Quote:
Originally Posted by Alex Mackinnon
That may be true, but it's also true that developments in Surrey are the first on the chopping block when markets slow because the margins are lower.
For reference, Vancouver had almost 3x as many housing compared to Surrey last year and Burnaby had 1.5x as many.
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Don't fall into the statistic trap. 2016 Surrey added roughly 3500 housing units. Vancouver was 5500 or so or a bit more. Not 3x (this is from their own websites) but still more.
But here is where you get "trapped" by statistics. The majority of development in Vancouver are condos of 1 or 2 bedroom. So on average a housing unit = 1.5 population conservatively. In Surrey, the majority of the 3500 units were 3+ bedroom townhouses or row-houses so at least 2.5 population average given it is typically families of 2 or more.
So if we go 1.5 per unit x 5500 = 8250 potential people
If we then go 2.5 x 3500 = 8750 potential people so more than Vancouver
Don't JUST go by housing numbers. It is easy for Vancouver for example to throw out "2.8 billion in development permits" or "6000 housing units" but at the end of the day when you're talking about population growth it is how many people per housing unit you're growing by.
The stats from 2011 -> 2016 show very clearly that on average there are more physical human beings per housing unit in Surrey than in Vancouver or Burnaby or other cities. So count is not the whole story.
With respect to high-rises though, you are absolutely correct. Market conditions are still such that a condo project in Vancouver, Burnaby or even Richmond is likely higher a priority for a developer than one in Surrey. That is changing but it certainly the case I agree 100%.
But statistically the cast majority of "residential units" being built in Surrey are townhouses or multi-person dwellings, 3+ bedrooms. That's not the case in most other cities with the exception of some of the other suburbs like Langley, Abbotsford, Coquitlam, and Maple Ridge.