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.
THIS EPISODE IS NOW AVAILABLE IN AUDIO-ONLY
In recent years, Surrey Centre has become one of the fastest-growing submarkets in British Columbia, attracting young couples, professionals, and investors. Over the last year, prices across all residential property types in Surrey Centre have increased by 36%, and are currently trending at all-time highs. With the population expecting to double over the next 30 years, Surrey Centre is a market to look out for as it continues to grow and seek its untapped potential.
Wood frame projects such as Viktor and Hendrix and concrete projects such as Flamingo, Melrose, and Holland are great examples of projects that have received strong demand during their early-launch period with this increasing population, all selling out or nearing it in just a matter of days.
"Recent concrete projects have demonstrated ambitious pricing with price-per-square-foot (PPSF) starting to edge above the $1,000 PPSF mark, setting new records in both Surrey City Centre and the Fraser Valley. And We no doubt expect continued price appreciation through the next 12 months," notes Brittany Reimer, MLA Canada's Managing Director for the Fraser Valley.
They're 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. With plenty of amenities and proximity to transit, young professional couples can easily live an active lifestyle throughout many neighbourhoods in Surrey.
"With the combination of three major transit corridors: King George Boulevard, Fraser Highway and 104 highway, in addition to the Surrey-Langley Skytrain extension, the growth opportunities for this metropolitan centre are significant," Ryan Lalonde, President of MLA Canada.
The city is also looking towards a brighter future, City of Surrey is updating their City Centre Plan that will include a new Central Business District, plans around the future Skytrain station at Fraser Highway and 140 Street and exploring growth options in the Bolivar Heights neighbourhood. Furthermore, Surrey is developing a forward-looking climate action plan with the goal of reducing carbon pollution to net-zero community-wide before 2050.
"As the second most populated city in Metro Vancouver, Surrey is spearheading initiatives that focus on growth and sustainability through innovation and community projects. It is evident that Surrey Centre will be a magnet for major employment and high-density residential growth in the coming future," remarks Lalonde.
Click below to access the full report on Surrey Centre's Neighbourhood Spotlight, featuring both an in-depth look at its Community and Market.