Surrey is predicted to become the biggest city within the Lower Mainland in just a couple years. However, with the current decline in the real estate market, the fast-paced development of Surrey is beginning to slow down.
With the lack of sales when it comes to new or old homes, developers are beginning to slow down the construction of new projects.
Current realtor and former council candidate, Saira Aujla believes the main factor for the slow market has to be the introduction to stress tests. Stress tests were first introduced a year ago by the Federal government. The main purpose of the test is to see whether or not a person qualifies to purchase a home. However, Aujla states that the stress test has the greatest negative effect on many first time home buyers.
Due to the lack of opportunity, many start-up families are unable to afford homes, especially in cities like Surrey. Aujla believes that Surrey will continue to grow, but the stress test needs to go.