Guildford Town Centre & 104 Avenue Corridor State of the Market Report 2019
What is happening in Guildford & why it matters.
The past year has been an eventful one for the Guildford Town Centre and 104 Avenue Corridor Plan. All the progress and excitement around the new community plan came to a halt when the 104 Avenue light rapid transit (LRT) was cancelled by the new Surrey Mayor and Council. Without clear direction from council, City staff put the plan on hold until they could understand how to proceed. There was speculation at the time that the densities outlined in the draft land use plan would need to be decreased, due to the lack of rapid transit. All of this happened just as the real estate market began to slow down across the entire region.
Uncertainty in the outcome of the plan, the elimination of rapid transit and a general market correction has most investors and developers looking to less risky neighbourhoods for their next acquisition. As a result, land values and the number of transactions declined across most of Guildford over the past year. This uncertainty is also reflected in the relatively small quantity of active development applications. There are only a couple new applications to note, which we have highlighted in the table and on the map below.
The above map is from the City of Surrey’s Draft Plan Summary which can be found in its entirety here: www.surrey.ca/city-services/24723.aspx
plan updates
This Spring, the Guildford Town Centre and 104 Avenue Corridor Plan was revived. A public open house was held in May to present a revised draft land use plan and collect feedback from the community and industry stakeholders. On July 8th, Surrey Council endorsed the updated land use map (featured above and below), following a handful of changes made as a result of the public feedback. The key changes are listed below and marked on the map by letters. You’ll notice that most are increases in density, not decreases as was initially anticipated.
Plan Updates
A) Relocation of school
B) Increased density from 4 to 6 storey
C) Increased density from single family to townhouse
D) Increased density from 6 to 18-24 storey
The above map is from the City of Surrey’s Draft Plan Summary which can be found in its entirety here: www.surrey.ca/city-services/24723.aspx
The revival of the planning process and endorsement of the land use plan should build confidence in the Guildford market among buyers of development land so if the market doesn’t decline further, we should see an increase in land transactions over the next year.
If you have any questions, or if there is any further information that would be particularly helpful to you, don’t hesitate to contact Mike Harrison Personal Real Estate Corporation.
Sources: Commercial Edge, MLS, City of Surrey.
