Surrey’s housing market is enjoying positive numbers as sales across the Fraser Valley soar 16% in 2014.
The hike is considered so dramatic that local realtors believe the possible Bank of Canada rate increase will have little effect to Surrey.
“That kind of blew me away,” said Kelvin Neufeld, a Surrey-based realtor who has been selling since the 1970s. “And especially with the way the market is going now, it’s still ramping up.”
Another realtor, Ray Werger, is optimistic that the BOC’s statement doesn’t apply to the region. Werger has been selling homes in Surrey for over two decades and is now the president of the Fraser Valley Real Estate Board.
“You hear these reports about overpriced,” Werger said. “I think what they’re looking at is downtown Toronto and downtown Vancouver. Other areas such as Surrey are very affordable right now.”
Both realtors claimed to have not experienced any slowdown in housing sales through Christmas despite BOC’s warning.
“We didn’t get a slowdown through Christmas at all,” Neufeld said. “My guys were writing deals on Christmas Day, believe it or not. We haven’t seen that in a while; there’s still a lot of demand for housing.”
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