If you are looking to buy or invest in a condo, Surrey is a very sought after market to invest in. With new condo developments on the rise, it has made the city of Surrey a very low risk and stable market to invest in. Surrey’s condominium market is currently a very appealing, dynamic and constantly growing market. The majority of new condo buyers in Surrey BC are new families and investors (including first timers).
According to MLS® Home Price Index – Fraser Valley Real Estate Board (August 2020), the benchmark price in Surrey BC for a new condo is $437,300.
Move-In Ready Condos
All New Construction Condos in Surrey BC
New Condo Developments in Surrey BC
Due to the ongoing and rapid development of Surrey, thousands of new condos are now available in the market. From affordable family friendly condominiums, to high rises designed by world renowned architects, new condo developments in Surrey have been steadily increasing. According to MLS® Home Price Index – Fraser Valley Real Estate Board (August 2020), the benchmark price of an apartment or condo in Surrey BC is $437,300. This seems to be very healthy and the median price for most buyers and investors in this market today. From entry level condos aimed towards first time buyers to ultra luxury dwellings, Surrey’s condo market is definitely on the rise.
Here are some of them:
Better known as downtown Surrey, City Centre recently received a large multi-million dollar investment on new condominium developments. This led to a surge in preselling purchases by local residents and foreign investors.
Condos in Cloverdale have been steadily on the rise. Although the majority of the presale buyers in Cloverdale are local residents, a sizeable group of outsiders from BC have also shown interest. Cloverdale is steadily growing due to the influx of new businesses and this has led to many new presale opportunities.
A mostly residential area with single family housing, Fleetwood is also an up and coming area for new condominium developments. This is due to a large increase in population and new immigrants with a median net worth of $750,000 CAD. The residents of this new population are more keen on living on their own. Thus, fueling a market for new and state of the art condos.
One of the closest areas to City centre, Guildford is home to the majority of the condos in Surrey. Presales here are a norm and have been steadily increasing since 2008. Most residential condos are sold which naturally makes it a hub for the largest number of new condo developments in Surrey.
Not necessarily a hot market for pre sale condos but should be on your radar. Newton is slowly developing and sometimes, it can present the buyer with some lucrative opportunities.
Since the majority of residents here live in single-family homes. Condos are slowly being developed in this area. Usually around the perimeters of the city. Due to being one of the most sought after areas in Surrey, a presale opportunity here can provide long term dividends.
Another vibrant area in Surrey, Whalley has a respectable number of new pre-sale condominium opportunities every year. Whalley is considered a business hub which presents great presale condo opportunities for investors. With new high rises being added, Whalley is quietly becoming a great city for first-time and experienced presale condo buyers.
New Construction Condos in Surrey
Real estate agents are quite surprised by the recent demand for new construction condos in Surrey. Although the market seems quite optimistic, the demand for condominium properties seems to have its own trends.
With the ongoing construction of up and coming condo towers and high rises, the city of Surrey, including the suburbs are transforming rapidly. The demand for new construction condos in Surrey is not only stable but rising as well.
Which is a pleasant surprise as condos are usually the first to drop in value when the market drops and the last to rise as well.
Presale Condos in Surrey
The real estate boom in Surrey continues, and the acquisition of pre-sale condos is becoming quite common.
Although there are several reasons for this, it’s mainly due to the fear of rising prices. Buyers want to get in early to avoid competitive pricing.
Many builders have reported pre-selling almost 80% of their inventory. This applies to luxury condos, entry-level condos, and in many cases, condos in high rises as well.
Although a good percentage of presales are going to residential buyers, investors are also getting their fair share.
Preconstruction Condos in Surrey
Already quite well known for Preconstruction condos, Surrey has now one of the most active preconstruction marketing in BC. This has opened several doors for home buyers and property managers in general. Preconstruction condo party launches are now becoming more common and is naturally attracting buyers from across BC.
Additional positive notes include more financing options (especially for the first time buyer) thus reducing any risks on the lender’s side. Now high quality and affordable condos are available for most and it’s going to play a big role in growing Surrey’s economy.
To secure a condo in Surrey, a down payment of 6 to 22 percent is required. This is quite a lot of cash to put down on a property which won’t be ready for a few years. Despite this, Surrey’s condo market is on the rise and is appealing to both home buyers and investors.
Overall, the new condos for sale market in Surrey appears to be a very low risk place to invest for long term gains.
However, whether you are buying as a home owner or investor, proper due diligence is still advised.