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 the City of Surrey. Brought to you by the MLA Canada Advisory Team.
Situated between the Fraser River and the United States border, Surrey is home to a flourishing, family-oriented community that’s conveniently connected to neighbouring cities, New Westminster and Langley. With a rich collection of districts across the region, including Central Downtown Surrey, King George, Guilford, and Cloverdale, Surrey delivers a plethora of diverse opportunities for education, employment, and housing.
With the city’s ongoing commitment to focus on developing Surrey's economic, infrastructural, and educational sectors, this area has become a popular location for first-time home buyers, young families and professionals looking to enter the market as it is one of the most accessible and up and coming markets.
"Over the last year, prices across all residential property types in Surrey have increased by 36%, and are currently trending at all-time. Surrey Centre is no exception and has seen competitive pricing particularly with new launches," notes Ryan Lalonde, MLA Canada President.
As of now there are already 14 approved mid-to-high density projects for 2022 that are set to bring over 8,000 new homes to Surrey City Centre meaning that demand is showing no signs of slowing down with population expected to double of the next 30 years.
"The next few years will bring the rise of towers and high-density residential growth to accommodate this expanding metropolis. All in all, things are shaking up in Surrey Centre and a lot of projects are emphasizing the emerging development of this region to a well-established metropolitan centre," concludes Lalonde.
