SurreySurrey

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Released: February 2015 © The Real Estate Investment Network Ltd. 6 – 27250 58 Cr Langley, BC V4W 3W7 Tel (604) 856-2825 Fax (604) 856-0091 E-Mail: [email protected] Web Page: www.reincanada.com

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Economy education. Teachers and professors make up 2.3% of Surrey’s labour force and post-secondary institutions like Kwantlen Polytechnic University and the expansion of Nestled between the neighbouring cities of Delta and Simon Fraser University (SFU) have only helped foster Langley, Surrey borders onto the United States in the local growth. Enrollment continues to increase across all South and by the Fraser River in the North. Surrey is education institutes, from primary and secondary all the comprised of the six communities of Guildford, Cloverdale, way to the university level3. As of the Fall of 2012, Newton, Fleetwood, Whalley, and South Surrey and has enrollment at SFU’s Surrey campus was 11,2794. spent recent years diversifying its economy. As one of the fastest growing cities in the province, Surrey has experienced a tremendous population increase over the past ten years. Currently recognized as the 12th largest Outlook city in Canada, Surrey is expected to overtake Vancouver’s title as the largest city in BC in the next Surrey’s forward-thinking economic development team is decade. working on the next phase of its Build Surrey program, with the goal of attracting more businesses and providing Surrey’s excellent transportation links and amount of a high quality of life for residents. Phase one of the project available land have led the city to become a major is already completed (including the relocation of the RCMP industrial and manufacturing centre for the province. The E-Division building) – and was an astonishing success. city currently has 8 business parks and 3,000 acres of The second phase of the project will include a Performing industrial lands1. Surrey is the largest city in the Metro Arts Centre and Contemporary Arts Space and Gallery, Vancouver region and holds approximately 46% of Metro the construction of the East Clayton Recreation Centre, Vancouver’s total vacant industrial land. This sector has and an Athletic Park in Newton. Thousands of jobs are had a multiplier effect on the local economy in addition to being created in Surrey, with over 2,000 new businesses providing 24,000 jobs locally2. launching in the city each year and 800 new residents calling the city home every month5. Another economic stabilizer is the presence of the RCMP E- Division, which was the consolidation of existing RCMP One of the benchmarks that will propel Surrey into a major headquarters throughout Metro Vancouver into one city is the Surrey City Centre. The ultimate goal is for City headquarters on Green Timbers Way in Surrey in 2012. Centre to be home to a variety of high density commercial, The 76,162 square-metre building holds offices for over office, institutional, and residential developments with a 2,700 E Division Headquarters personnel. The wide range of community and entertainment facilities. The headquarters will have a major economic impact on Surrey city is working hard on this project with the creation of a as many personnel relocate to be closer to their place of new urban centre called the Civic Centre which includes a work. Those who work at the building now eat and shop in community plaza, a new regional library, and City Hall. the community, further supporting the Surrey economy. The entire project is expected to be completed by 2016. The city anticipates that by 2031 the number of people Surrey is also home to numerous post-secondary employed in Surrey City Centre will rise to 36,000 and the institutions, offering a continuous supply of renters and number of residents living in the area will increase to contributing to the economic diversity of the city. 65,000 6 . One has only to look at the major projects that Post-secondary institutions also act as an economic will be completed in the next couple of years to see the stabilizer for communities as in both good and bad potential this area holds for investors. economic times people continue strive for higher High levels of immigration benefit investors, as those new Demographics to a country tend to rent for a few years before setting down permanent roots and purchasing a property. Population Growth However, it will become doubly important for landlords to According to the last Federal Census (2011), the perform their due diligence and get to know the population of the City of Surrey was 468,251, an increase demographics of their preferred investment area. For of 18.6% from the 2006 Census7. In comparison, during example, investors focusing on Newton should know the the same time period (2006-2011), the Province of British area is predominantly South Asian in ethnicity because of Columbia recorded a growth of 7% and the Greater the proximity to the Guru Nanak Sikh Temple while Vancouver Regional District (GVRD) experienced an Guildford is home to a significant Filipino community9. increase of 9.3%8. As of 2013, Surrey’s population was Your property should match the needs of your target estimated to be 472,000, accounting for approximately market. 18.7% of Metro Vancouver’s population. Surrey is one of the largest cities in the province, currently only second to Median Age Vancouver. With an annual growth rate of 10,000 people, As of the 2011 Federal Census, the median age of Surrey Surrey is projected to eventually surpass Vancouver’s residents is 37.5, lower than the median age of the growth to become the largest city in the province. province at 41.910. Surrey’s median age is pushed down

