In past years, many people have hesitated to invest in Surrey real estate because of the uncertainty around the future of the city. However, as we look ahead to 2023, it's clear that there are a lot of exciting developments on the horizon for Surrey real estate.
If you’re an avid investor, you’ve probably already heard that Surrey real estate is on the rise.
But if you haven't, then you're in for a treat: we’ve put together an overview of everything you need to know about this hot commodity.
2022 Population Growth
The city has been experiencing a massive growth spurt. A recent report from the Vancouver Sun states that between 2016 and 2021, Surrey’s population experienced a 9.7% increase compared to Vancouver’s 4.9% increase.
To provide another perspective: for every 1 resident added to the City of Vancouver, the City of Surrey added 1.6.
Surrey has shown no signs of slowing down either. With the rapid city growth, more people are looking to call Surrey home. We’ll get into this in the next section.
2022 City Growth
It's not just population growth that has people talking about Surrey real estate. The city is also experiencing a surge in new housing development and infrastructure projects, which is driving in homebuyers who want to live near those developments once they're completed.
There are multiple condo developments planned for the next few years, as well as plans for new office spaces, retail spaces, and more. Many businesses are choosing to move to Surrey and bringing more homebuyers with them.
2022 Market Trends
Prices for Surrey real estate have dropped 13.2% this year. The average house only stays in the market for 26 days before selling. The average price for Surrey real estate is $919K.
However, prices are predicted to increase over the next few years as more people are moving to Surrey from high-cost and high-congestion areas.
After taking into consideration Surrey’s growth trends, city changes, and market trends, we believe it’s a good time to invest in Surrey real estate.
The city is projected to expand and many exciting projects are in the works. Prices for Surrey real estate are lower than in previous months so it’s a great time to get in and beat the curve.
If you have any questions, or for more information about Surrey real estate, please don’t hesitate to contact us.