In response to high prices in the Vancouver real estate market, the BC government has ordered the city of Surrey to build 27,000 additional housing units by 2029.
The move is part of a 20-city strategy to increase housing supply across B.C. to address the housing shortage in the Greater Vancouver area and respond to a rapidly growing population.
For reference, there are 314 new home communities planned, under construction or recently completed in Surrey.
Of these, 199 condominium communities and 162 townhouse communities are included, with a large number of new sales clustered around Surrey Central.
Changes in the housing market
The order to build 27,000 new homes will transform Surrey’s housing market:
- Increased housing supply: More people can find a place to live as the supply of housing increases, and the associated infrastructure can attract more people.
- Price stabilization: Increased housing supply is likely to stabilize prices.
- More opportunities for first-time homebuyers and renters: Builder incentives, coupled with demand matching the growing supply of housing, will likely result in more opportunities for first-time homebuyers and renters.
More information on the Property Transfer Tax and First Time Homebuyer Stamp Duty Relief can be found in a separate post by clicking here.
Recently, various measures have been taken to combat the high prices and rising rents in the Canadian real estate market.
Hopefully, this will help stabilize housing prices as the number of homes increases.