Source: City of Surrey – Business Economic Development

As the following table demonstrates, Surrey’s population by the city’s high percentage of children up to 19 years. A projections show an increase of 250,000 people over the young population means good things for a city: there are next three decades. It is estimated that 1 in every 5 more services geared to the young and young families, residents of Metro Vancouver will be a resident of Surrey. which attracts even more young families to the area. Younger age groups have more movement in the housing This is fantastic news for investors. The frenzy of sector, meaning they move in and out of homes – renting, employment opportunities has and will continue to draw buying, and selling – as their life stages change. They are people to the area, people who need a place to live. In more apt to rent, a great thing for investors, and the buying turn, housing values and rents will continue to climb. and selling usually means a stimulated housing market. Working age residents create more money in income Immigration taxes and younger people often consume more than older As of 2011, Surrey’s immigrant population was sitting at cohorts; the purchase of furniture, vehicles, electronics, 187,845, with 34,880 residents recent immigrants more food, eating out etc. means more local economic declaring they had moved to the city between 2006 and stimulation. 2011. Surrey’s immigrant population is currently the fastest -growing in Metro Vancouver and is expected to continue its rapid growth over the next two decades. The number of Housing residents claiming ‘visible minority’ is currently sitting at 46%, but this is expected to top 50% by the 2016 census. Rental Market Activity That means non-Caucasians will form a ‘visible majority’ in Surrey’s employment growth continues to attract Surrey, as has already happened in Vancouver, Burnaby, newcomers to the city, increasing demand for rental units and Richmond. in the city. With more people than ever looking for housing accommodations, vacancy rates have dropped, causing commanding some Surrey’s highest rents. The challenge, rental rates to rise dramatically over the last several years. though, is that the market can become soft for this type of While CMHC provides a good platform for comparing data housing, particularly when market conditions decrease the across markets, it only compares apartment rent and so margins between owning a home and renting. An does not provide a clear picture of rental rates within abundance of condo inventory is currently suppressing Surrey. Current market rents are often more accurate (if values in the downtown core, but this should ease as the the advertised rent is actually fulfilled). The adjacent table city’s population continues to increase. outlines the average rental rate by neighbourhood and number of bedrooms. Cloverdale and the Panorama Ridge area in Newtown are the most desirable for condo and townhouse long-term As with other cities, different neighbourhoods command value investing. Clayton Heights in Cloverdale is a popular different selling prices and rent depending on their age and area for investors as well as young families. The new location. Buying new versus old inventory has its pros and development has been geared towards a combination of cons. It is often harder to cash flow newer properties, walkability and affordability and many of the units are

Region # of Bedrooms Apartment Basement Suite Town/Whole house 1 950 South Surrey 2 900 - 1150 1,150 - 2,200 3+ 2,800 1 800 Clayton Heights 3+ 1250, 2495 1 730 585 Newton 2 880, 850 850 3+ 1 750 Fleetwood 2 900 $1,450 3+ 1200 1,850 - 2,200 1 895 - 1,200 600 - 725 Whalley/City Centre 2 1,300 - 1,350 700 - 850 3+ 1,008 1,200 - 1,400 1 $750 650 Cloverdale 2 675 - 800 3+ 1,450 1,400 - 1,880 1 1088 - 1125 Guildford 2 950 750 - 850 800 3+ 1,100 - 1280 1,250 - 1,400

