{"id":582,"date":"2016-01-12T09:15:49","date_gmt":"2016-01-12T17:15:49","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=582"},"modified":"2016-01-12T09:16:17","modified_gmt":"2016-01-12T17:16:17","slug":"surrey-leads-single-family-home-construction-growth","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/01\/surrey-leads-single-family-home-construction-growth\/","title":{"rendered":"Surrey Leads Single-Family Home Construction Growth"},"content":{"rendered":"<p style=\"text-align: justify;\">The City of Surrey is now leading the way in new single-family detached home construction in the Lower Mainland, according to BC Assessment data released last week.<\/p>\n<p style=\"text-align: justify;\">There were approximately 83,600 new homes built in Surrey in 2015 compared with Vancouver\u2019s roughly 81,000.<\/p>\n<p style=\"text-align: justify;\">Surrey also surpassed Vancouver in all types of new properties being built, including strata, single-family detached homes and commercial\/industrial properties.<\/p>\n<p style=\"text-align: justify;\">The only municipality to outpace Surrey in terms of overall new property growth was Burnaby.<\/p>\n<p style=\"text-align: justify;\">Brian Smith, BC Assessment\u2019s deputy assessor for the Fraser Valley region, said four municipalities are leading the charge when it comes to breaking ground on new property: Richmond, Surrey, Vancouver and Burnaby.<\/p>\n<p style=\"text-align: justify;\">\u201cThose four cities have seen the most in the past few years, with Surrey leading the way over the past five years in folio growth for all property types,\u201d Smith said. \u201cIt\u2019s a growing community; there has been around $10 billion worth of new construction [in Surrey] in the past five years. And the market for single-family homes keeps going up steadily, some pockets even more aggressively in their percentage increases.\u201d<\/p>\n<p style=\"text-align: justify;\">Smith said affordability is the main market driver.<\/p>\n<p style=\"text-align: justify;\">\u201cSurrey is definitely becoming the alternative for those people who still want to own that single-family dwelling. We\u2019re finding properties on the west side of the Fraser River are becoming increasingly more unaffordable, with many neighbourhoods having an average sale price at that million-dollar mark.\u201d<\/p>\n<p style=\"text-align: justify;\">Tony Pontaletta, a realtor who runs Pontaletta Group through Re\/Max Treeland Realty with his brother Vince, said the Surrey area is seeing a lot of new development in all categories.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s definitely a hotbed,\u201d Pontaletta said. \u201cThere are a number of different factors. With the dollar we\u2019re getting a lot of buyers now from the [United] States. We\u2019re getting buyers from Calgary because of the economy \u2013 the ones that have been able to get out of their houses. So we\u2019re getting people from everywhere and there just doesn\u2019t seem to be a variable working against us.\u201d<\/p>\n<p style=\"text-align: justify;\">But many real estate agents in the Fraser Valley have concerns about the rapid growth.<\/p>\n<p style=\"text-align: justify;\">Rick Dubord, a Cloverdale-based real estate agent who\u2019s been working in the area since 1973, said in a March 2015 interview with Business in Vancouver that the City of Surrey is addicted to the tax dollars it reaps from residential development, with little regard for sustainability.<\/p>\n<p style=\"text-align: justify;\">\u201cThey\u2019re wanting the population to grow because they\u2019re needing the revenue,\u201d Dubord said. \u201cSo are we equipped for it? Certainly not. Not when you consider all the services, no, not at all.\u201d<\/p>\n<p style=\"text-align: justify;\">Pontaletta said most areas in Surrey are growing sustainably, but there are a few pockets where development has gotten out of hand.<\/p>\n<p style=\"text-align: justify;\">\u201cI\u2019m finding in some areas everything\u2019s getting built so fast, there\u2019s not that proper split when it comes to things like school catchments,\u201d he added. \u201cSo some of the areas are being built up too fast and people aren\u2019t really stepping aside to think about where they might need an extra school or park to go in as well.\u201d<\/p>\n<p style=\"text-align: justify;\">Part of the reason Surrey is leading the region\u2019s housing markets is that it has a lot of land ripe for development, Smith said. He noted Richmond, where assessment values jumped as high as 20% for 2016 in some areas, doesn\u2019t have the land availability that Surrey does.<\/p>\n<p style=\"text-align: justify;\"><strong>Southeast Uplands tops Surrey assessment values<\/strong><\/p>\n<p style=\"text-align: justify;\">Within the city, average assessments for single-family detached homes jumped the highest in the Central Surrey area (16%), where the average home price increased to $592,000 from $535,000.<\/p>\n<p style=\"text-align: justify;\">The top three most expensive properties in BC Assessment\u2019s Fraser Valley jurisdiction (which includes Richmond, Delta, Surrey, Langley, Abbotsford, Pitt Meadows, Maple Ridge, White Rock and Tsawwassen First Nations land) were all in Surrey.<\/p>\n<p style=\"text-align: justify;\">The first two are in the Southeast Uplands area : 17146 20 Avenue ($16,148,000) and 2514 180 Street ($12,200,000); the third is in the Ocean Park area : 2021 180 Street ($11,935,000).<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2016\/1\/surrey-leads-single-family-home-construction-growt\/\" target=\"_blank\">Surrey Leads Single-Family Home Construction Growth<\/a> by Patrick Blennerhassett | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The City of Surrey is now leading the way in new single-family detached home construction in the Lower Mainland, according to BC Assessment data released last week. There were approximately &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/01\/surrey-leads-single-family-home-construction-growth\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-582","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Surrey Leads Single-Family Home Construction Growth &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/01\/surrey-leads-single-family-home-construction-growth\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Surrey Leads Single-Family Home Construction Growth &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The City of Surrey is now leading the way in new single-family detached home construction in the Lower Mainland, according to BC Assessment data released last week. 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