.ca on August 3, 2016.

     

    Fraser Valley real estate sales in July were the first this year to fail to break monthly records, the Fraser Valley Real Estate Board (FVREB) reported August 3.

    The 1,962 sales registered Multiple Listing Service® (MLS®) – including residential, industrial and commercial – was a decline of 10.2 percent compared to the 2,184 sales in July 2015.

    This total was also…

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  • Below is the news release from the Office of the Premier (published July 25, 2016) regarding the additional property transfer tax rate of 15% to be applied to purchasers of residential real estate who are foreign nationals or foreign-controlled corporations. It is followed by a statement from the Dan Morrison, President of the Real Estate Board of Greater Vancouver.

    Action on foreign investment, consumer protection and vacancy puts British Columbians first

    Legislation introduced today creates new measures to help make home ownership more …

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  • This article Booming B.C. housing market helps province post $730 million surplus by Dirk Meissner (The Canadian Press) was originally published by The Star on July 21, 2016

    British Columbia’s thriving real estate market has helped the provincial government post a budget surplus of more than double the original forecast, Finance Minister Mike de Jong said Thursday.

    The final public accounting for the fiscal year that ended March 31 reveals a surplus budget of $730 million and economic growth of 3 per cent, well above the Canadia…

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  • This article Conventional real estate forecast, unconventional real estate market by Peter Mitham was originally published on Business in Vancouver on July 11, 2016 and features insights and quotes from Frontline’s Mike Harrison.

    Two weeks of travelling, and as often as not the road delivered many questions and comments about the state of the Vancouver housing market. Heads shook in New Brunswick at the elevated prices, and the mayor’s desire to tax vacant properties.

    “But aren’t the owners already paying property taxes?” …

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  • This article Home Demand in Fraser Valley Stays Strong in June, Sales Up 21%: Board by Joannah Connolly was originally published on REW.ca on July 5, 2016.

     

    June’s real estate sales in the Fraser Valley were the highest for any June on record, although they did not come close to the peak seen in March this year, the Fraser Valley Real Estate Board (FVREB) reported July 5.

    The total of 2,864 sales on its Multiple Listing Service® (MLS®) – including residential, industrial and commercial – was an increase of 18.7…

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    On June 14th, The Township of Langley hosted another open house to provide an update on their progress with the Williams Neighbourhood Plan. At the previous open house in April the Township presented the 3 rough land use concept diagrams resulting from their Neighbourhood Design Workshop. The feedback from that open house was compiled, reviewed and considered by the design team as they narrowed the three concept diagrams into two land use concept options.

    B…

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  • This article Commercial real estate sales highest in five years by Glen Korstrom was originally published by Business in Vancouver on June 14, 2016.

    Metro Vancouver commercial real estate sales had their most active quarter in five years, with 660 transactions across the Lower Mainland in the first three months of 2016, according to the Real Estate Board of Greater Vancouver (REBGV).

    That is up 26% from 524 sales in the same period in 2015, the REBGV noted.

    Those increased sales were also larger than in 2015.

    The total d…

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  • This article Location key to appeal of Infinity’s Langley townhomes by Simon Briault was originally published in The Vancouver Sun on June 9, 2016

     

    Woodland Park

    Project location: 8570 204th Street, Langley

    Project size: 106 townhomes with two, three and four bedrooms; 1,263 – 1,825 square feet; priced from the $400,000s

    Developer: Infinity Properties

    Architect: RCA – Robert Ciccozzi Architecture

    Interior designer: Gannon Ross Designs

    Sales centre: #1 – 8670 204th Street

    Hours: noon – 5 p.m., Sat – Thurs

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  • Above: First Quarter Commercial Real Estate Sales, Metro Vancouver, Source: Altus Data Solutions Canada

    This article Multi-family speculation skews commercial market by Frank O’Brien was originally published in Western Investor on June 6, 2016.

    Sales of residential land and apartment buildings dominated Metro Vancouver’s record-setting commercial real estate market in the first quarter of this year, according to a new survey.

