Go back a few years, and the images that the name Whalley would have invoked are radically different from what it does today. In a rather short span, Whalley, which contains Surrey Central, has emerged as one of Canada’s fastest growing downtowns. While that growth has been welcome, it has also meant that the scope for more development has become narrower over time. There are still projects slated to come up in the near future, mostly luxury condo presales. But that’s pretty much it. The window for investing in a downtown Surrey presale is closing and closing fast.

Why Whalley

Outstanding transit access- Amongst all the factors that impact the current and future value of a property, access to reliable transit is the most important. This has been the case across all urban areas globally. The reasons are obvious. Superior transit connectivity increases mobility options not only for you, but also anyone who rents the property from you. Ease of mobility increases the attractiveness of a property for especially new immigrants and students, who do not immediately have the means or training to drive.

Rapid gentrification leading to lower crime rates- While gentrification overall is a divisive issue, and its pros and cons keep being debated by planners, lawmakers, and other stakeholders all over the world, what remains an undeniable fact is that gentrification leads to reduction in crime and vagrancy. In the case of Whalley, this has been an important development. While crime has reduced by almost 50% across the city of Surrey, as per Statistics Canada, Whalley, which was once considered a less than savoury neighbourhood, has almost completely changed character. There is visibly less vagrancy, and the area has become more secure and better policed, resulting in safer, better neighbourhoods.

Ease of life- If you make the walk from Surrey Central to King George SkyTrain stations, you will come across a plethora of shops, restaurants, cafes, convenience, and departmental stores. In terms of walking accessibility, no place in Surrey comes even remotely close. Even if we compare the Surrey Central to the rest of Metro Vancouver, barring downtown Vancouver, and Metrotown, there are hardly any places that score this high on the walking accessibility metric. This makes the place especially attractive for the new, the young, and the hip.

Future projects- With SFU increasing its capacity, and UBC opening a new campus, Whalley is set to become one of the most pre-eminent addresses in Metro Vancouver, with massive influx of students and young professionals in the next decade. That means, property prices will rise at a higher rate than the national average, and rental income from properties will remain positive for the foreseeable future. This makes investing in a home in Whalley not only safe, but also smart.

What about competition from the Fleetwood development?

With the Expo line of the Skytrain being extended to Langley over the Fraser Highway corridor, the city of Surrey is taking this opportunity to densify the immediate area surrounding this corridor. The massive Fleetwood plan is already on, and projects are being planned and approved at a rapid pace. However, given its distance from Metro Vancouver, and the fact that it will be still a train ride away from downtown Surrey (which is Whalley), Fleetwood will never quite have the same pull as Whalley. Which is why, amongst Surrey presales, the ones located in Whalley have been snapped up the fastest, even with post pandemic high borrowing rates in place.

Options left for potential homebuyers in Whalley.

Concrete condo towers and apartments are the most popular and consequently the most numerous in supply around King George, Surrey Central, and Gateway Skytrain stations. The majority of modern, luxury condo developments focus on these three transit hubs, fanning out to not more than a kilometre in each direction, thus ensuring walking transit accessibility. Given that condo developments today are overwhelmingly presales, what might look like empty land currently are mostly sites earmarked for high rise development, with homes mostly already sold out. So, if one is looking to purchase a residence in Whalley, their options are comparatively fewer than say homebuyers as recently as 2020. So, the time to decide and make a play for what remains is now. The boat would have well and truly sailed away by the end of this year.