StreetSide Developments has made its first play into concrete tower construction, choosing Surrey City Centre for its new 341-home condo project, Juno.
The Surrey-based company, which has specialized in wood frame multifamily development thus far, told RENX Surrey’s mix of population growth, housing demand and transit connectivity made the project the right fit.
The 34-storey tower, which is set to launch pre-sales in the coming weeks, will be constructed along 104 Avenue at 138a Street.
Jonathan Meads, vice-president with StreetSide Developments, told RENX in an interview the building responds to an expected increased demand for homes from first-time homebuyers, downsizers and long-term residents in the city as forecasters predict interest rates to stabilize and then possibly begin dropping this year.
StreetSide, and others now launching pre-sales in the region, are hoping for a return to a competitive buying market amid more economic certainty this year.
Given recent macroeconomic turbulence and a slowdown in the local housing market, StreetSide opted to delay the launch of Juno last year, but now sees friendlier horizons, Meads said.
“We were ready to launch last fall, but given the market and just people’s cautiousness, we said . . . we’re going to hold.”
National, regional population surge reflected in Surrey
Canada’s national population swelled by an estimated 1.2 million people in 2023 and Stats Canada now pegs the national population at 40.8 million.
Among the country’s fastest-growing cities, Surrey now has a population of 568,322, according to the latest census and that growth is expected to continue with a forecasted population of 884,000 by 2051.
Meads says the mix of population growth, investment and transit improvements is shifting the “centre of gravity” of Metro Vancouver east of the Fraser River.
“We’ve got three I’s crashing together,” Meads said. “That’s immigration, inflation and interest rates. Inflation is somewhat being managed and it’s starting to get in control.”
Cuts to interest rates could emerge this year but the pressure of so many people moving to Canada and to Surrey will continue, he said.
“There is a constant . . . pressure to provide housing,” Meads said.
“This project offers that, and I would say it’s possibly a slightly more affordable offering than some of the other cities, especially when you start to get into Burnaby and Vancouver, (where) the price point is quite high.”
New law would encourage higher buildings
In November, the provincial government introduced legislation aimed at producing more high-density homes near transit stations.
If passed, the law would require cities in Metro Vancouver to designate transit- oriented areas near transit hubs.
The law — with some exceptions — would require cities to permit residential or mixed-use residential towers of at least 20 storeys within 200 metres of most SkyTrain stations; towers of at least 12 storeys within 400 metres; and eight-storey towers within 800 metres.
Additionally, the law would require civic approvals of residential towers at least 12 storeys within 200 metres of major bus exchanges, and eight storeys within 400 metres.
“This is where the region’s going,” Meads said. “It’s great that we can keep building townhouses and six-storey wood frame, but ultimately, Surrey City Centre and (in) places like Brentwood and Coquitlam, the towers and the density that’s going to come from those are what’s going to partly resolve our housing problem — and we want to be part of it.”
The $4.01 billion SkyTrain extension of the Expo Line from Surrey’s King George into Langley City represents another step forward for the region, Meads said.
He believes that will improve access and boost prospects for transit-oriented high-density development along the transit corridor and in and around new and existing stations.
The extension is expected to open to riders in 2028.
Juno to also include a mix of commercial units
Juno will include a mix of studios, one-, two- and three-bedroom homes ranging in size from 374 to more than 1,200 square feet. The building will also include 7,892 square feet of retail/commercial space.
CBRE is the listing agency for the commercial space, which will also be sold as strata units, Meads said.
“We have eight retail units on the ground floor,” Meads said, noting the mix of commercial users could include a cafe or restaurant as well as smaller retail units, including possibly a dentist or other similar uses.
Mead said the building will also include 37,000 square feet of indoor and outdoor amenity space including co-working areas, a fitness centre and a rooftop Sky Lounge and wet bar.
StreetSide Developments is a division of Qualico, which is a privately owned real estate company active in Western Canada that’s been in business for 73 years.
Construction at Juno is expected to begin this fall, with estimated completion set for summer 2028.