    Four of the five top transactions in the $2.7 billion buying binge during the first three months …

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  • This article Condo, Townhome Demand Pushing Home Sales Growth in Fraser Valley: Board by Joannah Connolly was originally published on REW.ca on June 3, 2016

    Demand for real estate in the Fraser Valley continued to boom in May, with real estate sales once more the highest ever recorded for that month, the Fraser Valley Real Estate Board (FVREB) reported June 2.

    The total sales of 2,911 sales on its Multiple Listing Service® (MLS®) – including residential, industrial and commercial – represented an increase of 47.8 percent compar…

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  • UDI Pacific’s ‘State of the Market’ quarterly publication for Q1-2016 is now available.

    Download the complete report here.

    The overall aim of the report is to provide up to date statistics and trends on the new home and re-sale housing markets as well as the amalgamation of relevant economic statistics that impact the housing market.

    The report also includes the Housing Affordability Index which is derived from Urban Analytics’ New Home Source database. The Affordability Index is a benchmarking tool for identifying trends in af…

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  • The provincial government announced today that beginning May 16, 2016, new rules relating to the assignment of real estate contracts will come into effect. The new provincial rules are intended to help real estate consumers make informed decisions about contract assignments before accepting an offer on their property.

    With these new rules, real estate licensees who draft offers to buy property must include two separate terms about contract assignment in the offer:

    this contract must not be assigned without the written consent of the sel…

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  •  

    This article Fraser Valley Home Sales Up Nearly 50% in April: Board by Joannah Connolly was originally published on REW.ca on May 3, 2016

     

    The Fraser Valley’s real estate sales were the highest for any April on record, up 47.8 percent over the same month last year, according to a Fraser Valley Real Estate Board (FVREB) report released May 3.

    This total number (including residential, industrial and commercial) was a drop of 1.2 percent compared with record-setting March figures released last month, said the b…

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    The prices of detached homes in the Fraser Valley are going up, and at a significant pace – the average sale price is up 32% year over year. Multi-family pricing, on the other hand, has been nearly flat for the last decade. This is creating a staggering price gap between detached homes and townhomes. In 2012, a detached home could be purchased in The Fraser Valley for an average of $230,000 more than a townhome, that gap has since grown to over half a million …

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    According to Craig Wright, SVP & Chief Economist with RBC, the economy is doing well, fundamentally speaking, and this indicates a positive future for Canada`s real estate industry.

    Craig Wright talked global economic influencers, trade partners, national economic health and BC’s high-performance outlook at UDI’s April Luncheon in Vancouver on April 21.

    “Most of the risks to our real estate market lie outside our borders.”

    Wright started wit…

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  • Above: A map outlining the Urban Land Use portion of the City of Abbotsford’s draft OCP (Abbotsforward).

    This article, Abbotsford rethinks its future, by Jeff Lee was originally published by The Vancouver Sun on April 14, 2016. The original article also includes a video of Abbotsford Mayor, Henry Braun.

    Abbotsford, where the vehicle is king and surface parking lots eat up more real estate than the strip malls they service, is about to undergo a revolution.

    Sprawling, lacking a downtown core and yet hemmed in by the very agri…

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  • By Kyle Dodman, Industrial Sales & Leasing, Frontline Real Estate Services Ltd.

    The Abbotsforward OCP Update, the long-term plan for the YXX Airport and the future of investment in Abbotsford were the three major talking points of UDI’s event: Abbotsford Open for Business hosted on April 14th, 2016.

    The Abbotsforward OCP

    Early 2014, City Council began the process of updating Abbotsford’s official community plan. Community outreach was the first step of the process, with the goal of finding out what Abbotsford’s residents …

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  • The Township of Langley held another open house on April 14th to present the preferred land use concept for the Smith neighbourhood in Willoughby. This preferred land use concept, pictured below, is the culmination of months of planning, community engagement, stakeholder strategy sessions and open houses.

