Recent census data underscores this appeal, revealing that Surrey boasts a higher average of 3 and 4-person occupied homes compared to the rest of Metro Vancouver. The combination of spacious living options and pocket-friendly prices makes the city a magnet for growing families.
A younger crowd.
The affordability of Surrey doesn't just appeal to families. The city's growing charm has attracted young buyers in droves. With the steady influx of people, the demand for services and amenities has skyrocketed.
The millennial cohort, the fastest-growing generation in Canada, finds Surrey particularly enticing. The age group of 25-40 in Surrey is expanding at an astounding pace, outstripping the national average. To be precise, the millennial populace grew by 15.8% between 2016 and 2021. In numbers, this translates to 123,190 millennials (or 21.7%) of Surrey's population in 2021, a significant uptick from 20.5% (106,350) in 2016.
Over the past two decades, Surrey has experienced a dramatic metamorphosis. This change has been ushered in by pivotal economic investments and trailblazing real estate developments, with notable contributions from the expansion of Simon Fraser University (SFU) and the Surrey Memorial Hospital.
The recent announcement of the University of British Columbia (UBC) marking its territory in Surrey, by procuring a $70 million piece of land near the Surrey Memorial Hospital, is a testament to the city's potential. This strategic move augments the burgeoning science and technology industry within Surrey’s Innovation Corridor. Collaborations between local enterprises, Surrey Memorial Hospital, SFU, and UBC are set to invigorate the local ecosystem.
Adding to the city's allure are the brand-new state-of-the-art library and the contemporary city hall. No matter where you look, there’s something to be excited about in this growing metropolis.
Getting there faster.
As Surrey’s demographics swell, so does the need for efficient transit solutions. And there’s a plan for that, too.
With Surrey and Langley projected to welcome 400,000 residents in the upcoming 30 years, there's evident pressure mounting on transportation infrastructure. To address this, plans are afoot to stretch the SkyTrain transit system from King George station in Surrey to Langley Centre. This 16km extension along Fraser Highway, punctuated with 8 new stations, is aimed at facilitating smoother commutes, reducing car dependency and fostering sustainable urban living.
Don’t be surprised to see future land use plans that are geared towards championing transit-oriented developments, further accentuating the region's connectivity.
All roads lead to more housing.
Surrey's evolution into an economic powerhouse has captured the keen interest of real estate developers in the province. The City Centre is alive with activity, as illustrated by the new and planned mixed-use residential projects springing up. With the city witnessing many consecutive years of unparalleled construction activity, there's no doubting its appeal.
Esteemed developers like Anthem and Concord Pacific are pouring their expertise into sculpting vast tracts of land around the SkyTrain stations. These projects encompass high-end residential spaces, plush amenities, expansive park areas, and many retail and commercial spaces. As Karan Kundhal highlighted in Season One of RealTours, “There’s lots of buildings going up, low-rise, high-rise, townhouses - it’s growing every year.”
With its strategic location and a blend of incentives, Surrey is rapidly transforming from a suburban community into a bustling, high-density urban hub.
A great place to call home.
Surrey offers a blend that's hard to resist, be it the allure of affordable living, advanced amenities or seamless connectivity. Above all, Surrey’s constant plans to reinvest in itself have made it not just a lucrative investment opportunity but also a wonderful place to call home.