Quote:
Originally Posted by Spr0ckets
Maybe the Skytrain line extension east will help spur along things?
Or perhaps it could change it for the other direction?
(and drive more development and interest past Surrey rather than in it, making it a sort of "flyover" city of sorts)
It is indeed curious how the Skytrain has accelerated development in other municipalities (Brentwood, Coquitlam, Richmond) but hasn't seen the same commensurate expected development one would expect in the second most populated area in the GVA.
Could it really be a case where its reputation (fairly earned or not) is actually a driver and push factor inhibiting the same kind of interest that other areas get?
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The key thing people are forgetting is Surrey at its core is rural not urban. The urban has only come recently quite honestly. The vast majority, read that as 95%+ of development every year that goes on in Surrey is nowhere near the core.
And that's because it has so much land. If you want to buy a house, 99% of people in Metro Vancouver could never buy a house in Vancouver, North Van, West Van, Richmond, Coquitlam, Burnaby, heck even New Westminster. If you want to buy a townhouse, many of these cities are also very much out of reach of the vast majority of people living in Metro Vancouver. My wife and I looked at buying a townhouse in Vancouver close to Oakridge 7 years ago and it would have cost us $1.1 million. Instead we bought our townhouse in Surrey Central which we are still in today which is 100 sq. feet larger than the one in Oakridge and actually closer to amenities like shopping, SkyTrain, etc., for $360,000. That is what people are buying in Surrey right now. I could buy 3 x townhouses 7 years ago in Surrey for 1 in Vancouver.
So anyone wanting a house or a townhouse looks to Surrey, Maple Ridge, Langley, and outward. Given Surrey still has large swaths of land, it is more cost effective from a return on investment, for developers to focus nearly entirely on pushing out new townhouse complexes and single family row homes everywhere.
A condo in Surrey takes about 2 to 4 weeks to sell on average. A townhouse/house takes about 2 days. The demand is still just not there for the urban aspect compared to other cities other than maybe Coquitlam which is mad frantically building up Burke mountain and taking down all the trees they can to try and keep both hands in the same pie. The other cities above are just basically out of land so it is all re-development which is not as quick.
The final item that has always hurt Surrey is lower land values in general even in Central Surrey. Up until very recently (when Dianne Watts took over as Mayor), developers could not recover the costs of building a high-rise versus what they could sell units for due to land values. Under DW, land values finally reached a point where now it is more economical and they can actually get an OK return on investment.
It is still not outstanding though which is why it seems every major project in Surrey is phase 1 of 238 to be built over 20 years. That's because developers want to build a bunch of high rises, but they want to build them over a LONG period of time so later phases benefit from increased land value. In certain areas like King George, we're now reaching a decent critical mass so we are seeing an acceleration, and Surrey Central (around SC skytrain) is pretty much at the same point. But most of the rest of Surrey Central (which someone pointed out is fairly large) is not quite at that massive multiple redevelopment all at once stage. And certainly not at the return on investment developers get by buying 5 acres in South Surrey to tear down 5 old houses and build 500 townhouses for a many thousand percentage return on investment.
Not like you get in Coquitlam Center, Brentwood, Oak Ridge, etc., where it is more beneficial to developers to build everything as quickly as possible.
So long story short, Surrey is still an infant and basically what Vancouver was in the 1930s I'd say. We have a long way to go and many of the other regional centers had a lot of legs up against Surrey, its history, its present, and its geography.
Abii you mentioned you spent 1 to 1.5 hours in Surrey. You didn't. You spent 1 to 1.5 hours in Surrey Central which makes up about 5% of the land mass of Surrey. That's what most people that don't live here do. I can guarantee you that a large portion of Surrey itself is not dumpy when you get outside the core, because again the primary focus of development is not in the core. It is increasing but it is not primary. You go to South Surrey and you find houses that put some in West Vancouver to shame with very clean neighborhoods. You go to Clayton and you find brand new row houses everywhere with families, clean streets, and brand new schools and playgrounds. So be careful painting an entire city with the same brush just like I can't judge Richmond as a whole by only visiting Steveston or New Westminster for only visiting Queensborough Landing.
Heck you spend 1 to 1.5 hours around Main and Hastings in Vancouver and you'll get a very different impression of Vancouver compared to if you spent 1 to 1.5 hours at Jericho Beach or Point Grey.