In September of 2016 we saw the much needed addition of a Superstore to the Grandview/Morgan Crossing Area. If you walk into the Superstore today there are no line ups because they still share the business with Walmart and Thrifty's across the street which are much quicker to get in and out of too now. Big shops like Superstore have large overheads and setup cost to get started and they don't make the decision to open a new location lightly which begs the question Why would they open a store to be only half full?
The simple answer is because of the anticipated growth to the area which ties into the White Rock/South Surrey real estate market. Superstore set up with the expectation that over the next two years they will see enough of an increase in residents in the area to justify their big expense. As of today's date there are 600 townhouses under construction, which have all sold out, that are walking distance to Grandview Central including Kitchner, Greenway and The Morgan to name a few. That's 600 new families moving in over the next year. On top of that there are acres being rezoned to single family homes to the south of Superstore which will introduce another 200 homes for sale in the short term on top of the ones already under construction like Westside at Orchard. All of that might not sound like a lot of new homes but when you consider in 2016 there was a total of 698 sales between houses and townhouses in the Grandview area it puts in perspective the growth we will see. Most new townhouses that get built in the area will be under $750,000 which will qualify for the new 5% government grant further driving demand up.
I don't expect a boom like we saw in the spring of 2016 in White Rock but be ready for 5-10% increase in real estate prices from now until June 2017.
Author: Ped Naimi
Date Published: December 30, 2016
Vantage Real Estate
Vantage Real Estate
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