Surpassing Vancouver and all other lower mainland real estate communities, Surrey is once again ranked as the top area for British Columbia real estate investment, as reported by the Real Estate Investment Network (REIN). In fact, Surrey has topped this list for the fourth year in a row, while Vancouver fell off the list for the first time in five years.
This ranking was reviewed in REIN’s 2013 report on BC’s 10 best investment towns. The report is released annually and takes into consideration, factors like location, population, income, market trends, economics, infrastructure, and political landscape. REIN also cites research methods that include analysis of the latest statistics, economic and social trends, and on-the-ground reports from REIN’s research staff and members, including reports from organizations like the Canadian Mortgage and Housing Corporation, Statistics Canada, MLS®, Canadian Home Builders Association, city and regional real estate boards, and local economic development offices. REIN is Canada’s leading resource center for real estate investors.
The primary reasons Surrey is a great place for real estate investors who intend to rent their properties for revenue are population growth, job growth, and affordable real estate, while Vancouver is said to have dropped of this list because of its more expensive real estate prices.
Surrey is on track to become British Columbia’s largest city, as its population currently exceeds half a million with expectations to expand to 740,000 by 2041, which will substantially increase demand for rental units in the Surrey and South Surrey areas.
Another factor that influences Surrey real estate is the expanded 10-lane Port Mann bridge, which makes commuting faster and easier, as well as the new South Fraser Perimeter road, which is ready to serve companies in the transportation and distribution industries. Additional projects nearing completion include the Surrey Memorial Hospital expansion, and work to the city hall and civic plaza. New developments are also on the upswing, with Century Group’s