Even houses in the so-call bad district of Burnaby are much more expensive than those in Fraser Height. I think convenience and transportation of a location are the most important criterions than anything else. For school, I believe children from Chinese immigrants usually will have excellent performance in whatever school they enter as long as it is not too bad.
Whalley has a very bad reputation for its security. However, its affordability and easy access to skytrain station attract more and more chinese people to move there. I know a young couple, who both have high local education and salary, bought a new townhouse because of the skytrain, and the security is not bad as its reputation. For me, I still be afraid to see my child walk there. Personly, I am also afraid to buy a Surrey house with basement which is more suspectable of a marijuana house.