Looking for your next townhome? Whether you are a seasonal investor or a first-time home buyer, townhomes in Surrey have been in demand for quite sometime. This is mainly due to the consistent stability and minimal amount of volatility in Surrey’s real estate market. Townhomes in Surrey BC fall within a very diverse price range so the options for possible investors are quite broad.
According to MLS® Home Price Index – Fraser Valley Real Estate Board (August 2020), the benchmark price in Surrey BC for a new townhome is $586,700.
Move-In Ready Townhomes
All New Construction Townhomes in Surrey BC
New Build Townhomes in Surrey
In the past few years, there were over 6234 townhomes constructed throughout Surrey. That number is expected to double in the next year or so, a common by-product of fast developing cities.
According to MLS® Home Price Index – Real Estate Board of Greater Vancouver (August 2020):
- The benchmark price of a townhome in Surrey BC is $586,700.
New townhomes that fall in the two to three-bedroom range, seem to be the ideal purchase for families and real estate investors. An upswing in the economy is also pushing the growth of townhomes throughout the city. With most people in Surrey entering a higher income bracket, the need for developed communities is much stronger. This includes bigger yet more compact housing requirements like Townhomes. Also, the need to be away from highways is also changing the housing landscape.
Most downtowns are known for high rises including Surrey’s fair share of them. However, just on the outskirts, you will see new build townhomes on the rise. Most of these townhouses have single attached garages, suitable for small families.
Just like condos, the number of townhomes are also increasing in Cloverdale – East Clayton area. Although most buyers are simply investing in townhomes for rental properties, some are simply purchasing them for personal or family reasons. Cloverdale offers a good selection of growing new build townhomes that fall within the province’s median range.
One of the fastest growth areas for new townhomes, Fleetwood’s young population is behind the housing boom this city is experiencing. Majority of the population of Fleetwood are independent singles or co-working couples who are looking for better housing choices than their earlier generation may have provided. This explains the demand for high end townhomes and other upscale facilities.
This part of Surrey houses the largest selection of pre-existing and new build townhomes and is seeing its rural areas sprout townhomes. Thus, presenting itself as a great opportunity for investors. A few years down the road, the rural areas are naturally going to experience a population boom, which will increase housing prices and open other opportunities for more investments.
This is the slowest residential developing area in Surrey, however, over 86 townhomes were constructed here last year. This year that number seems to stay steady so although limited, Newton does present some unique townhome investing opportunities.
Considered a lucrative area to invest and buy a townhome in, especially for small families. South Surrey – Grandview Heights already has a decent number of townhomes and more on the way. The population here is considered middle or upper middle class thus making it an ideal place to invest in multiple properties. South Surrey also has a very strong financial backing which keeps the market relatively stable.
Mostly surrounded by condos, Walley is not necessarily the place for townhomes. It looks like this trend is slowly changing, especially with over 120 more new townhome construction in the last few months. Whalley is looked as a mini business hub of Surrey (after City Centre) but with the population’s demand for a more balanced work / life scenario, things seem to definitely take a different turn and for the better.
New Construction Townhouses in Surrey
A fast-developing city always has specific business and residential areas, same applies to the city of Surrey. With a young population in the 24-34 age bracket, the demand for new construction townhouses has been on the upswing, especially in the last 6 years. This trend also applies to condos and general housing in Surrey as well. At the moment, there is a good balance of investment opportunities and new residential townhomes. However, before you release funds to acquire your property, proper research is highly recommended.
Preconstruction Townhomes in Surrey
With a boom in the condo real estate market right now, preconstruction townhomes are also in great demand. After all, investing in pre-construction townhouses is usually considered quite attractive. As most townhome renters are financially stable, are in it for the long run and in most cases (especially in Surrey), the property value continues to go higher, as it has been doing in the last 5 years. Growth in Surrey has been quite consistent and that’s what makes it a very viable market for investors and home buyers.
If the pre-construction townhome is in a gated community, that increases the property value substantially. Thus, giving these properties a high appreciation rate as well. Which is always a plus for the average home buyer or the investor.
Townhouses in preconstruction in Surrey are very diverse in build, location and size which makes it a balanced market for most interested parties. The selection of various townhome types (two to four bedrooms on average) is very appealing to most.
Presale Townhomes in Surrey
After condos, presales of townhomes are driving the real estate growth in Surrey. This is quite apparent in the ongoing multiple pre-sale townhouse showings and presentations, especially in the Guildford and City Centre areas.
One thing that has cemented Surrey’s name in BC’s real estate market is the built quality of these townhomes. From quality construction to well laid out interior plans, townhomes in Surrey are definitely raising the quality bar, attracting investors and buyers from various regions domestically and internationally. If you are interested in investing in a new build townhome in Surrey, apply long term strategies before making a purchase.