Surrey City Centre is arguably one of the most exciting urban centres under development in Metro Vancouver, and perhaps even in Canada. As someone who considers themselves highly engaged in various mega real estate projects across the region, there is no other "downtown core" experiencing the same level of investment as City Centre, driven by all levels of government and institutional buy-in.
With its growing university presence, strong transit connections, youthful population (nearly 25% under 19, according to the 2021 census), and relatively affordable homeownership compared to other Metro Vancouver cities, the City Centre neighbourhood is on a strong growth trajectory.
A key decision made in the early 2000s by then-Mayor Dianne Watts was to relocate Surrey City Hall from its former location in Newton to the Whalley neighbourhood in North Surrey, with the aim of establishing a SkyTrain-connected downtown core. This game changing decision shifted the trajectory of the Whalley neighbourhood into what it is today, a growing urban, transit-orientated metropolis supported by a growing University precinct.
Coupled with the decision to relocated City Hall to the cities most northern edge, the city was able to partner and convince Simon Fraser University to open a landmark campus south of the Fraser, an investment that ushered in the next phase of residential development for this city.
Metro Vancouver Developers Pave the Way for Continued Growth
As new investment poured into the City Centre, the private sector followed suit. The City has so far delivered on its vision for the downtown core, promising continued economic growth and investment from various stakeholders. Surrey City Centre has been growing at an immense pace since the 2010s, with some of the region's largest real estate developers purchasing property in the downtown core and planning to grow alongside the city's ambitions. Some of these initial developers include Anthem Properties, PCI, Bosa Properties, Concord Pacific, Century Group, Adera, Porte Homes, Zenterra Developments, and others.
As the next phase of City Centre comes to fruition, other leading development companies have also laid claim to prime development land in the core area, such as Marcon Developments, Wesgroup Properties, and Onni. With so many of the region's most reputable developers investing in the neighborhood, there is a palpable excitement in the city, as this will ultimately lead to an expanded urban experience over time.
Government and Institutional Investment
Metro Vancouver developers seek opportunities in communities where they see continued growth. Affordability aside, the amount of investment being committed at both the institutional and civic levels is enviable. The City of Surrey has done an incredible job attracting the best post-secondary institutions to the City Centre neighborhood. Simon Fraser University will continue its expansion in the downtown core with the opening of Western Canada's first medical school in 50 years. SFU Medical will welcome its first class in 2026 and will move into its new permanent home in 2030, upon the completion of the first phase of Centre Block. This 1.56-million-square-foot commercial development will anchor the downtown core's economic engine, bringing thousands of jobs over the years.
Coupled with the continued expansion of SFU is the presence of Kwantlen Polytechnic University and the future UBC Surrey Campus. UBC has quietly assembled 5 acres of land along King George Boulevard, and initial plans indicate that the university is planning for at least 500,000 square feet of academic and research space alone. At build out, it anticipates nearly 10,000 students on campus.
Investors Seek Long Term Opportunities in Presale
As has been the case across the globe post-COVID, investment markets have remained tepid as the world continues to deal with the short- to medium-term effects of economic remedies aimed at ensuring our world continued to move forward beyond the pandemic. In hindsight, I personally believe there were no real options at the time other than to prioritize everyone's safety and economic prosperity. With this mindset, I remain optimistic about the future. Although it may feel at times that the world is in an uncontrollable spiral, history proves that humans find a way to grow towards something better.
That being said, I'm a firm believer that the region is on a positive trajectory. During times of crisis, we are all forced to think outside the box. As is the case today with the lack of new home supply being brought to market, it is forcing governments to look inward and find solutions that they may not have been so open to before.
Much can be said about the shortfalls of governments and policies, but the average person, such as myself, needs to focus only on what is within our control. The rest is noise.
From a real estate investment perspective, I look for presale opportunities in areas that offer long-term growth and appreciation for my clients. Surrey City Centre, to me, is one of those areas within the region that does so. There is no other area in the region experiencing this level of investment, ultimately driving the city into a new era of living.
Coupled with the $6 billion, 16-km SkyTrain extension to Langley, the City Centre neighbourhood is well on its way to becoming Metro Vancouver's second downtown.
Long-term investors across Metro Vancouver have seen firsthand how real estate values can rise over time in areas undergoing significant development, which is why it’s no surprise that many are now focusing on City Centre. From the transformation of Vancouver's Cambie Corridor with the Canada Line extension, to the growth of Metrotown in Burnaby over the past two decades, and Coquitlam's Burquitlam neighbourhood driven by the extension of the Expo and Evergreen Lines, real estate tends to appreciate when driven by key catalysts. These catalysts propel property values forward, and City Centre has no shortage of them.
