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Proposed LRT in Surrey is actually deterring developers, not attracting them.

  • Media Release

Surrey’s LRT plans have driven land speculation, causing a two-fold increase in land values. According to an executive from the Tien Sher Group of Companies, this is actually deterring developers from building on the LRT corridor—not attracting them.

Charan Sethi, president of Tien Sher, suggested in a recent interview with the Vancouver Courier that “land speculation over the past two years has driven the price too high for most multi-family developers.”

This is because residential land prices along the Surrey-Newton-Guildford LRT route have soared to between $4 million and $5 million per acre, as opposed to a city-wide average of $3.1 million per acre. This is also up from an average cost of $2 million per acre back in 2016.

Sethi noted that the increase in land values and costs to purchase the land would limit the potential for significant redevelopment in places like Newton Town Centre, and it could also result in homes that are difficult for young families to afford.

The high LRT route land prices are deterring even condo builders, who say the gravy train has already left the station.

"Surrey LRT pushing up land values and home prices"

News report by Vancouver Courier

Prices are double what they were in 2016. I plead with everyone, ‘Find me two to five acres in Newton’.

Charan Sethi, president of Tien Sher Group

in interview to Vancouver Courier

These comments by Tien Sher and in the Van Courier are sure to disappoint many LRT supporters in Surrey, who have claimed that the plans for street-level rail are better for “building communities”—and that this takes priority over moving higher volumes of passengers.

Instead, rising land prices on the SNG LRT corridor are deterring developers and investors, and Surrey could end up with little redevelopment along a slow and expensive LRT that attracts few new transit riders.

Pictured in header: Surrey-Newton-Guildford LRT render by TransLink

SkyTrain for Surrey is a BC-based community organization that has advocated for the expansion of the Vancouver SkyTrain system, including our successful advocacy for the under-construction Surrey Langley SkyTrain extension.

Media Contact: Daryl Dela Cruz ​– Founder, SkyTrain for Surrey ・ Phone: +1 604 329 3529, [email protected]

Proposed LRT in Surrey is actually deterring developers, not attracting them.