Surrey, British Columbia Real Estate Market Data
Updated: Nov 2024
House
Median price | $1,000,000 |
Monthly growth | 1.5% |
Quarterly trend | 4.0% |
Stock on market | 0.7% |
Apartment
Median price | $600,000 |
Monthly growth | 1.0% |
Quarterly trend | 2.5% |
Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $800,000 |
3 bedrooms | $1,000,000 |
4 bedrooms | $1,200,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $500,000 |
2 bedrooms | $600,000 |
3 bedrooms | $750,000 |
Demographics
Current Population (2025) | 500,000 |
Previous Population (2020) | 485,000 |
Population Change | 3.1% |
Total Private Dwellings | 200,000 |
Occupied Private Dwellings | 190,000 |
Population Density (per km²) | 2.0 |
Land Area (km²) | 316.4 |
Market Analysis
Current Market Conditions and Trends
The Surrey real estate market currently exhibits a stable growth pattern characterized by consistent appreciation in property values. With a median house price of $1,000,000 and an upward trend of 4% year-over-year, the market is showing signs of resilience despite broader economic uncertainties. Similarly, the median apartment price stands at $600,000, with a slightly lower growth rate of 2.5% year-over-year. These trends reflect a healthy demand for housing in the area.
The local population is undergoing robust growth at a rate of 3.1%, which outpaces many other regions across Canada. This demographic expansion is fueling housing demand and contributing to the steady market conditions observed in Surrey.
Investment Opportunities and Potential
Investors considering Surrey as a potential location for real estate investment will find several attractive opportunities, particularly given the region’s sustained population growth and economic stability. The consistent increase in property values suggests that investments made now could yield solid returns over time.
Single-family homes represent strong investment prospects due to their higher appreciation rate of 4% compared to apartments. However, apartments are also an enticing option as they offer lower entry prices and appeal to a significant segment of the population, such as young professionals and smaller families who seek more affordable housing options amidst rising property prices.
Additionally, Surrey’s strategic location within the Greater Vancouver area makes it an attractive place for businesses and individuals alike, further enhancing its potential for real estate investment.
Future Market Outlook
The outlook for the Surrey real estate market remains positive. The ongoing population growth is projected to continue driving demand for housing. As one of the fastest-growing cities in British Columbia, Surrey is expected to attract further residential development and infrastructure expansion which should buoy property values over time.
While global economic trends and domestic policy changes may impact market dynamics, Surrey’s fundamental growth drivers—population increase and geographic desirability—are likely to sustain its position as a strong real estate market in British Columbia. Investors and homeowners can anticipate continued appreciation in property values over the long term, making it an attractive market for both immediate and strategic future investments.