“Homebuyers seeking affordable houses will arrive in two waves into the Fraser Valley”, says Don R. Campbell, senior analyst with the Real Estate Investment Network.
The first wave of demand is washing over Surrey, Maple Ridge and Pitt Meadows. Surrey alone is expected to become home to an estimated 250,000 more people over the next three decades.
Campbell calls Surrey a “beautiful market” for first- and second-time homebuyers with its mix of multi-family projects, affordable older homes, a growing city centre, rising employment and shorter commutes to Vancouver, thanks to the new Port Mann Bridge. “We’re going to see the largest growth in housing demand in Surrey,” Campbell says. “Companies are getting a lot more comfortable with building manufacturing plants, which will attract people to live and work in Surrey and bring more stability to the housing market.” Neighbourhoods near Surrey’s SkyTrain stations — Scott Road, Surrey Central, Gateway and King George — should see higher-than-average price increases over the next five years, Campbell says. Studies show that homes within 800 metres of a transit station grow in value 12 to 15 per cent faster than equivalent homes outside this zone, Campbell says. “Conversely, if the market slows or drops, the properties in these zones drop less and at a slower rate,” Campbell says. Kelvin Neufeld, managing broker with Sutton Premier Realty in Surrey, says Cloverdale, Fleetwood, Clayton Heights and South Surrey are trending upwards in demand and price, especially for single-family homes.
The second wave of demand is already lapping at Langley, Abbotsford and even Chilliwack. It will intensify over the next few years as buyers take advantage of the Lower Mainland’s improved bridge and highway infrastructure to access affordable areas., Campbell says.
Surrey is named the number-one city for real estate investment in the annual ranking published recently by the Real Estate Investment Network (REIN), Surrey is B.C.’s fastest-growing city and its star is rising. Within the next decade Surrey is projected to overtake Vancouver as B.C.’s largest city. Around 10,000 residents move to Surrey each year, and the entire South Fraser region – which includes Langley and Abbotsford – is projected to absorb 70% of the entire region’s population growth over the next 25 years. REIN said in its report that the young population, and the projected population growth, were key reasons for its top spot, and that Surrey is just at the beginning of a real estate boom.
Surrey has been ranked the best place to invest in real estate in British Columbia, in a new report from the Real Estate Investment Network (REIN). REIN looked at economic and demographic fundamentals of 20 cities and towns across BC, to create a list of the top 10 best locations for real estate investment in the province.
A new report released by the Real Estate Investment Network (REIN) suggests that Surrey, the second largest and fastest growing city in B.C., has the diversity and strength required to lead the province in real estate investment potential. Entitled Top 10 Towns and Cities – British Columbia, the report is intended to help home-buyers and sellers decide whether now is an appropriate time to buy or sell a property. The Real Estate Investment Network (REIN) is an independent research and analysis firm that has been producing reports on housing markets across Canada for 25 years. Studying 36 economic and market factors, REIN identifies B.C. real estate markets that are poised to outperform over the coming five-year period. The detailed report provides additional analysis that concludes where each market is in the real estate cycle and what to expect as the cycle continues.
“I am pleased that Surrey takes the top spot, but I am also not surprised when you factor in Surrey’s planned growth and proximity to critical trade and transportation routes,” said Mayor Linda Hepner. “As a City Council, we have worked hard to create a business-friendly climate that will attract a diverse economy, while balancing the demand for a broad spectrum of viable housing options for our residents.”
The housing market in Surrey is set to outperform those of all other cities in British Columbia over the next five years, the Real Estate Investment Network (REIN) said in a November 5 report. Surrey’s proximity to major transportation routes, including ports, situate it for job growth, the report said. As well, the city is attracting businesses across many sectors, including technology, clean energy, manufacturing, agriculture, health, finance and the arts. With more than 16,800 active businesses, the city saw 6% business growth between 2015 and 2016.
“Some paragraphs are directly taken from the REIN report and / or other publications. We appreciate their sharing and reciprocate that the credit for the entire information remains with them.” Baljinder and Gary.
Evaluating the REIN report, statements from Mr. Campbell and being active part of the overall economy, we can pin-point that investing in real estate in BC is currently a wise decision. Surrey is destined to outnumber Vancouver in a decade and is surely growing at the pace to achieve it. Right investment at right time will help you gain the right numbers!