The Surrey building boom is in full swing. As mentioned in Daily Hive the other day, there was a record $2.3B worth of building permits approved by the municipality of Surrey in 2019. That number includes residential, commercial, and industrial building permits.
“The economic confidence in Surrey has reached new heights and breaking the $2 billion mark in building permits is uncharted territory for our city,” said Surrey mayor Doug McCallum.
Residential permits were actually down slightly from 2018, but still near record highs. However, that won’t slow the number of new homes coming to market soon. As of December 2019, there are 5579 housing units under construction in Surrey.
Adding to that, we should expect to see housing starts remain fairly robust, assuming several large high-rise condo towers get off the ground. There remains quite a few unsold units though, potentially delaying the construction of these projects. There are clear signs of price sensitivity above $800/sqft.