2022 - the year that began with many opportunities came to an uncertain close for landowners and real estate developers alike. Early in the year, there was optimism in the market, however the inflationary pressures began posing significant challenges for all asset classes and resulted in significant interest rate hikes from the government in an attempt to stabilize inflation. This sort of intervention dampened the real estate industry and many developers became cautious with their current investments and upcoming projects. A market swing of this nature has not been felt in decades and we will continue monitor the economic changes as they arise.
Despite the changing tide, there was no shortage of eager buyers and sellers in 2022. It was a strong and steady year for the market and for Varing. For 2023, here are the areas that we are watching closely:
Aldergrove is the home to over 12,500 Langley residents and is a flourishing area and ripe for revitalization. The Aldergrove Community Plan (ACP) foresees a walkable neighborhood with mixed-use shopping and food services. With the Aldergrove mall area revitalization underway by the Janda Group, the ACP’s vision is beginning to come to life and we expect much more opportunities, development and growth ahead. Aldergrove has many elements that make it a desirable place to live, work and play. To name a few: it has a close proximity to Highway #1 and Fraser Highway; it is more affordable than many neighbouring communities; and has a newly constructed Community Centre for families to enjoy.
Abbotsford City Centre:
The City of Abbotsford is a vibrant city but currently lacks an identifiable core. The City Centre Community Plan envisions a more populated, attractive and walkable neighbourhood at the core of the urban area. This urban area is situated near Mill Lake. The City is motivated to attract developers willing to develop a core for Abbotsford with stronger land use plans and policies. Abbotsford is another city that is ripe for growth with a strong employment base and a convenient location for many looking to move east for a more affordable and family focused lifestyle.
Skytrain Corridor (Fleetwood to Langley City):
First, Surrey’s Fleetwood Plan foresees an urban Center that is walkable, vibrant and has more housing. The plan is currently in Stage 2 and will be open to public consultation in 2023. Second, Cloverdale’s West Clayton neighbourhood will include a stop at 184 street and Fraser Highway. This is another area that is in high demand by both developers and a residents wishing to live in Cloverdale. Finally, Langley City has seen a lot of interest from developers in 2022 as they are able assemble land and collaborate with the City to increase density.
Needless to say, the future is bright for the Fraser Valley. It is a desirable place to live, and in spite of the current market pressures, the fundamentals and long-term growth and development in the Valley remains strong. We believe that now is the time to be patient and recognize that it is in times like these that unforeseen opportunities arise. Let’s be ready to seize them, together.
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HOMELIFE ADVANTAGE REALTY (CENTRAL VALLEY) LTD.