(although they may be more desirable to tenants), but available with coach homes in the back and/or suites on repairs and maintenance will be lower and lower operation the ground floor. The area is zoned for light commercial costs means just as much as higher rents when it comes to and appeals to people who may wish to off-set rents and the bottom line. Investors will have to do their homework to supplement income by running a business in the discover neighbourhoods where the rental rates will cover basement. Uses include a hair studio, daycare, and the expenses of the property. accounting for example. financially for an unsavvy investor. One caveat: the city only allows one source of rental Local investors tell us the city’s downtown is a good bet for income in that owners may only rent one suite - either the cash flowing properties. However, it is important to coach home or the suite in the main home but not both examine the tenant profile in this neighbourhood; although (more about this in the Political Climate section). Although there are “bad apples” everywhere, areas undergoing some rent both suites, investors run the risk of losing a revitalization tend to have a higher incidence of tenants in rental suite and its income. This could quickly deplete any need of hands-on management. Landlords filling vacancies counted on positive cash flow and present a bad situation in this area must perform their due diligence, checking financially for an unsavvy investor. Know your by-laws if references on tenants and performing background checks. you are investing in Clayton Heights. The extra time this takes will save you a bunch of headaches down the road. Sales Activity Job creation means has attracted more people to Surrey, High end apartments in City Centre are currently leading to a demand for housing and, consequently, higher housing values in recent years. However, Surrey still are very likely to cash flow. It is important to keep in mind remains an affordable alternative to Vancouver. The that in many urban areas around the world, an apartment average price of a home in the City of Surrey was of this size is ordinary. Parents of the children immigrating $622,368 in November 2014. An average home in the City to the Lower Mainland for post-secondary education may of Vancouver was selling for $997,800 in November11, over also find these a good fit. This trend may be just that: a fad $200,000 above the average price of a home in Surrey – with a difficult resale future or the wave of the future as the difference between renting and buying a home for population increases and home ownership remains out of some people. reach for many.

The following table identifies the average prices for detached homes, townhouses and apartments for Surrey Revitalization combined, as well as the individual areas of Surrey Investors looking for areas of revitalization, areas that will Central, Cloverdale, and Surrey North: see a substantial increase in rent over the next several

Surrey Residential Market Activity Detached Townhouse Apartment Region Nov-14 Nov-13 % chg Nov-14 Nov-13 % chg Nov-14 Nov-13 % chg

Sales 229 182 25.8% 106 88 20.5% 53 56 -5.4% Combined Price $ 622,368 $ 580,173 7.3% $ 320,832 $ 312,628 2.6% $ 213,092 $ 202,244 5.4%

Sales 107 87 23.0% 59 % 51 15.7% 16 18 -11.1% Central Price $ 633,165 $ 579,521 9.3% $ 325,506 $ 313,607 3.8% $ 208,401 $ 209,228 -0.4% - Sales 50 39 28.2% 30 23 30.4% 6 11 Cloverdale 45.5% Price $ 636,090 $ 575,880 10.5% $ 344,027 $ 337,280 2.0% $ 303,966 $ 232,563 30.7%

Sales 72 56 28.6% 17 14 21.4% 31 27 14.8% North Price $ 596,791 $ 584,175 2.2% $ 263,676 $ 268,558 -1.8% $ 197,923 $ 185,235 6.8% Source: Fraser Valley Real Estate Board – Monthly Statistics Package (December 2014).

years as the neighbourhood improves, should focus their Residential Development energy towards the neighbourhoods surrounding Surrey Residential housing starts are a reaction to demand in the City Centre. City Centre (recently renamed from Whalley to past. What is important is to see if supply is keeping up shed its negative image) is a mix of new, beautiful towers, with demand or if it is out of balance. A glut of inventory a university, a civic centre as well as pawn shops, street can diminish values and rents, giving renters and buyers prostitution, and drug houses. The city is investing a ‘too much’ to choose from, from an investor’s point of view. substantial amount of money to attract more businesses Currently, it appears that demand is outstripping supply in and provide a higher quality of life for residents who live in Surrey, and while the future remains to be seen, business the area. As the City makes efforts to clean up this area growth in the city is likely to continue, creating job growth that is better served by transit, transportation infrastructure, and housing demand in the mid-term future. hospitals and schools than nearly any other in the city, it is important for landlords to screen, screen, screen. Investors Residential building activity in Surrey has trended up in must ensure that they are hands-on with property recent years. In 2013, the city witnessed 3,938 homes management and are proactive. The area is expected to begin construction, with 989 single-family homes started 12 be home to 65,000 people by 2031, more than double the and 2,949 multi-family units started . As of November 23,000 people who called the neighbourhood home in 2014, 3,074, homes had begun construction in Surrey, a 200614. 16.4% increase from the same time period in 201313.

