Surrey has reached a lot of its potential and has much more room to grow in terms of real estate.
Surrey is the province's second-largest by population after Vancouver and the third largest by area after Abbotsford and Prince George. With an estimated population of 517,887, it’s clear that people are continuously attracted to living in Surrey.
A report by the Real Estate Investment Network (REIN) on November 5th, 2017 said that in the next five years, the housing market in Surrey is set to outperform all other cities in British Columbia.
The report highlighted that Surrey’s accessibility to major transit routes puts it in a great position for job growth. The city is attracting businesses across many sectors, including technology, clean energy, manufacturing, agriculture, health, finance and the arts.
Additional statistics back up the fact that Surrey is the city of the future in BC. Between 2011 and 2016, Surrey’s population grew 10.6% – more than twice the provincial and national average.
By 2041, it is expected to surpass Vancouver to become the largest city in B.C.
Investors and interested buyers are having to deal with a completely new housing market that has many people looking well outside of Vancouver. Surrey offers up a much cheaper option for many buyers and a diverse economy that continues to grow rapidly into the future.
According to the report, the top 10 B.C. cities for housing market potential over the next five years, are:
3. New Westminster
8. Tri-Cities: Coquitlam, Port Coquitlam and Port Moody
Vancouver continues to see house prices increase and as a result, families and many young people are being forced out. However, there are many markets to explore and get more bang for you dollar.
Featured photo: City of Surrey / Facebook