I was curious about how many development permits were issued and in process during 2006 in the City of Surrey so I did some data mining and discovered a few things:
- There is a CRAP LOAD of development ongong and slated to begin here in the beginning of 2007 (over 11000 housing units in the City of Surrey).
- 4000 units permitted in the last 12 months
- 7300 units entered into the approval process in the last 12 months (not including approvals)
- In North Surrey the story is Condos (over 3500, which does not include those currently under construction)
- In South Surrey and Cloverdale the story is townhouses and yet more townhouses (3300 townhouses in development or slated for development in those two areas alone)
- A surpisingly large number of senior's related developments (over 1500 units)
Note: Not all of those development permits applied for will be approved but I also did not go farther back than January 2006 to look for applications. Even assuming 1000+ units drop out of the process we are still looking at over 10000 units scheduled to be in construction or begin construction sometime in the next 12 months. I think the introduction of all of this supply will put some very serious price pressure on the market in the next 12 to 18 months.