Vancouver-based developer Bosa Properties says it has roughly 6,000 homes either recently completed, under construction or proposed in Surrey City Centre.

It's a commitment motivated by a fast-growing population and surge in post secondary-related student demand.

"Surrey is one of the most dynamic and fastest-growing cities in the province," Dan Cupa, Bosa Properties senior vice-president, residential, said. Surrey is expected to overtake Vancouver as B.C.'s most populous city by the end of the decade.

"There's a huge opportunity to build out a vibrant, sustainable and culturally-diverse community (in Surrey), which is really the business that we're in," Cupa told RENX in an interview.

Bosa Properties has been operating for more than a decade in the city, but has intensified its activity in Surrey City Centre after 2017, when the city updated its official plan for the area, which aimed to transform the urban centre into a downtown core south of the Fraser River.

"City Centre has become a true urban centre with a dynamic mix of uses and the urban livability and connectivity," Cupa said. Recent development in the area has introduced thousands of new homes, enhanced public spaces and added plenty of amenities. "We obviously believe we're a significant contributor to the vision itself."

Bosa marks three major projects in the area

In fall of 2023, Bosa Properties completed the University District at 13409 104 Ave. That project included 753 homes and retail spaces at street level. 

Since then, Bosa Properties has been focused on Parkway, a four-tower complex. When fully built out, Parkway will include 1,300 condos and 800 rental units, as well as roughly 20,000 square feet of commercial/retail space at the base, and 40,000 square feet of amenity space for the residents.

"We will be completing our first of those towers towards the middle of next year, which is our rental tower across from City Hall," Cupa said. 

The company is also working on the proposed Bristol project, a master planned community located on an assembled 6.5-acre property along 104th Ave., which, if realized, would add 2,600 more condo and rental homes to Surrey City Centre. 

That multi-phase five-tower project would include 480 rental units and street-level townhomes; a 5,000-square-foot daycare; and 11,000 square feet of commercial space, Cupa said. "It went to first and second reading last week, and we're going to public hearing on Oct. 7." 

Bosa Properties also owns and operates more than two million square feet of retail, commercial and industrial space in the city. 

Education demand, transit connectivity fueling Bosa's confidence

Cupa said there are two main drivers of housing demand in Surrey that gives his company confidence to maintain its high level of activity. 

"Surrey City Centre is home to over five university college campuses," he said, noting that Simon Fraser University plans to expand its local campus by adding a medical school. Meanwhile, The University of British Columbia (UBC) has purchased sites in the area that could be developed into a satellite campus in the city that could eventually add 10,000 students to the city. 

"With the addition of UBC, there'll be six major educational institutions," Cupa said. "This is a real key driver for housing demand across the spectrum, and namely rental."

The second main motivator is the expansion of the SkyTrain system to Langley City Centre. "We used to be at the end of the line, and now it's going to be . . .  closer to the middle." 

Cupa said the new line will be a catalyst for growth, connecting King George Station in Surrey to downtown Langley via eight new stations. It’s expected to open in 2029.

Economic circumstances not forcing pause 

The regional housing market is still grappling with the interplay of higher interest rates, elevated hard costs, and lower demand from buyers, Cupa said. 

But his team has decided to remain active. "We continue to move through our homes, in spite of the slow market." 

He said they anticipate interest rates will continue to cycle down and pent-up demand from homebuyers will start returning to the market through 2025. "We believe there's lots of opportunities . . . in the short-, medium- and long-term for Surrey."