Being one of the most diverse cities in BC, Surrey is also one of the biggest cities in the Province.
Second largest to be exact with a population of approximately 527,000. Having a fairly balanced weather pattern has allowed this city to become a hub for investors from various backgrounds. Thus turning the city itself in a haven for new construction homes and developments.
Today you’ll find heavy construction around the City Centre / Whalley area. Where the average age of the population is between 18 – 39, making it an ideal place for the first-time home buyer and an investor as well. If you are more interested in new construction homes in rural areas, Surrey’s farms and the communities around them are well known around the world.
A well-balanced economy, combined with consistent annual growth, has made Surrey a very respectable place for new properties and investment. Most first-time buyers in BC usually have started in Surrey to balance their investment portfolio.
It is estimated that in 11 years, Surrey would be home to over $17.9 billion in new construction and developments. With single family detached homes around the million-dollar mark, townhomes under half a million and condos right behind them, expect these prices to almost double in a decade’s time.
After all, Surrey is on its way to becoming the biggest city in Western part of Canada, which means new investment opportunities.
Just like it’s diverse population, the city of Surrey has some of the world’s best builders working and residing in it as well. Also due to consistent growth in the local and foreign population, new construction condos, townhouses and detached homes have been steadily on the rise. This has created an ongoing opportunity for new developments and residential homes in various parts of Surrey.
Surrey also has many third and fourth generation builders. Investing in their properties can help you get into the real estate market with a great chance of real returns. Generally speaking, homebuyers usually prefer experienced builders too. Surrey is also home to international builders which has increased foreign materials and the demand for them drastically.
The background of builders in Surrey is quite diverse. Giving home buyers a wide palette of materials to choose from. Variety in construction materials is also playing a big role in Surrey’s new homes market. Brought and used by top-tier designers and architects that are shaping how Surrey’s real estate landscape will look in the next 20 years. This has attracted investors and home buyers from other parts of the country and has positioned Surrey to become the biggest city on the west coast.
The same builders that are constructing new homes and developments, are also taking part in maintaining landmark buildings. Thus, requiring even more sophisticated materials and creating a submarket and therefore, more jobs. Surrey’s real estate market is having a very nice ripple effect that experts predict can go on for quite some time, which makes Surrey almost a real estate bull market to invest in.
Homeowners are attracted to the up and coming communities that are rapidly developing and investors like the maturing population which will be needing family homes soon enough. Overall, the new construction market in Surrey is heading in the right direction.
According to MLS® Home Price Index – Fraser Valley Real Estate Board (August 2020), the benchmark price in Surrey BC for new homes is:
Hot Neighbourhoods with most new home developments in Surrey are: