Surrey remains the top city to invest in as the second largest and fastest growing city in British Columbia. So what makes Surrey so desirable to investors? Geographically it has convenient access to Vancouver, The Fraser Valley, Trans-Canada Highway, Port Of Vancouver, Vancouver International Airport and nestles close to the Canada/USA border.
There are more than 500,000 residents in Surrey and it’s forecasted to grow past the population of Vancouver by 2041 to become B.Cs largest city! Surrey welcomes roughly 1000 new residents each month and the growth rate of 10.6% is nearly double than the national average! Surrey is youthful city with a median age of just 38.7 with one-third of the population under 19. With this kind of optimal population level it attracts a younger demographic and encourages economic and infrastructure development.
Surrey offers more than 16,800 active businesses across many different industries boasting a 6% growth in 2016 over 2015. Surrey is definitely a city to watch when it comes to economic growth and development.
The municipal government of Surrey has a concentrated economic strategy which aims to be North America’s next Metropolitan Centre. The city plans to attract investment, grow innovation and create more jobs in a competitive business community. As of the 2015 census report the median income of households in Surrey was $77,494 an increase of 8.9% from the 2005 report.
Demand for Real Estate in Surrey remains strong and continues to be more affordable than many of Metro Vancouver's communities. A growing demand for condos and townhouses led to a strong summer of sales last year (2017) across the region. The demand continues to thrive despite the longer-term average price-increase trend.
Rentals remain strong in the region due to the ever growing population with increases to rent rising as much as 38.74% on a one-bedroom apartment and 74% on two-bedrooms rentals. It’s hard to confirm what is causing such an increase in rental pricing, it could be due to a high number of high-rental units the months stats were reviewed or more likely the sign of demographic trends. “Family Orientated” homes also play a part in continuing to drive up rent at a faster pace then provincial average as well. The overall trend of rental increases and vacancy decreases over the long and short-term are consistent with an early boom phase of the real estate cycle making it a good time to buy fixer uppers to flip or to buy and hold.
Want to find investment properties in Surrey? Contact the Kelly Fry Team today!
REIN 2017 investor report
Images: Surrey Fraser Health, The City Of Surrey