Surrey is the fastest-growing metro centre in B.C., and its young population – 22 per cent of B.C. births are now in Surrey – is gunning to claim the title of the province’s biggest city within a generation.
The population gap between Surrey and Vancouver will narrow to 100,000 people within three years and will be non-existent by 2040, according to a report Michael Heeney, president and CEO of the Surrey City Development Corp. (SCDC), presented September 13 at an event sponsored by the Real Estate Institute of British Columbia.
Vancouver Real Estate News, Market Updates, Insider Tips, Stats, & Analysis
The pace could be even quicker, based on the number of people moving south across the Fraser River to find work and affordable housing in the city of 518,000. The SCDC study showed that Surrey posted an 11 per cent population growth between 2011 and 2016, compared with 6.5 per cent in Vancouver and 6 per cent in Metro Vancouver. In the same period, Surrey’s employment growth was 51 per cent, compared with 7.2 per cent in Metro Vancouver.
The home price gap is just as revealing. In August, for instance, 229 detached houses were listed for sale in Surrey-Delta for $1 million or less, compared with just one in Vancouver. There were two-dozen in North Surrey alone, according to data from the Fraser Valley Real Estate Board.