If you have been to Surrey Central or driven past it lately, you probably had to take a second look, and make sure you weren’t seeing things. It is noticeably changing! Some are shocked to see the already drastic changes that have come into the city with many new high rises, mid-rises, and commercial buildings under construction and soon to be completed.
With efforts to become Surrey’s new ‘Downtown’ it is already achieving its goal by having a vibrant community and downtown feel.
The scale and growth that is currently occurring in downtown Surrey is substantial. Approximately 1,250 people are moving to Surrey every month, settling in the downtown core and surrounding neighbourhoods. The population of Surrey City Centre is expected to double to 70,000 by 2041. This would make it the second highest urban populated area in BC!
As one of the fastest growing cities in BC, Surrey is drawing attention from all directions, such as, growth of infrastructure, job creation, transit, education, opportunities to invest in real estate, recreation centres, community centres, and much more.
Growth of Infrastructure: For a well crafted community, well-grounded infrastructure is needed for a strategic plan, such as the future of Surrey’s new Downtown. Surreys vision and plan has lead to exceptional economic growth over the past decade. From 2006 to 2016, more than $13.8 billion had been invested into new construction, and over 19 million square feet of commercial and industrial space added.
Job Creation:
Surrey has the second-lowest municipal tax for businesses in the Metro Vancouver area, making downtown Surrey a prime spot for new and established companies. By 2026, the City of Surrey plans to create 36,200 direct jobs with a focus within the S.T.E.M industries, health technology, creative economy, clean technology, advanced manufacturing, film industry, education industry, and much more.
Accessibility:
Downtown Surrey is a central base for residents with 3 Expo line SkyTrain stations located within City Centre, providing direct access to Vancouver, & YVR within 40 minutes, access to major highways, and two US border crossings near by. The City of Surrey is also moving ahead with a SkyTrain extension along Fraser Highway to connect Surrey to Langley and the rest of the region.
Education For Future-Proof Careers:
Surrey City Centre is becoming a popular place for young people to study, live and hang out. It is already the home to campuses of 2 major Universities and numerous colleges including: Simon Fraser University (SFU), Kwantlen Polytechnic University (KPU), Douglas College, Sprott Shaw College, Stenberg College and more.
SFU opened its Central City Campus in 2005 and recently opened their Sustainable Energy & Environmental Engineering Building in 2019. SFU`s Surrey campus is planned to undergo 2 more phases of expansion over the coming decade, as part of a mixed-use redevelopment of the former North Surrey Recreation Centre and Surrey Central Bus Loop. This expansion will see the new Health Science Innovation, Creative Technologies, Computing Science, Business, Interactive Arts and General Study spaces, doubling the current capacity of the campus.
In addition, UBC has recently purchased $70-million property which will allow UBC to better serve thousands of its students who are already studying and training in the region. UBC already works with Fraser Health, First Nations Health Authority and the provincial government to train health students and medical residents in the Fraser Valley region.
Each year, more than 4,900 health student and medical rotations take place in hospitals, primary care settings and clinics across the Fraser Vallet, along with about 200 nursing and 100 pharmaceutical sciences students.
The acquisition of the centrally located property at King George Boulevard and Fraser Highway will also allow UBC to develop rental housing and condos in a fastgrowing region. The revenue from those assets will be put toward building academic facilities for programs and research in Surrey. That same strategy has been used for years at UBC’s Point Grey campus on the west side of Vancouver, as well as at major universities such as Harvard and Johns Hopkins.
The influx of young professionals and commercial partnerships has been fundamental in establishing downtown Surrey as the destination for research and work in the advancement of med-tech.
Opportunities To Invest In Real Estate:
Downtown Vancouver prices are almost unaffordable for those looking to invest in property, but downtown Surrey has quickly become the new favourite for good real estate investments.
Many high-rise and mid-rise developments are coming to the area, offering great opportunities for investments. With many students, and young professionals coming to the area, there will be high demand for rentals, and guaranteed appreciation as the area continues to develop and evolve over the next few years. Surrey City Centre saw the highest increase in residential real estate values within the region in the past decade.
If you are interested in living or investing in Surrey`s downtown, give us a call at 604-369-4700