    A few of the key highlights from this concept plan:

    Commercial and mixed use development will be focused along 73A Avenue between 206 Street and 208 Street with the highest density land uses in the same region.
    The land uses in Sm…

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  • South Surrey continues to be a hotbed for residential development, out-pacing the Fraser Valley averages in nearly every metric from speed of development and new application submissions to selling prices and product absorption rates. Click here to read our South Surrey Sales & Neighbourhood Update article.

    We have mapped recent development activity to understand current areas of focus and identify future development zones. The green highlighted regions on the map below indicate areas containing a high concentration of new development ap…

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  • South Surrey continues to be a hotbed for residential development, out-pacing the Fraser Valley averages in nearly every metric from speed of development and new application submissions to selling prices and product absorption rates. Staying connected to market leading developers and the City of Surrey allows us to understand the timeline to development for each of the major development neighbourhoods in South Surrey.

    The map below outlines the average selling price per acre of residential development land in each of the major development …

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  • This article March Sees All-Time High Home Sales in Fraser Valley: FVREB was originally published on REW.ca on April 4, 2016

    March real estate sales in the Valley broke even more records than they did in February, according to Fraser Valley Real Estate Board (FVREB) data published April 4.

    Total home sales did not increase as sharply as in February, but still rose very strongly, increasing by 64.4 percent compared with March 2015, and by 23.2 percent over February 2016’s figures. This led to the highest-ever recorded number of s…

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    After a long Neighbourhood Design Workshop with community stakeholders the Township of Langley hosted an open house to share the first, and very preliminary, iterations of land use concepts. Over 50 stakeholders participated in the 4-hour strategy session on March 30th and after being split into three teams, comprised of a mixture of city staff, residents, land owners, landscapers and many more, each team came up with their suggested land use concept. The goal…

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  • This article, Budget 2016: Cities herald new 50% funding formula for transit projects, by Jen St. Denis was originally published by Business in Vancouver on March 22, 2016.

     

    The City of Surrey is happy about page 92 of the federal budget.

    That’s where the Liberal government suggests immediate investments in transit could include “accelerated design, implementation and construction work for new large-scale projects, such as new light rail transit lines in Greater Vancouver and Ottawa.”

    The Liberals have promised t…

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  • This article, City of Surrey growing wisely, New York think-tank says, by Patrick Blennerhassett was originally published in Business in Vancouver on March 15, 2016

    According to the Intelligent Community Forum (ICF), a New York-based non-profit think-tank, Surrey is the third-fastest-growing city in Canada, adding more than 1,000 people a month to its population. For the second year in a row, the ICF also named Surrey one of its Top Seven Intelligent Communities of the Year alongside Montreal, Muelheim an der Ruhr, Germany, and New …

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  • This article, Greater Vancouver CRE deals broke records in 2015 by Steve McLean was originally published on RENX.ca Property Biz Canada on March 9, 2016

    Greater Vancouver commercial real estate investment transactions and dollar volumes hit new highs last year, and there’s little evidence of a slowdown in 2016.

    “Should all things remain the same, I see continued growth in terms of deal counts and dollar volume invested into the local real estate market,” said Altus Data Solutions Canada research director Paul Richter.

    Altu…

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  • There is currently over 300,000 square feet of industrial strata warehouse being built across the Fraser Valley, all slotted for completion this year. This increase in strata inventory is due to an increase in demand, spurred by affordable financing. Many developers are now considering the option of building strata complexes, instead of building multi-tenant lease buildings. Strata complexes are an appealing venture for a developer as they don’t require the longer term commitment of management and leasing that multi-tenant buildings do.

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  • A strata warehouse or stratified complex, it is referring to a building or complex that may only have one or two actual structures on site but has many different owners. In other words, different owners own a separate portion of each structure much like the comparison of owning a residential condo versus a single family home, it creates an affordable, low maintenance option.

    Industrial strata warehouse is a product that has seen a tremendous increase in demand and transaction volume over the past 24 months. The growing trend in the Fras…

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