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:
3. New Westminster
8. The Tri-cities of Coquitlam, Port Coquitlam and Port Moody