Yorkton on 108th Condo Development,  Surrey BC

 


Yorkton On 108th

 

Yorkton on 108th is a proposed luxury condominium development project strategically located in the bustling City Centre of Surrey, BC.

 

The subject land parcel is currently in the pre-development stages. Two 6 storey wood frame buildings are planned for the site with approximately 183 total units including a majority of 1-bedroom units, plus 2- bedroom units, and 2-bedroom plus den units priced from the $300,000’s.

 

The project is located within the Surrey City Centre Official Community Plan (OCP) subject area with nearby amenities including Guildford Town Centre, Guildford Park Secondary School, Surrey Memorial Hospital, and Central City Shopping Centre.

 

Limited partnership subscription opportunities are currently available for this project which is marketed by Cape Cove Financial Management Inc., an exempt market dealer.

 

Note: The images shown are artist renderings of the proposed design, and are subject to change.

 

For further information, please contact Reg Liyanage at 780-907-5263 or email: reg.liyanage@yorktongroup.com.

 

 


Surrey, BC Quick Facts:

Surrey is part of Greater Vancouver, the largest city by area in British Columbia & 2nd largest by population.

Only 25 minute drive to Richmond & 40 minutes to Vancouver City Center.

Affordable Property Prices – still 30%+ cheaper than Vancouver.

Diversified Developing Economies including manufacturing, clean tech, health tech, agricultural innovation & creative economy.

“Top British Columbia Investment Towns” – the Real Estate Investment Network (REIN).


Surrey Outlook

Surrey has proposed a $5 billion investment into smart municipal infrastructure over the next 10 years, and the creation of more than 40,000 new jobs.

Strong population in-migration into Surrey from other Canadian provinces, and around the world is expected to continue for the foreseeable future, given current and historical trends.

The availability of large tracts of land in Surrey for development, large inflows of capital, strong population growth, youthful population, visionary political leadership, and its vicinity and strategic location in the Vancouver metropolitan area, sets the stage for strong economic growth, and a vibrant real estate market well into the future.


Demographic Overview

 Land Area

  • At 317.2 square kilometers, Surrey is the largest city in Metro Vancouver and has approximately 46% of Metro Vancouver’s total mixed employment land.
  • There are 8 business parks in Surrey, giving it a competitive corporate advantage.
  • Excellent transportation infrastructure including the Sky Train

Population Growth

  • 539,651 residents currently live in Surrey (2018 census)
  • Surrey is one of the fastest growing cities in Canada and is projected to surpass Vancouver’s population within the next 20 years.
  • By 2046, it is estimated 1 in 4 Metro Vancouver residents will live in Surrey
  • Surrey is now the second largest city in British Columbia, and is expected to become the largest.
  • Surrey has had an average annual growth rate of 2% per year over the last 10 years.
  • Surrey’s overall population has grown by over 89,100 residents in the last 10 years, with over 1300 people moving into the City each month.
  • Surrey’s population is projected to further increase by over 300,000 people in the next three decades.
  • Accounts for more than 30% of the region’s growth in terms of population, as well as in commercial and industrial development.
  • Surrey City Centre has had the highest annual growth rate, averaging 2.73% over the last 10 years
  • It is projected that by 2034 the population in City Centre will reach approximately 50,000 and 65,000 by 2044
  • Surrey is increasingly drawing talent from across the region and beyond to fuel its economic growth. This is being driven by the rapid influx of people from immigration as well as from in-migration from surrounding rural population centers.

 

(Source: City of Surrey and The City of Surrey Economic Strategy 2017-2027)


Housing

  • There were over 20,000 housing starts in Surrey in the last 5 years.
  • Additionally, this year there have been over 2800 residential units built as of August, 2018.

 


Business Activity

  • 3000 new businesses were added in 2016. On average, Surrey adds 2000 new businesses each year.
  • Over $13.7 billion of new construction has been completed in Surrey during the last 10 years. Over 19 million square feet of commercial and industrial floor space was added during that time.
  • Surrey has benefited from more than $5 billion of commercial, industrial, and residential construction in just the last 5 years.
  • 2nd lowest municipal tax for business in Metro Vancouver
  • It is estimated that the number of jobs in City Centre will increase from 23,584 to 38,000 over the next 30 years

 

(Source: City of Surrey and The City of Surrey Economic Strategy 2017-2027)


Global Connectivity

  • Two international airports within 45 minutes
  • Home to the largest multipurpose marine terminal on the West Coast of North America with convenient access to Port Metro Vancouver
  • Direct access to major north south, east west highways
  • Two international US border crossings
  • 40 minute commute to Vancouver by Sky Train

 

(Source: City of Surrey and The City of Surrey Economic Strategy 2017-2027)


 

Secondary Education

  • Surrey is home to 3 different universities.
  • Simon Fraser University (SFU) has over 7000 students and is consistently ranked as one of Canada’s top research universities.
  • Kwantlen Polytechnic University (KPU) has the 2nd largest business school in western Canada.
  • The University of British Columbia (UBC) has a teaching hospital facility on site at Surrey Memorial Hospital with 70 to 120 Faculty of Medicine students training each month

 

(Source: City of Surrey)


Vancouver Real Estate Market to Remain Robust

  • Demographics: Millennials are entering the housing market, and Baby Boomers aren’t downsizing.
  • Jobs: Vancouver and Toronto accounted for all of Canada’s net job growth in the past year, accounting for a one out of four jobs in the nation.
  • Urbanization: Canada’s economy is shifting away from manufacturing to service-based businesses concentrated in Toronto and Vancouver.