Press Release: Surrey economy booms with Immigrants, Surrey First ventures $ 50 Million Loss in City Hall Appraisal : Activist Bajwa
Surrey BC. Carly Sidhu. Canada 2011 Census population in Surrey comprises of S.Asians 142,445 , Chinese 28,480, Filipino 26,480, other S.E.Asian 13,080, Korean 8,385, Black 6.150, Latino American 5,340, Arab 3,265, W.Asian 2,350, Japanese 2,405, other visibility minorities constitute 5,395, with a total visible minority population of 242,760, Aboriginal group, First nation 6,135, Metis 4,225, Inuit 175, white a total of 208,625.Surrey total population as per 2011 Canada Census is 463,240, the City of Surrey estimates that 502,000 residents live in the Municipality in 2013.
By 2025, the city’s population is expected to grow to 740,000, which almost match Vancouver’s projected population of 770,000, according to Bing Thom Architects data. Surrey massive land base and its multiculture accelerates the Immigration growth for the S. Asians, predominantly Indo-Canadians, who follow their kith and kin on an average rate of 1,200 new immigrants, including 300 New Born, each month in S.Asian communities.
City of Surrey recently released data, to media after Surrey First won the City Hall from Surrey Electors team, in 2005 under former Mayor Doug McCallum, who initiated the ‘Welcome Surrey”, project recalls Sukh Sandhu, especially his trip to Punjab India, strengthened the bond for new immigrants.
According to new independent study the number of business licences issued between 1996 and 2014, about 70% were obtained by new immigrants, growing from 8000 to 15,000.The dollar value of real estate, rose from $ 600 million in 1996 to $ 1.3 billion in 2013, is due to S.Asian immigrants, whose “first step after settling is to buy a house”, as a cultural investment, seen among Indo-Canadians, Chinese, Koreans, Phillipinos and Foreign communities. The majority of the White population, have gone through a “boom of selling Real estate, may be it was Ranchers or Commercial Land”, who have moved to the South of Chilliwack, or Alberta to invest their profits.
Surrey Board of Trade President Bijoy Samuel, of S.Asian Radio Station REF FM 93.1, sees the growth of Surrey, due to the hard work and disciplined culture of East Indians and other S.Asian communities, he himself is from India. SBOT ceo Anita Huberman has seen a tremendous rise in their membership, due to S.Asian businesses, whereas big Canadian Corporations like Coast Capital, T.D, Best Buy, SafeWay, IKEA, Fruiticana, catering to the New Immigrants in the City.
Former Mayor Doug McCallum had stated an over expense on the new City Hall, which has been marketed as pride of Mayor Watts and Surrey First team, where she announced “goodbye”, to city politics, built at the cost of Tax payers, in the amount of $ 97 Million dollars, for a mere of 210,00 Sq, Feet. According to Vancouver Appraiser Firm Constructions cost on the City Hall is estimated at $ 1,000 dollar per Sq. Ft., setting a record of the highest and most expensive construction, in Surrey B.C. History. On condition of anonymity the Vancouver Appraisers, comments on the new city Hall is “it cannot be appraised for $ 50 million come Municipal Elections in November 2014″, thus the Taxpayers loss in this commercial project by Surrey First to the tune of $ 47 Million dollars, with additional interests on the loan. The Old City Hall Appraised value has been determined to be appox $ 15 Million.
Downtown Surrey Business Investment Association, Surrey City Center and Colliers International has been leasing Commercial, Retail space from $ 10.50 Sq .Ft. to $ 25.00 Per Sq.Ft., with Comm. Real Estate in B.C. , www.CLSlink.ca , Blackwood Partners Managementt Corp.,has tons of Office , Retail, Commercial space in Whalley for $ 10-$15 Dollar Sq.Ft. Former Mayoral candidate Vikram Bajwa, questions the wisdom of building a New City Hall, with numbers presented by Appraisal Company , including exhorbitant construction cost of $ 1,000 per sq.ft, for the new City Hall. “The New Mayor should sell the new city Hall, to recoup the losses to Taxpayers of Surrey and move its employees to the Old City Hall, which lies vacant”, said Activist Bajwa, who formally announced to contest as Mayor in 2014.Surrey First ,behind closed doors approved such plans according to Counc. Barinder Rasode, including contracting out City Services, for which she resigned from Surrey First.
Surrey First re-election bid will be weighed in November on crime, City Hall spending, Homelessness and its character of racial vindictiveness towards its team members.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.