A phenomenon that is hitting high priced housing markets Infrastructure in North America, has also landed in Surrey. At Grosvenor Road and Whalley Boulevard, micro apartments with a As the city’s population continues to grow, Surrey’s leader- scant 300 square foot footprint and asking prices starting ship must ensure that the city’s infrastructure keeps up at $109,000 cater to the first time buyer, those looking to with resident demands. Infrastructure is important to meet really downsize, and the student that would rather own his the needs of the residents. People will leave a city that or her own pad than crash in a dorm. Nearby, BosaSPACE doesn’t have the capacity to educate its children, mend its is selling 560 square foot units for $199,000. The future of ill-stricken, or arrest its bad guys. Hospitals, schools, these units in terms of resale is unknown; although they emergency services, as well as water, sewer, and roads Residents of Surrey will also benefit from the new 16 are of paramount importance. Here is what Surrey has on Avenue/Highway 99 interchange that will provide a its books as prioritized projects: connection to Highway 99 from 16 Avenue. Transportation improvements include: widening 16 Avenue within the  Relocation of RCMP E-Division to a 3,200 building interchange, building a sound wall along Highway 99, and that included office and support space for all improvements to the intersection of King George headquarters facility staff - $13 million (2010)15 Boulevard and 16 Avenue28.  New 75,000 square foot City Centre Library to service growing population - $36 million (2011)16 Surrey would also benefit from the proposed replacement  New 180,000 square foot city to meet needs of current of the Patullo Bridge. In 2014, the Mayors' Council and future population - $97 million (2013)17 proposed the construction of a new, four-lane Pattullo  New elementary school (Goldstone Park) in the South Bridge, designed to accommodate a potential future Newton neighbourhood to accommodate 555 students expansion to six lanes. The replacement bridge would – (2013)18 have modern lane widths, a centre barrier, as well as  Replacement school for Sunnyside Elementary to better cycling and pedestrian facilities. Road-usage accommodate a total of 450 students – (2013)19 charges, such as tolling, have been proposed to fund the majority of the cost of a new bridge, but no final decisions  Surrey Memorial Hospital Emergency Department and 29 Critical Care Tower and renovation and expansion of have been made . The Mayors' Council is currently existing space to service Surrey’s growing population - working with the Province of British Columbia to prepare $512 million (2014)20 for a referendum on transportation investments. This referendum is anticipated to take place in 201530.  New elementary school (Katzie) in the Fleetwood neighbourhood to accommodate 605 students – (2014) 21  Additions for Fraser Heights Secondary (to accommodate 200 new students) and Panorama Ridge Secondary (to accommodate 300 new students) - (2014)22  75,000 Guildford Recreation Centre Complex Expansion to add an Aquatic Centre - $32.8 million (2015)23  South Surrey Recreation Facilities to service the rapidly expanding South Surrey neighbourhood - $51 million (2015)24  Upgrades to the Newton Athletic Park to meet the needs of the growing neighbourhood, including a new waterpark, new rubberized walking track, additional volleyball courts, etc. – (2015)25  Additions to three elementary schools, adding a total Image Provided by: waferboard

