Surrey's real estate market is on a tear.
The city is set to outperform other B.C. cities over the next three to five years in terms of real estate investment.
That's the word from the Real Estate Investment Network (REIN), the country's leading real estate research organization. Its latest report, Top British Columbia Investment Towns 2011, ranks Surrey No. 1 out of hundreds of cities and towns in B.C.
"I'm certainly honoured to receive that distinction for the city," Surrey Mayor Dianne Watts said.
Vancouver sits at 11th spot.
Watts noted that REIN's findings were based on "significant" criteria.
"We hit the mark on each one. We're on the right track, doing the right things and making the right decisions."
REIN considered factors such as the pace of growth and whether infrastructure and the employment rate are keeping up. It also looked at whether Surrey will benefit from an economic or real estate "ripple effect," if its politicians have fostered an atmosphere friendly to economic growth, and if major transportation improvements are in the works.
Watts said city hall has been working hard to build investors' confidence and that doesn't only include well-heeled developers.
"This means families," she said.
"There's been significant growth in Cloverdale, South Surrey, Newton, Guildford, Fleetwood and the city centre as well."
Watts said Surrey has one of the lowest tax rates in the country and the second-lowest business tax in the region.
"We offer high-quality, efficient services. We're creating thousands of new jobs and businesses and building world-class facilities in each of our town centres."
Watts noted that REIN also ranked Surrey fourth of all Canadian cities in terms of investment in 2010.
REIN's president, Don R. Campbell, noted that Surrey is the 12th largest city in Canada. "Surrey is expected to overtake Vancouver's title as the largest city in B.C. in the next decade," he said.
"In the next decade, the city will continue to see explosive population growth, one of the most important factors to consider when deciding where to invest."