Zenterra Developments has broken ground on its Clayton Crest condominium project in Surrey, B.C., after reaching key presale thresholds for its first two buildings.

The Surrey-based developer said construction is now underway at the master-planned community in the city’s West Clayton neighbourhood, following a successful sales launch for the Atlin and Bute buildings, which together secured enough buyer interest to proceed.

The milestone comes at a time when many projects across Metro Vancouver and the Fraser Valley are being cancelled or delayed amid tighter financing conditions and softer demand.

“The market has cooled, but what we’re seeing is that well-built homes, priced appropriately and located in desirable areas are still selling,” said Derek Fenton, vice-president of sales and marketing at Zenterra. “Buyers are more selective right now, and that’s understandable. But they continue to show strong interest when the right home comes along.

“With so many condo communities being cancelled or paused across the region, we can see another supply shortage coming in a few years. The pipeline is thinning out, and that has real consequences for buyers and the market as a whole.”

The Clayton Crest development is located near planned infrastructure improvements, including the Surrey-Langley SkyTrain extension and road upgrades, and sits close to the future Hillcrest 184th Street station expected to open in 2029.

Atlin and Bute will deliver a combined 198 units ranging from studios to three-bedroom homes, along with more than 30,000 square feet of amenities across the 5.5-acre site.

“One of the reasons we’re able to offer homes at such competitive prices is that we acquired this land over the last 15 years,” said Fenton. “That foresight is what lets us bring genuine value to buyers today.”

“There are a lot of people still waiting on the sidelines, and I understand the hesitation. But the buyers who are moving now are taking full advantage of the buyers’ market, reaping the benefits of sharp pricing, upgraded incentives, and no competing offers. These conditions will not last forever.”

Completion of the project is scheduled for spring 2028.

According to a published report, Allure Ventures has also begun building its 32-storey SkyLiving luxury-condo development in Surrey at 138A Street and 100th Avenue, marking another company that is trying to buck the new-construction downturn across the Vancouver region.

Pictured: Participants take part in a recent groundbreaking ceremony at Zenterra’s Clayton Crest conominium project in Surrey, B.C.

Photo: CNW Group/Zenterra