Homeownership has long been seen as an investment and with interest rates at a historical high and house prices dropping, it's understandable that more and more people are conflicted about the Surrey housing market.
In this blog, we’ll discuss several factors before our experts give you their take on the situation.
The Current Surrey Housing Market(2023)
Your plan to buy a house should always start with the current status of the Surrey housing market.
In January 2023, the average sold price for housing in Surrey was $895,000. This is a decrease of 8.2% compared to December 2022 and a decrease of 28% since the start of 2022.
Compared to the rest of Greater Vancouver, Surrey is currently the 13th most expensive city and the 16th fastest-growing city.
The Future Of The Housing Market In Surrey
The second most crucial aspect of your plan to buy a house is to look at the future of the Surrey housing market.
As one of the fastest-growing cities in Canada, Surrey has been called the “city of choice” to invest. Let's discuss what gave Surrey this title.
Surrey is close enough to Vancouver that commute time won’t be a burden, yet far away enough that it allows for a quiet and peaceful family life.
From parks and hiking trails to restaurants and shopping malls, there are amenities for everyone. Many of these are a 5 minute walk from your condo or a short drive from a detached home.
The population boom in Surrey has led to expedited planning for transit. By 2024 there will be an 11 km long Light Rail (LRT) from Surrey to Guildford.
Moreover, planning is currently underway for a Bus Rapid Transit (BRT) between Surrey Central Station and Newton Town Centre.
Now, let's get into our expert’s analysis of whether 2023 will be a good year for the Surrey housing market.
When buying a house, you should consider 2 things: your budget and figuring out what you want.
Secondly, timing is everything. Historically, January and February are not good times to buy as there are more people looking to buy and fewer people selling (supply and demand). Instead, use this time to shop around and figure out what you really want and what you can compromise on.
If you have any questions or you want advice on the Surrey housing market, feel free to contact us.