Surrey was ranked the number-one city for real estate investment in BC, according to the Real Estate Investment Network’s (REIN) annual Top Ten British Columbia Towns and Cities report.
Demand for real estate is being boosted by a growing economy and strong population growth. In the following decade, Surrey is projected to overtake Vancouver as British Columbia’s largest city.
“With employment opportunities expanding and a municipal government dedicated to creating a vibrant business network that catalyzes the expansion of innovation, investment, entrepreneurship and jobs within the city, Surrey attracts business,” REIN said in its report.
Over the long term, the average selling price for residential listings continues to see an upward trend. While prices are increasing, Surrey’s real estate remains more affordable than many of Metro Vancouver’s communities.
“While recent statistics show the average home price decreasing, this is not a reason for alarm as there has been a shift in the mix of homes sold from a majority of higher-priced homes to a majority of lower-priced,” REIN said. “In other words, drawing on the affordability concerns that affect the Metro Vancouver real estate market, more budget-friendly condos and townhomes, rather than expensive single-family homes, are selling, affecting the average price.”
The benchmark price of a detached home crossed over the one million dollar mark in September of this year.
“In September 2017, year-over-year sales increased and active listings decreased; however, demand remains strong,” REIN said. “According to the Fraser Valley Real Estate Board (FVREB), growing demand for condos and townhomes led to the second strongest August historically in terms of sales. Additionally, the FVREB recently announced this was the fifth highest sales total for a September in the Board’s history. The demand continues to be there despite the longer-term average price-increase trend.”
According to REIN’s Real Estate Cycle Scorecard Clock, Surrey’s real estate market is situated at the “beginning of [the] boom, approaching [the] peak of most key drivers.”
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