According to REIN i.e Real Estate Investment Network, Real Estate market in Surrey is all just set to outperform all other cities in BC over next 5 years. Surrey’s proximity to the transportation routes which includes ports, are situated for job growth. Also, city is attracting huge rate of businesses across many sectors that include arts, finance, health, agriculture, manufacturing, clean energy and technology.
More than 16,800 businesses are active and city saw growth in business for around 6% between 2015-2016. Between period of 2011 – 2016, population of Surrey grew by 10.% which is more than the twice of the national and provincial average. Presently, population of Surrey got exceeded by 500,000 and by year 2041, it is expected to pass on Vancouver to become a very largest city in BC. A Complete Taxation Guide to Canadian Real Estate Investing is available which guides that How to Maximize Your Real Estate Portfolio and Minimize Tax. As such, vacancy rate is falling down in the city and it will get continues which lead to tightness in supply.
As per report, main conclusion for the strategic investors from all of these key drivers is that Surrey is an amazing and a unique combination of a growing city in Real Estate market in Surrey with diverse economy which is affordable as compared with rest of the Vancouver region.
Abbotsford is on the 2nd position which is being followed by Kamloops, Victoria and New Westminster. Vancouver is on the 10th place
Don Campbell, a Senior Analyst at REIN said that the province is entering “new era” in terms of opportunities in real estate investments, that is with increasing demand and limited supply that drives from the market.
He also said that affordability is challenging the hurdles for number of buyers in Real Estate market in Surrey which have to overcome that. A Little Book of Real Estate Investing in Canada is also available which helps to know more about investment in Canada. According to this report, relative affordability get exists and regions will continue to see an upgrade growth of high values.
“Most of the poeple think that these cities are in the ‘boom’ period of cycle, number of possibilities exist in those areas where upside of rising real estate markets remain same.”
The top 10 B.C. cities for housing market potential over the next five years, are, according to the report:
4. Tri-Cities: Coquitlam, Port Coquitlam and Port Moody
9. New Westminster