Surrey, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $980,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $470,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 3.0% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $850,000 |
| 3 bedrooms | $980,000 |
| 4 bedrooms | $1,150,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $420,000 |
| 2 bedrooms | $470,000 |
| 3 bedrooms | $530,000 |
Demographics
| Current Population (2024) | 600,000 |
| Previous Population (2019) | 590,000 |
| Population Change | 1.7% |
| Total Private Dwellings | 210,000 |
| Occupied Private Dwellings | 200,000 |
| Population Density (per km²) | 2.9 |
| Land Area (km²) | 210.0 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Surrey, British Columbia, currently exhibits a steady growth trajectory, with the median house price standing at $980,000, marking a 4.2% year-over-year increase. This indicates a healthy demand for housing in the region. Similarly, the apartment sector shows a continued upswing with the median apartment price at $470,000, reflecting a 3% year-over-year growth. Surrey’s robust population of 600,000 that continues to expand at a rate of 1.7% annually underscores the ongoing demand for residential properties.
Investment Opportunities and Potential
Surrey presents several attractive investment opportunities due to its positive market trends and significant population growth. The consistent rise in property values suggests that investing in both houses and apartments could yield appreciable capital gains over time. Additionally, given Surrey’s growing population and the associated demand for housing, investment in rental properties could provide sustained income streams for investors. With infrastructure developments and urbanization plans on the rise, areas undergoing revitalization offer potential for increased property value appreciation.
Future Market Outlook
The future outlook for Surrey’s real estate market remains promising. The city is expected to maintain its growth due to its proximity to Vancouver and as an economic hub within the Metro Vancouver area. The continuous influx of new residents is likely to keep driving demand for housing. Consequently, barring any unforeseen economic shifts or policy changes, both house and apartment prices are anticipated to maintain an upward trend. Investors can remain cautiously optimistic about long-term growth prospects in Surrey’s real estate market.