of 16 classrooms with space for 370 students at Public Transportation Adams Road elementary, Rosemary Heights Surrey residents are serviced by TransLink, Metro elementary and Morgan elementary - $9.6 million (Fall 26 Vancouver's regional transportation authority. Residents 2015) can choose between bus service or hop on the SkyTrain  New 1,500 student secondary school in the Clayton for quick access to other Metro Vancouver communities North area to accommodate population growth - $55 27 north of the Fraser River. Surrey residents will benefit from million (2017) the upgrade of two Skytrain Expo Line stations: Scott Rd (completing Early 2014) and Surrey Central (completing Transportation Late 2016) to lengthen the platforms to accommodate an It is hard to think of a City that benefits from its increase in the length of trains. Translink plans to double transportation links and location as much as Surrey. the capacity on the Expo Line to meet current and future Although some areas of Surrey, such as South Surrey/ demand. Translink has also proposed a 6 kilometre White Rock/Panorama do not glean as much benefit from SkyTrain extension in Surrey to Fleetwood, but nothing transportation infrastructure and services as others, has been confirmed yet31. Surrey on a whole is well served. Surrey residents will particularly benefit from the completion of the Port Mann Given that over the next 30 years Surrey and nearby Bridge and the South Fraser Perimeter Road, both of environs are predicted to attract 28% of all new jobs in the which have substantially decreased commute times, region and 26% of the new residents32, the City of Surrey making other Metro Vancouver communities more has identified a need and desire to expand transit towards accessible. The Gateway Program in its entirety will Langley and White Rock. continue to have a significant impact on Surrey’s accessibility.

The City is advocating for Light Rail, and would like to see construction begin on the following three routes33: Political Climate

Rental Rules  City Centre to Guildford, along 104 Avenue, with a Surrey is of course bound by the Province of British Co- connection to Highway 1 lumbia’s rent control guidelines. Rent can only be in-  City Centre to Newton, along King George Boulevard, creased once per year, and properties are subject to the with the opportunity for extensions further south in the province’s annual rental increase cap. The rental increase future cap is set at 2.2% for 2014 and 2.5% in 201535.  City Centre to Langley, passing through Fleetwood along Fraser Highway The City of Surrey permits secondary suites in the A-1, A- 2, RA, RA-G, RH, RH-G, RC, RF-O, RF, RF-SS, RF-G, RF TransLink is also researching SkyTrain and Bus Rapid -12, RF-12C, RF-9, RF-9C and RF-9S Zones. The City of Transit scenarios, but has yet to identify a preferred Surrey allows one secondary suite per single family home, option. Factors that would affect the final decision include provided they meet the following conditions36: cost, impact, and affordability. The final decision will be made by the Metro Vancouver region as part of the 34  One secondary suite per property Regional Transportation Strategy planning process ,  The property does not already have a coach house which may be years down the road.  Secondary suites will not be permitted in

semi-detached or duplex buildings Commercial real estate at Surrey Skytrain Stations is  The owner must provide one additional off-street peaking; Surrey has the lowest vacancy rate of all the parking space Transit Oriented Developments in Metro Vancouver. The rental asking rate for A class space within 500 metres of a  The suite must be registered with the City, a fee of Skytrain station is 33.4% higher ($24.76 a square foot) $552.41 than areas still serviced by SkyTrain but outside of the immediate vicinity. Jones Lang LaSalle reports that these Surrey is strict with ensuring secondary suites are legal. properties in Surrey are $0.05 higher per square foot than An insider told us that one of the duties of staff in the prop- similar properties in Burnaby. Research indicates that erty tax department is to peruse popular sites such as properties located within walking distance (approximately Craigslist and Kijiji for rental listings. If a property has a 800 metres or ½ mile) see a premium of 10-15% over rental listing online, but has never been approved by the city, the owner will be fined $1,000 on their property taxes similar properties located outside the area (see REIN’s 37 The Gateway Effect report for specific neighbourhoods that year . that stand to experience a positive price increase). Business Incentives The city’s business-friendly environment continues to at- tract companies, creating new job opportunities, and stim- ulating the local economy. The City of Surrey’s current mill rates are 4.70524 for a residential property and 14.78544 for a commercial business38. To promote new investment and job creation in Surrey’s City Centre and in the Bridgeview and South Westminster areas, the city has designated the areas as Surrey's economic investment zones39. For projects located in Bridgeview and South- westminster valued above $5 million, the City will waive property taxes for 3 years, defer development cost charge payments, and reduce building permit fees by 50%. Learn more about the city’s economic investment zones here.

