THE MARKET

THE MARKET is a collection of City of Surrey focused real estate news and intelligence covering the newest policies, development applications and trends shaping the city. 

 

The owners of The Delta Shoppers Mall located at 8037 120th Street, Delta has submitted a preliminary development concept with the city showcasing the potential future of this centrally located transit-orientated site.

Encompassing 5.9 acres, the property is currently occupied by a one-storey shopping centre built in 2004.


Scott Road is equipped with rapid transit and is ripe for this scale of development. Its proximity to everyday retail, educational institutions, and growing economic centres such as Bridgeview and West Newton industrial & business parks makes this concept a great addition to the rapidly growing neighbourhood.


On both the Delta & Surrey side, Scott Road (120th Street) provides a unique opportunity to grow its stock of transit-orientated housing. The City of Surrey is also in the midst of reviewing its land use plan for this area of the city


Development Statistics:

  • Total of 813 residential units ranging from 1 to 3 bedrooms

  • Two 32-storey towers with 624 market condos

  • One 10-storey midrise with 124 seniors housing units

  • One 6-storey midrise with 65 purpose built rental units (20% below market)

  • 125,677 square feet of office space

  • 79,374 square feet of retail space

  • 4.0 FSR

  • 30 childcare spaces

Application Notes:

  • The subject property is designated Mixed-Use (North Delta) 1 [MU(ND)1]. This designation is intended for a mix of uses including retail and office commercial, multiple-family residential, recreation, cultural, public, and open space. Retail and commercial uses are required on the ground floor on fronting streets.

  • This designation permits a maximum height of 32 storeys, up to 4.0 floor space ratio, and no more than 600 units per hectare (242 units per acre). The proposed development is consistent with the MU(ND) 1 designation.

  • The proposed development exceeds the maximum building height recommended for the City Plaza Neighbourhood, however it is consistent with the following components of the Task Force Report: vision to create a new urban place that invites active uses to go along with the shopping environment that supports it; includes diverse forms of housing (range of unit sizes and mix of market, rental and seniors housing); provides a component of below-market rental housing;


Link to application: https://delta.civicweb.net/document/215287/

Updated: 21 hours ago

Site Address: 10201, 10207 to 10219, 10221 to 10227, 10229 to 10239 – King George Blvd


Tonight's council meeting (November 28, 2022) will see Surrey's tallest high-rise application seek its' initial first & second reading approval by the new city council.


Located at the northwest corner of King George Blvd and 102 Avenue (RBC Bank Site) - an iconic corner bordering the city centre square - the building calls for the development of the following:

  • 67-storey mixed-use building consisting of a 746 residential units, 7-storey commercial and office podium & 8-storey residential podium

  • 755,045 square feet of total buildable area:

  • Residential - 529,468 square feet

  • Commercial & Office - 209,056 square feet

  • Amenity - 16,522 square feet

  • 10.9 FSR (Gross)

  • 785 Parking Stalls (7 levels of parkade)

Key Rationales for approval (from application):

  • Although the proposed density on the subject site is higher than that prescribed in the OCP and City Centre Plan, the proposed mixed-use tower with commercial/office podium and residential podium will support and complement the Central Business District Area 2

  • The proposed height and density of the development is consistent with an evolving urban context in the City Centre

  • The proposal is seeking to provide a significant office component, with approximately 19,422 square metres of office and commercial floor space proposed. This equates to 3.1 FAR of commercial and office floor space or approximately 28% of the total floor space proposed.

Residential Unit Data:

  • Studio - 226

  • 1 Bed - 16

  • 1+Den - 183

  • 2 Bed - 122

  • 2+Den - 57

  • 3 Bed - 42

  • Total - 746

The site was sold in 2018 for a total of $54,000,000, equating to $71 per gross buildable.


Application Link: https://www.surrey.ca/sites/default/files/planning-reports/PLR_7921-0313-00.pdf




Download Full Report Here:

October 2022 - Final
.pdf
Download PDF • 1.22MB

October Highlights:

  • Surrey & Langley both have 41 active listings for newer enter-level, single family homes for sale; only 1 sold in each market in October 2022.

  • With just 2 active listings, North Vancouver has the lowest amount of available supply of newer entry-level, single-family homes.

  • As a major contributor of Townhome supply north of the Fraser River, Coquitlam has only 5 newer, entry-level townhome active listings.

  • The median sale price spread between newer two-bed condos & newer, entry-level townhomes was smallest in Willoughby, Langley at $76,250 and largest in Westside Vancouver at $745,000.

  • The median sale price spread between newer one & two-bedroom condos is smallest in Surrey City Centre at $122,500 and largest in North Vancouver at $375,000.

  • Inventory of newer one-bedroom condos remain extremely low in South Surrey & Willoughby, Langley at 3 & 8 units respectively.

  • Westside Vancouver comprises the largest amount of available one-bedroom supply at 95 units – the median asking price is $758,999.

About the Report


The entry-level, newer-home market insider is a monthly newsletter that delivers the latest realtor-level sales statistics for all “newer-home” product types.


The mix of product types monitored include the “entry-level” forms of single-family & townhome product, along with one & two-bedroom condominiums.


The monthly statistics are based on several of the most popular areas in Metro Vancouver for first-time buyers, young professionals & families, and investors.


Reasons why you should consider newer-home resale data:

  1. Great for those looking to purchase housing that is still in the early stages of its lifecycle – this means less repairs & maintenance during the first few years of ownership.

  2. More recent building and developer history – provides assurance and certainty when making one of the most important transactions of your life.

  3. Homes include some of the latest design and technology – great for resale value when considering to move-up the property ladder.

  4. Provides comparables for individuals considering a new pre-sale purchase for either end-use or investment – comparing newer resale data to presale pricing provides valuable insight into the product being considered for purchase.

These monthly sales statistics also provide important information for any new housing being considered for development. Investors, developers, and homebuilders can use newer resales as objective data points.


These figures are routinely used to understand the value of land, and anticipated market values for newly completed homes.


Download Full Report Here:

October 2022 - Final
.pdf
Download PDF • 1.22MB