Our investment clients are well aware that we have been recommending investments in White Rock for the past couple of years as we have felt the area was very under-valued. Well, the real estate market appears to have awoken to the potential of this area with annual price growth of 28.9% (well above the GVRD average of 17.3%) but we feel there is still growth to come.
“We believe White Rock presents considerable investment upside. Transit and highway improvements to address traffic bottlenecks are expected to be announced shortly, which is expected to lead to considerable speculative interest in this area which offers the sunniest, least rainy climate in the Lower Mainland.”
South Surrey/White Rock is blessed with some of the sunniest, least rainy climate in the Lower Mainland, receiving only 1,056 mm of average rainfall (compared with 1,457 mm in Vancouver Oakridge and a whopping 2,351 mm in North Vancouver).
Traffic has traditionally been the Achilles’ Heel of White Rock. Downtown can be reached in 30 minutes when there is no traffic, but the presence of rush hour congestion can easily triple this time. However, replacing the Massey Tunnel, the source of congestion, has been a priority, and when the NDP announces their preferred solution (bridge or tunnel), the prices are likely to shoot up almost overnight in the area. BC Transit has also identified improving service to the area as a priority. Developers have recognized the potential of the area and have been snapping up development sites for some time now.
White Rock’s waterfront is a major part of the city’s identity, and a tourist attraction for tens of thousands of visitors annually. With the importance of the waterfront to the city’s fortunes, White Rock has developed a Waterfront Enhancement Strategy to guide improvements over the next 10 to 20 years. Some of the highlights include improve connections with funicular. Over the longer term, the city will study the feasibility of a funicular or another people-mover system to bring people from the waterfront to Uptown. As well as being functional, a funicular could become a new tourist attraction for the city and showcase views of the waterfront.
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