Economic Development This is a key consideration for investors. If the Economic Development office is easy to deal with, you can often assume that they will be the same for potential employers looking to move into the region. Surrey has a fantastic reputation in the business community. The city’s website is fantastic, and investors should have no problem locating the data and statistics they need. Surrey’s economic development team was quick to respond and provided detailed answers to any questions we had.

Image Provided by: waferboard Surrey is positioning itself as a city that is Surrey has a lot going for it: its population increase, which business-friendly, which is only going to continue to attract is set to boom in the next few decades, its transportation larger, well-known companies. network and infrastructure, its excellent and forward-thinking political leadership and its pockets of affordable housing. Growing pains are inevitable as the Investment Rating city aims to become a truly world class city and surpass Vancouver’s population over the next decade. Experienced investors know to carefully balance price, Surrey is poised to become BC’s largest metropolitan potential, and cash flow and should select the best centre, with aggressive initiatives such as the Build Surrey neighbourhoods for themselves with diligence. A rough Program and the new Civic Centre underway to lead the tenant profile can prove challenging. However, if you wait city into a future that is both economically and socially another five to ten years to invest, you may miss some positioned for further growth. With a large number of great real estate opportunities. capital projects and community diversity and development, Surrey is staging itself to be a thriving economic generator. The city is continuing to improve accessibility to the Greater Vancouver region through expansion of infrastructure (the Gateway Program and Expo Line expansion), and is proving to be an ideal location for businesses with its Gateway to the Pacific Rim and shared border with the United States.

Economic Stability 10/12 Yield Growth Potential 7/12 Local Politics Conducive to Business 6/8 Access to Public Transportation 7/8 Investors’ Insights 6/10 Total 36/50

