With a population of over 395,000, and named as one of North America’s fastest growing cities, the opportunities afforded by Surrey real estate are numerous. Indeed, Surrey is approximately three times the size of Vancouver, and has recently seen growth in the job market driven by development within the city and an increasing number of corporate offices setting up shop in this beautiful and convenient, west coast city. The city itself is nicknamed the ‘City of Parks’ due to the 88+ parks available for the local communities to enjoy.
Whether you have your dream property outlined in your head, or are ‘just looking’ for now, we at EstateBlock have a comprehensive and thorough understanding of the various communities that make up the beautiful city of Surrey. Our understanding of the various MLS® Surrey properties available, and what this translates to for you, can give you the right head start in your property search.
Perhaps you’re thinking of selling? Did you know that the demand for properties is currently (as of May 2016) outpacing the number of properties newly placed on the market? Where as houses may have sold in 38+ days in 2015, today we are seeing them snapped off the market in as little as 16 days in some cases (based on Fraser Valley Real Estate Board and MLS® Surrey data). We can connect you to buyers who are looking in your area.
The current Surrey real estate market is being driven by not just one, but multiple factors combing to result in record breaking sales months and month on month increases in the number of properties sold in the area consistently throughout the first half of 2016. From current low interest rates, to consumer optimism in the market, coupled with a strong a provincial economy, demand for properties in Surrey shows little sign of slowing down. This is also compounded by many areas of Surrey remaining relatively affordable compared to the wider Vancouver housing market.
So, are you thinking of relocating? Perhaps investing in a rental property? Perhaps you are even thinking of upgrading your family home? Surrey offers an attractive place to purchase, both because of the growth experienced in the area, and the attractiveness of the Surrey real estate market.
Market Trends – General
2016 has seen unprecedented growth in Surrey real estate, as evidenced by the year on year growth the region has experienced. The Fraser Valley Real Estate Board (FVREB) has noted consistent growth in the region for every month so far in 2016 for the Fraser Valley (which encompasses Surrey, North Delta, The Langleys, White Rock, Abbottsford and The Mission).
The year started with a bang for the industry, with both January and February setting records for the number of properties sold. January saw a whopping 78 per cent increase in sales compared with the same month the previous year, followed by February then doing one better, with at massive 79 per cent increase in property sales compared with February 2015.
With the number of sales up, it’s not surprising that average prices were also up for both months on the previous year. Single family detached homes lead the increase with a 23 per cent rise in prices over February 2015. Townhomes were also up, by 13.5 per cent on 2015 prices, and apartments up 11.2 per cent, according to FVREB figures released in early March. A hot start to the year indeed.
March came along, and we saw the trend set in January and February not only continue, but explode, with March seeing property sales figures hitting a historic high of 3, 006 properties processed as sales. This represents a 62 per cent increase in sales on the same period for 2015, with prices also continuing their upward trajectory; a single family home priced 26 per cent higher, on average, than March 2015. Townhomes and apartments/condos also continued this trend, up 14.9 per cent and 13.8 per cent respectively.
April continued the trend set in the first quarter of 2016, with sales up 47.8 per cent on the previous year for the same time frame. Properties are also selling faster, as the demand on properties cannot be met with new inventory coming on the market. With regard to prices, a single-family home in April was selling for 30 per cent above the same time in 2015, and townhomes and condos were in at 17.6 per cent and 15 per cent respectively above the previous years prices for the month.
The demand of property continued throughout May, with another record-breaking month for both the number of sales (up 47.8 per cent) and the prices properties sold for when compared with May 2015. Single-family homes sold for 38.3 precent more than the previous year, and townhouses and apartments came in at 20.4 per cent and 17 per cent higher than the previous May respectively, according to the FVREB figures.
Looking ahead, the market, much like real estate markets across Canada, shows no sign of slowing down. Indeed, the City of Surrey is actively promoting growth within the area, and has been named as the #1 place to invest in British Columbia by the Real Estate Investment Network for the 4th consecutive year. The City also notes that they average an approximate growth of between 800-1000 new residents per month, all of whom are looking either to rent or buy.
Growth supported by the City of Surrey, along with external factors such as low oil prices effecting interest rates will continue to create an environment suitable to a strong real estate market. Indeed, some in the media have even exclaimed a mortgage has never been more affordable! Whether you are looking to sell, looking to buy, or looking to invest, Surrey is an opportunity not to be passed over.
Neighbourhoods: Market Trends & Communities
There are six distinct communities within the City of Surrey, made up of the various unique neighbourhoods of the city. We have Surrey Real Estate in all these vibrant communities available for you to peruse, and perhaps find your next family home or condo.
The original historic town centre, Cloverdale today is a vibrant residential neighbourhood, with the town centre moving in the 1960’s to what is now known as Surrey Centre. The community of Cloverdale has grown from its rural and agricultural beginnings to become a vibrant community of supporting a strong real estate market, as supported by data for MLS® Surrey.
Whether a condo, town house or detached residential home, the market climate in Cloverdale has continued to be strong, year after year. Recent MLS® data as posted by the FVREB for May 2016, shows that for MLS® Surrey data, Cloverdale is a strong performer. House prices for all types of properties (apartment, townhouse, detached) have increased by 63.9 per cent over the past 10 years. A large part of this increase has been in more recent years, with the five-year figures showing an increase of 39.9 per cent in this short timeframe alone.
As may be expected, the largest increase has come from the residential detached home market, as demand for this type of property grows and supply in the form of new listings struggles to keep up. Over the past five years, prices for these properties have increased by a massive 52 per cent. Indeed, townhouse and apartment price increases have not been far behind, coming in at 41.1 per cent and 43.2 per cent respectively, according to MLS® Surrey data for May 2016.
