Surrey is the second-best place to make a real-estate investment in Western Canada, according to an industry publication.
According to a report by Western Investor, a print and online publication focused on Western Canada, Surrey makes the list of “real-estate investment destinations” as “Vancouver’s booming suburb.”
Kelowna ranked as the best destination, followed by Surrey, Saskatoon, Calgary and Lethbridge respectively. City of Vancouver did not make the top-five list.
The report says Surrey will overtake Vancouver as B.C.’s largest population by the next decade, growing by approximately 10,000 new residents each year.
It says the entire South Fraser region, which includes Langley and Abbotsford, is “projected to absorb 70 per cent of the entire region’s population growth over the next 25 years.
The report notes that Surrey has a higher percentage of people aged 10-24 than the provincial average, and the city is home to one in four Metro Vancouver residents under the age of 19.
It mention’s South Surrey-White Rock’s separation from the Surrey core by farmland, and South Surrey’s focus on new single-family homes and townhouse construction.
“Newton is the heart of Surrey’s South Asian community, while Guildford and Fleetwood are more traditionally suburban in character,” the report states.
“Cloverdale to the west has a rural flavour on the Langley border. And then there is Surrey’s new downtown, Surrey City Centre, where the 52-storey 3 Civic Plaza hotel and condo tower completes this year, and an eight-building medical-technology office hub is under construction, along with multi-family condominium projects.”