A quick Craigslist/MLS search will show you an insignificant amount of available rental and ownership housing options along Surrey's Scott Road and 72 Avenue corridors, one of the regions most busiest Frequent Transit Networks.
"The FTN is a network of major corridors throughout Metro Vancouver where transit service runs at least every 15 minutes in both directions throughout the day and into the evening, every day of the week. The Corridor is currently serviced by several bus routes, including the 319 (Scott Road/72 Avenue), which is the FTN service route."
As population South of the Fraser continues to experience explosive growth, the neighbourhoods adjacent to these corridors have become some of the most popular for new students and immigrants to settle.
The proximity to frequent transit networks connecting to the rest of the region, retail (e.g. Strawberry Hill Shopping Centre and other ethnically-diverse retail amenities along these corridors), post-secondary schools (e.g. Kwantlen Polytechnic University), employment nodes (e.g. Newton industrial lands) and the city's main form of affordable rental housing supply (basement suites in single-family neighbourhoods) has contributed to increased demand for housing in these areas.
New multi-family housing development along these busy corridors has been underserved over the years. In 2019, RioCan REIT - the owner of Strawberry Hill Shopping Centre - submitted a development application for a 6-storey, 123 unit building on its property. For most in the neighbourhood, this was an obvious and much-welcomed application.
Support from the mom & pop investor community has also been strong, underscored by the extremely successful pre-sales of the few residential condominium projects that have been brought to market in recent years.
Throughout the region, corridors such as Scott Rd & 72 Avenue have become focal points in the density conversation. The City of Vancouver's recently approved Secured Rental Policy for Low Density Areas provides a great example of increased density options along arterials. The City of Vancouver now allows for up to 6-storey rental buildings fronting major arterials, and up to 4-storeys on streets located just off the arterials.
Notes from the April 11 Corporate Report:
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The OCP outlines objectives and policies to encourage transit-oriented development along FTN corridors, including the intent to undertake transit-supportive secondary land use plans. The intent focuses on creating compact, complete urban neighbourhoods with higher density mixed uses that align with and support frequent transit service.
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The Corridor is subject to ongoing population, employment, and institutional growth. This growth, along with the existing FTN designation and the OCP’s supportive policies, emphasize the need for a land use planning review along the Corridor.
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The Corridor already contains a diverse mix of employment and residential uses within several established neighbourhoods, as well as business park and industrial uses within the South Westminster area.
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New land use plans will need to be established for the Scott Road portions of the Corridor, as well as potentially the area around Kwantlen Polytechnic University along 72 Avenue.
