February 25, 2022 Surrey Attracts Young Buyers and Investors
The MLA Canada Spotlight Series is designed to deliver actionable intelligence into the residential real estate market. This report series is to provide insight into the up-and-coming marketplace for homebuyers, developers, and real estate industry professionals alike, offering a comprehensive overview of both the quantitative and qualitative characteristics of trending sub-markets in the Lower Mainland.
This article is one of many in this unique feature series, focusing on Surrey Centre. Brought to you by the MLA Canada Advisory Team.
The main profiles of Surrey’s homebuyers consist of young professionals, young couples, and investors. With a strong plan for economic growth, alongside upcoming commuting opportunities with new SkyTrain infrastructure, the city has become an attractive place for many looking to start a family, career, or sourcing somewhere to invest in real estate. We explore the key reasons why these buyer profiles are looking to Surrey as their next purchasing decision.
"The largest demographic group in Surrey Centre is residents age 20-29. Millennials and Generation Z are continuing to outpace other age categories. Why is this important? It speaks to affordability and it speaks to needs. The majority of this population breakdown falls within the average age of first-time homebuyers across Canada, " Ryan Lalonde, President of MLA Canada.
Young Professional Singles
With increased job opportunities and proximity to transit in the Surrey Centre area, young professional singles are looking to Surrey as a place to enter the market. They are early to mid-career status, age, and active lifestyle make Surrey Centre a desirable place for first-time homebuyers, as they remain both image and spending conscious. Surrey Centre offers young professional singles plenty of neighbourhood amenities, transit accessibility, and job opportunities.
Young Professional Couples
Surrey provides young professional couples with a place to find their first home. The city’s growing job opportunities are an attractive aspect for many young couples who may be newly married, young in their career, and digitally savvy. With plenty of amenities and proximity to transit, young professional couples can easily live an active lifestyle throughout many neighbourhoods in Surrey.
Investors
Investors understand the strong market conditions and rental return opportunities across the city of Surrey. They may range from first-time investors or experienced investors looking to grow their portfolios. Since Surrey offers plenty of schools, neighbourhood amenities, and access to transit, it proves an attractive place for investors, as these are large factors of their considerations. Many portfolio investors are practical, sensible about their purchase decisions, and price-sensitive who look for the best return on their investment into small, low-spec units.