Contributing Author: Derek Peever Stronghold Property Management Sources

1. City of Surrey. (2014). http://www.surrey.ca/business-economic-development/3509.aspx 2. City of Surrey. Manufacturing Sector Profile. http://surrey.ca/files/Manufacturing_Sector_Brochure.pdf 3. City of Surrey. Education Sector Profile. Industrial Lands & Business Parks. Retrieved from http://surrey.ca/files/ Education_Sector_Profile_Brochure__LORES.pdf 4. Simon Fraser University. (September 28, 2012). Appendix to 1127 Undergraduate Enrolment Report. Retrieved from http://www.sfu.ca/content/ dam/sfu/irp/enrollment/EnrollmentDashboard/documents/ug.appendix.report.1127.ewk3.pdf 5. Bosa Properties. (2014). Surrey City Centre. Retrieved from http://ud.bosaproperties.com/surrey-city-centre/ 6. City of Surrey. (2014). Surrey City Centre Plan. Retrieved from http://www.surrey.ca/city-services/1343.aspx 7. Statistics Canada. Census Profile 2011 – Surrey (City). http://www12.statcan.gc.ca/census-recensement/2011/dp-pd/prof/index.cfm?Lang=E 8. Statistics Canada. Census Profile 2011 – Surrey (City). http://www12.statcan.gc.ca/census-recensement/2011/dp-pd/prof/index.cfm?Lang=E 9. Surrey Leader. (November 2011). Surrey in focus: The face of immigration. Retrieved from http://issuu.com/surreyleader/docs/ surreyinfocus_1122_2011 10. Statistics Canada. Census Profile 2011 – Surrey (City). http://www12.statcan.gc.ca/census-recensement/2011/dp-pd/prof/index.cfm?Lang=E 11. Real Estate Board of Greater Vancouver. (December 2014). Monthly Statistics. Retrieved from http://www.rebgv.org/monthly-reports? month=November&year=2014 12. City of Surrey. (2014). Development Statistics. Retrieved from http://www.surrey.ca/business-economic-development/1501.aspx 13. CMHC. (November 2014). Housing Now - Vancouver and Abbotsford CMAs. Retrieved from https://www03.cmhc-schl.gc.ca/catalog/ productDetail.cfm?lang=en&cat=70&itm=63&fr=1419896140680 14. City of Surrey. (2014). Surrey City Centre Plan. Retrieved from http://www.surrey.ca/city-services/1343.aspx 15. Unitech. (2010). Surrey RCMP building. Retrieved from http://unitechcm.ca/projects/municipal/surrey-rcmp-building/ 16. Harris, M. (2011). Architecture: Surrey's Public Library. Vancouver Magazine. Retrieved from http://www.vanmag.com/Real_Estate/ Architecture_Surreys_Public_Library 17. Zinn, J. (2013). New city hall establishes Surrey's downtown core. Surrey Now. Retrieved from http://www.thenownewspaper.com/news/new-city- hall-establishes-surrey-s-downtown-core-1.858718. 18. Government of British Columbia. (2013). Surrey school construction on track. Retrieved from http://www.newsroom.gov.bc.ca/2013/07/surrey- school-construction-on-track.html 19. Ibid. 20. Government of British Columbia. (June 2014). Major projects inventory. Retrieved from http://www.jtst.gov.bc.ca/ministry/ major_projects_inventory/index.htm 21. Government of British Columbia. (2013). Surrey school construction on track. Retrieved from http://www.newsroom.gov.bc.ca/2013/07/surrey- school-construction-on-track.html 22. Ibid. 23. Government of British Columbia. (June 2014). Major projects inventory. Retrieved from http://www.jtst.gov.bc.ca/ministry/ major_projects_inventory/index.htm 24. Ibid. 25. City of Surrey. (2013). Newton Athletic Park Upgrades. Retrieved from http://www.sportsurrey.com/news/20130218/newton-athletic-park- upgrades 26. Vancouver Sun. (2014). Four school construction projects announced in Surrey. Retrieved from http://www.vancouversun.com/news/ Four+school+construction+projects+announced+Surrey/10157431/story.html 27. Vancouver Sun. (2014). Four school construction projects announced in Surrey. Retrieved from http://www.vancouversun.com/news/ Four+school+construction+projects+announced+Surrey/10157431/story.html 28. City of Surrey. (2014). 16 Avenue / Highway 99 Interchange Construction. Retrieved from http://www.surrey.ca/city-services/12475.aspx 29. Translink. (2014). Patullo Bridge. Retrieved from http://www.translink.ca/en/Plans-and-Projects/Roads-Bridges-and-Goods-Movement-Projects/ Pattullo-Bridge.aspx 30. Ibid. 31. Government of British Columbia. (June 2014). Major projects inventory. Retrieved from http://www.jtst.gov.bc.ca/ministry/ major_projects_inventory/index.htm 32. Translink. (2013). Surrey Rapid Transit Study. http://www.translink.ca/en/Plans-and-Projects/Rapid-Transit-Projects/Surrey-Rapid-Transit- Study.aspx 33. City of Surrey. (2013). “Rapid Transit Now.” Retrieved from https://www.surrey.ca/city-services/10797.aspx 34. TransLink (2013). Surrey Rapid Transit Study – About the Study. http://www.translink.ca/en/Plans-and-Projects/Rapid-Transit-Projects/Surrey- Rapid-Transit-Study.aspx 35. Government of British Columbia. (2014). Residential Tenancies. Retrieved from the Government of BC online http://www2.gov.bc.ca/gov/ topic.page?id=FE38AA18AC2B437A8C274E030254B3DD 36. City of Surrey. (2014). Secondary Suite Program & Fee Information. Retrieved from http://www.surrey.ca/city-government/7617.aspx 37. Ibid. 38. City of Surrey. (2014). 2014 Property Tax Rate Schedule. Retrieved from http://www.surrey.ca/city-services/593.aspx 39. City of Surrey. (2014). Incentives from the City of Surrey. Retrieved from http://www.surrey.ca/business-economic-development/6034.aspx