All eyes were on the Fraser Valley at the recent Canada Mortgage and Housing Corporation (CMHC) annual Vancouver Housing Outlook conference held last Friday. Despite the focus on Vancouver, considerable time was spent discussing the Fraser Valley's future prospects as it's one of the fastest growing regions of not only BC, but also Canada.
CMHC Market Expert on the Fraser Valley, Richard Sam, gave some interesting data. The fastest growing city in the Fraser Valley is Surrey, followed by Chilliwack, Abbotsford and then Langley. Strong economic growth and jobs are attracting people to the Fraser Valley.
Industries leading the local economy are manufacturing, construction, healthcare, retail, and transportation. Also, enhancements to the transportation infrastructure including the Abbotsford Airport are attracting people to the Fraser Valley. Buyers know they can get more for their dollar. Essentially a buyer could get two single family homes for the price of one home in Vancouver. Leading the sales are single family homes with a yard.
The demographics are interesting in the Fraser Valley in that the annual population growth is 1.9 (higher than Vancouver's at 1.7). The two fastest growing demographics are the Millennials (25-39 year olds) and the Boomers (55-74 year olds). Both of these groups generally covet home ownerhsip.
Richard Sam demonstrated that with a 10% downpayment, people are better off buying than renting. That is good news for our real estate market. Even though rents are relatively reasonable in the Fraser Valley, the low interest rates mean that mortgages payments are comparable to rent.Mike Alleyne 604-785-7066HomeLife Benchmark Realty White Rock