Surrey named B.C.’s best city for real estate investment

Both housing prices and sales are up in B.C. compared to last year

The Surrey housing market isn’t cooling off anytime soon.

That’s what a new report released by the Real Estate Investment Network suggests.

The independent research and analysis firm released their list of the top ten towns and cities to invest in for real estate throughout British Columbia.

Surrey’s spot on the list doesn’t come as a surprise to mayor Linda Hepner.

“I am pleased that Surrey takes the top spot, but I am also not surprised when you factor in Surrey’s planned growth and close proximity to critical trade and transportation routes,” said Hepner in a press release.

SEE ALSO: Multi-family units on the rise in Surrey

Surrey’s population is growing by approximately 10,000 people per year. The city’s continued growth has lended its hand to a housing market that continues to stay hot.

According to the Fraser Valley Real Estate Board’s report from the month of October, housing prices and sales are on the rise.

In Surrey, the average price of all combined residences (detached homes, townhouses and apartments) was $805,300. That’s up 19.1% from the previous year.

The benchmark price of a detached home in Surrey has now jumped over the one million dollar mark, which just happened within the last three months.

Despite prices climbing for all types of homes, sales are up across the board compared to last October. Townhouse sales in Surrey are only up 2.7 per cent, but detached home sales are up 26.6 per cent while apartment sales are up 53.4 per cent.

The study looks at 36 economic and market factors, and identifies B.C. real estate markets that are best positioned to outperform over the next five years.

Here is the list of B.C. cities ranked in order of potential for housing market strength over the coming five-year period:

1. Surrey

2. Abbotsford

3. New Westminster

4. Victoria

5. Kamloops

6. Kelowna

7. Chilliwack

8. The Tri-cities of Coquitlam, Port Coquitlam and Port Moody

9. Burnaby

10. Vancouver



trevor.beggs@surreynowleader.com

Like us on Facebook and follow Trevor on Twitter

Just Posted

Surrey man dead after semi-truck goes off road near Vavenby

The truck driver was the lone occupant of the trailer traveling from Blue River

VIDEO: ‘Beer league’ hockey for kids at a Surrey rink that bustles each spring

Three mini sheets of Excellent Ice arena attract players from around the region

Olympic gold now official for South Surrey weightlifter

Christine Girard’s bronze medal from 2012 Olympics upgraded to gold, IOC announces

Junkyard Dog XC set for South Surrey Bike Park Sunday

Riders from across province will compete in Cycling BC Premier Series event

VIDEO: Family asks for help finding remains of Surrey man missing for 10 years

Police suspect foul play in Kellen McElwee’s disappearance a decade ago

VIDEO: ‘Beer league’ hockey for kids at a Surrey rink that bustles each spring

Three mini sheets of Excellent Ice arena attract players from around the region

Province steps up to help Catalyst Paper in war against U.S. duties

Paper company hit with more than 28 per cent in American tariffs

Judge to give decision Friday in Gabriel Klein ‘fitness’ hearing

Man accused in Abbotsford school stabbing could have trial delayed due to mental-health issues

Fraser Health: Fort Langley’s boarded up buildings ‘filthy, unsightly’

Eric Woodward says buildings will remain boarded up, following letter from health inspector

UBC offers to help pay for SkyTrain extension to campus

TransLink said a Millenium Line extension remains far in the future

UPDATE: Jordan funeral procession moves along Quadra Street

Late Victoria cop mourned by officers from numerous local, out-of-town jurisdictions

Government has no solution for dangerous stretch of Highway 1

Columbia River-Revelstoke MLA Doug Clovechok met with the Ministry to talk about the dangers around Highway 1

B.C. couple caught in Kootenay Pass avalanche

Just after the ministry carried out avalanche control and opened the highway a Rossland couple was almost swept away by snow

Lance Armstrong settles $100M lawsuit with U.S. government

Disgraced cyclist reached $5-million settlement with sponsor U.S. Postal Service

Most Read

l -->