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Fraser Valley Homes are a Great Place for Remote Workers

If you are one of the fortunate remote workers that has the ability and opportunity to work from home, buying a home in the Fraser Valley real estate market is a great option. There are at least a few good reasons why remote or hybrid workers might want to consider purchasing a home in the Fraser Valley.  Relative affordability, good value and convenient commuting options make places like Surrey, Langley, North Delta, Abbotsford and Mission worth a look.


RELATIVE AFFORDABILITY

Compared to core Metro Vancouver real estate markets like Vancouver or Burnaby, the cities of the Fraser Valley provide relatively good affordability.  They are usually cheaper than the central markets of Metro Vancouver. In general, you typically get more bang for your buck in the suburban Fraser Valley real estate markets. 


BETTER VALUE

Dollar for dollar, the Fraser Valley usually provides more home size (square footage) and property size (i.e. land for detached properties) than the urban core areas like Vancouver.

You can stretch your home buying dollar further here. 

Remote workers often look for and need a separate workspace at home. More often than not, they are seeking a home office that they can work out of in peace and quiet, without distractions. Larger townhomes, condos and detached houses in the Fraser Valley give home buyers good choices, with regards to more square footage and room/s for home office set-ups. 

Fraser Valley home office


CONVENIENT COMMUTING LINKS

Traveling into the core cities of Metro Vancouver for work, from the Fraser Valley, can be done easily and conveniently. If planned properly, getting to Vancouver, Burnaby or New Westminster from say North Delta, Surrey, Langley, Abbotsford or Mission isn’t as hard as one might think.  The community profiles links on this website gives you detailed commuting comments, but below are some examples of ways it is easy to get from the suburbs to the urban centre.


North Delta to: Richmond, Vancouver, New Westminster or Burnaby

By car: Highway 91, George Massey Tunnel, Alex Fraser Bridge, Patullo Bridge

By transit: Scott Road Skytrain station


Surrey to: Richmond, Vancouver, New Westminster or Burnaby

By car: Highway 91, George Massey Tunnel, Alex Fraser Bridge, Patullo Bridge

By transit: Skytrain stations like Scott Road, King George, Surrey Central, Gateway


Langley to: Coquitlam, Port Coquitlam, Maple Ridge, Pitt Meadows

By car: Golden Ears Bridge, Highway 1 and the Port Mann Bridge

By transit: use the transit exchange at 86 Ave near 200 street. PLUS, FUTURE SKYTRAIN EXTENSION connecting Surrey to Langley. Expected operation date is 2028.


Abbotsford to: Metro Vancouver

By car: Highway 1 and the Port Mann Bridge


Mission to: Metro Vancouver

By car: Highway 7 (Lougheed Highway)

By transit: take the West Coast Express commuter train


MAKING THE MOVE MAKES SENSE

If you are a remote worker, whether full-time, part-time or hybrid, and you work in urban Metro Vancouver, consider a move to the Fraser Valley if you’re in the market to buy a home. You will have more affordable, larger and better valued housing options in cities like North Delta, Surrey, Langley, Abbotsford and Mission. When you get to work from home, living further out from Vancouver can make a lot of sense for financial reasons.

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On January 25, 2023 the Bank of Canada once again raised it's short-term overnight benchmark interest rate by 0.25% to 4.50%. This was a widely expected move by leading economists in Canada.This means that existing and new variable rate mortgages will see the interest portion cost of the mortgage payment increase by a corresponding amount of 0.25% (almost always). 

However, it is important to keep in mind that fixed rate mortgage terms are not necessarily affected by this interest rate increase. That is because fixed rate term mortgages are priced based on long-term bond yields.

Obviously, any mortgage cost increase can pose a headwind for a real estate market like the Fraser Valley. It is now anticipated by many economists that the Bank of Canada will be on pause and take a wait and see approach to see how their interest rate increase cycle of the past year is impacting the economy.

The litmus test for the Fraser Valley real estate market will come in the prime spring selling season that is fast approaching.

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