STATE OF THE MARKET
The Guildford Town Centre & 104 Avenue Corridor Plan area has felt the effects of a number of changes which saw land sales and development activity slow down. A broader market correction, the cancellation of the Light Rail Transit (the “LRT”) and reduced land values in the area all contributed to a staggering 72% decrease in the total dollar value of land sold between October 2019 and September 2020 compared to the preceding 12 months. Part of what drove the decrease in land transactions was that the development land value of many properties dropped below the value of that property as a single family home, removing any incentive for property owners to sell to developers or participate in assemblies. Additionally, the ongoing COVID-19 pandemic and resulting uncertainty in the market did not help either.
As we have done in the past, we have mapped and analyzed current development applications for trends and to find regions with a high concentration of active applications (outlined in green on the below map). The small quantity of new in-stream development applications and a limited number of land sales over the last year is not reflective of the amount of interest developers have in the area for future development. The Guildford Town Centre & 104 Avenue Corridor has historically been a desirable area to live and new developments in the area tend to be quite successful and so with market sentiment rebounding from the pandemic, we have seen a renewed interest from developers to purchase land in the area.
There are nearly 2,900 units of new housing under application in the highlighted areas of Guildford. The new homes will be almost entirely apartments/condos in low rise buildings, typical of the area. Development is concentrated along the main arterial routes of the 104 Avenue corridor, west of Guildford Town Centre, and along 152 Street.
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. To receive future reports directly to your inbox, please sign up for our development land newsletter here.
In creating this report we consult planning and engineering staff at the City of Surrey, survey multiple land transaction and new residential reporting systems (Commercial Edge, MLS, Urban Analytics New Home Source), and analyze municipal development data to bring you the most relevant information. This representation is based in whole or in part on data generated by the Fraser Valley Real Estate Board which assumes no responsibility for its accuracy.