Fleetwood is a community located in central northern Surrey, and has a history dating back to the 1860’s, when many settlers came to the area drawn by the prospect of opportunities relating to lumber, fishing, and farming. Modern day amenities for residents include a library, community centre, recreation centre including aquatic facilities, and access to many of the local parks. Some of the highlights include the Barry Mather Park, which has play structures to keep the little ones busy, Berkshire Park which is both popular for soccer and baseball, as well as for those wishing to walk in some of Fleetwoods natural areas, and Hemlock Park, where you can go walking on some of the many trails through this beautiful natural area.
Established in 1891 around the township of Port Kells, Guildford is a centrally located urban community that allows residents excellent access to the Surrey City Centre. The area also offers residents access to several parks, including the Tynehead Regional Park and the Surrey Bend Regional Park. Recreation activities are supported by the Guildford and Fraser Heights Recreational Centres, which offer the community access to indoor and outdoor pools, gymnasiums, courts and sports fields. The community is an area of growth, with recent residential development located in the vicinity of Fraser Heights.
Located on the eastern boarder of the City of Surrey, Newton’s heritage dates back to 1886 when settler E.J. Newton settled in the area. A culturally diverse community, Newton is home to one of the largest Vaisakhi Parades outside of India, an event known to often draw large crowds between 80,000-200,000 spectators.
Supporting the vibrant community is the Bell Centre for Performing Arts and the Newton Cultural Centre, both of which provide a strong base for both the arts and cultural community of the area. Families will be pleased to know there are many educational facilities within the community, and also recreational pursuits are in ample supply, specifically supported by the Newton Community Recreation Centre and Newton Wave Pool. As with all areas of Surrey, there are also many parks to be enjoyed by locals and visitors alike, including the Aspen Park, which includes both playground and forest areas, Cougar Creek park, where you can walk around several ponds and seek wildlife at play, and Hyde Creek Park, a lovely natural areas filled with wildlife, you can even see fish spawning.
Market Trends, Newton, Guildford and Fleetwood
MLS® Surrey data for Newton, Guildford and Fleetwood is captured within the data for ‘Surrey’ in the May 2016 MLS® data from the FVREB. The 10-year trend for these neighbourhoods show an increase in property prices of a huge 65.6 per cent over all. Narrowing our focus, the five-year tend for all property types (detached residential, townhomes and apartments) shows an increase of 43.3 per cent. This increase was led once again by the increase in the detached residential market; with these homes showing a 56.3 per cent climb in prices during the five-year period to May. Townhomes also performed well, increasing 23.3 per cent during the same time frame, and apartments coming in third with a 14.3 per cent increase in prices.
North Surrey, also known as Whalley (after Arthur Whalley, who settled the area in 1928), is a vibrant and flourishing centre for urban development. The many shopping centres and recreational facilities make this community a popular place for both working professionals and those seeking a great place to raise their family.
Home to the Surrey City Centre, North Surrey is connected to the greater Vancouver area via the Sky Train. This convenience allows for greater access to North Surrey’s growing festival scene, which includes the popular Fusion Festival, a two-day multicultural music and food affair. Additionally, the Surrey Arts Centre makes this community an artistic hub, with amenities further enhanced by the recent addition of a new flagship city library.
Think North Surrey might be for you? Recently, according to the City of Surrey website, there has also been a significant focus on growing the communities residential and commercial neighbourhoods. Indeed, MLS® Surrey data, for May 2016, has shown an increase in overall property prices over the past 10 years of 66.8 per cent. When we narrow our focus to the past five years, we see that there has been a 42.8 per cent increase in this timeframe alone.
This upward market trend, as in other areas, has been led by the detached residential housing market, which as grown 66.1 per cent over the past 5 years. The growth of townhomes and apartments has been somewhat more modest in this community, coming in at 10.9 per cent and 15 per cent respectively for the five years to May 2016, according to MLS® data compiled by the FVREB.
Encompassing several neighbourhoods including the historic and popular Crescent Beach, South Surrey is a place that welcomes both families and working professionals. The many trails and parks of the community provide ample space for families to enjoy and professionals to unwind with time in nature. Popular places to do this include The Elgin Heritage Park, Serpentine Fen Nature Reserve, Sunnyside Urban Forest, and Redwood Park.
South Surrey also has several recreational facilities available to residents, including the Hazelmere Country Club, Softball City, and the South Surrey Recreational Facility. With new residential neighbourhoods expanding in the area, the City has invested in growing infrastructure and commercial areas to ensure locals have everything they need, right at their fingertips. The new shopping opportunities available in the Grandview Heights neighbourhood are one such example.
Find your interested in South Surrey peaked? Nestled against the Canadian/US boarder, there is ample of opportunity to join this growing community. The market in this community has grown a whopping 77.8 per cent in the 10 years to May 2016. Narrowing our focus in to the five year window, MSL Surrey data reveals a 68.4 per cent increase in detached residential homes alone, with more modest 12.6 per cent and 13.5 per cent increases in the price of townhomes and apartments, meaning properties are well priced with the possibility of future returns in this up and coming neighbourhood.
Consult with EstateBlock
With the market in Surrey in such a dynamic phase, it makes sense to speak with a professional. We know the market, we know Surrey. Whether you are looking for a first home, or a tenth, a convenient Condo, or a backyard for the kids to play in, we know the properties and where to find them for you. In such an active real estate market, where properties are selling often in less than 30 days (sometimes considerably less) from time of listing, we can help you identify your needs, and find you that perfect place to call home, or future investment opportunity that is sure to please.
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