The city of Surrey is on the move. Its explosive growth can be pinpointed to the development happening in the City Centre—from the new City Hall to the Central Library and Plaza to the development of the tallest building south of the Fraser, 3 Civic Plaza. With all this excitement, it's no wonder why Surrey has become an economic generator for the region.
As the city grows, maintaining and improving the quality of life for people who live and work in Surrey remains the top priority for the city council. Committed to ensuring that growth is balanced with sustainability to ensure our neighbourhoods remain vibrant and civic centres are in place to service Surrey locals as well as the business community.
When it comes to deciding on the location to invest your money in real estate, there are so many variables to think about. From the rate of population growth to the amenities available to property taxes, there are many stones that need to be unturned. Here are the top 5 reason why you should be investing in Surrey real estate today:
1. Fastest Growing Municipality In BC
Surrey is currently the second largest city in BC, is the 12th largest in Canada, and accommodates close to 20% of Metro Vancouver's population. With its rapidly growing population, which averages between 800 and 1,000 new residents each month, Surrey will soon have the largest metro population in the region.
Not only is the population rapidly growing, but is also a very young population with many families moving into the area. This growing population is great news for Surrey's expanding workforce and infrastructure. Surrey is seeing a tremendous amount of growth in small, local businesses as well as start-ups, bringing a revitalized innovation to the job market. In addition, Surrey holds approximately 46% of Metro Vancouver's vacant industrial land is located in Surrey, with 500 acres of development available.
2. Well Connected
Connected by Skytrain, car, boat, or plane, Surrey locals are only moments away from the U.S. Border, the Vancouver International Airport, and the second busiest ports in North America, the Fraser Surrey Dock.
Surrey is all about commuting options and finding a smarter way to get to where you need to be, whether it's walking, biking, roller blading, or public transit. The city is currently advocating to start now on building a Light Rail Transit (LRT) network to link communities south of the Fraser. This network will service three lines:
- City Centre to Guildford, along 104 Avenue with a connection to Highway 1
- City Centre to Newton, along King George Boulevard, with the opportunity to extend further south in the future
- City Centre to Langley, passing through Fleetwood via the Fraser Highway
3. Build Surrey Program
The Build Surrey Program is a multi-million dollar program designed to streamline the approval processes to encourage developers to build out the community. The project will feature new capital projects such as recreational centres, artificial turf fields, walking and cycling trails, new parkland, as well as new police and fire facilities. The program expands past the limits of the City Centre, extending to community development in Cloverdale, Fleetwood, Guildford, Newton, North Surrey, and South Surrey.
Surrey is already seeing fantastic results from the program, including the 75,000 square-foot award-winning library, the covered outdoor youth park, the Chuck Bailey Recreation Centre, and a new senior's space.
4. Corporate Migration
Surrey has the lowest property taxes and the second-lowest business taxes in Metro Vancouver, which helps to explain why so many companies are choosing to relocate to the City Centre. Over the past few years, Surrey has seen an increasing number of regional and head offices move to the area, including Price Waterhouse Coopers, Macquarie Hunter, Citizenship & Immigration, and Fraser Valley Health to name a few.
The City of Surrey has additionally announced their commitment to building a positive business environment that encourages growth within its local community. Since 2009, the Business Outreach Program has helped new and existing local companies develop and grow, including fostering the growing start-up community that is on the rise.
5. Award Winning City
Over the past decade, Surrey has seen outstanding growth and development, catching the eye of many notable parties. MacLean's Magazine awarded Surrey the title of 3rd best run city in Canada for its educated and growing workforce, tax incentives, and ideal location.
Surrey has received additional top honours such as being awarded the number one place to invest in BC by the Real Estate Investment Network as well as the number one title for Western Canada by the Western Investor Group.
The thriving business community getting some well-deserved attention, labeled as B.C.'s "Start-up City" by the BC Business Set, believing that Surrey is on the way to becoming Western Canada's next great creative city.
With the introduction of the Simon Fraser University - Surrey Campus in 2002, Surrey has become a hub for higher learning. The school has been named one of the world's top 200 universities and number one in the South Fraser region.
Bonus: Tax Benefits! Surrey has the lowest property taxes and the second-lowest business taxes in Metro Vancouver
Looking for more information about investing in Surrey real estate today? Contact the team at Jag Sidhu Professional Real Estate or call 604.783.3669 to start your home search today!