Residential construction in Surrey. (Photo: Tom Zytaruk)

Residential construction in Surrey. (Photo: Tom Zytaruk)

Surrey second only to Detroit, in North America, for most dramatic home price increases

The report by Point2 Homes looked at 83 real estate markets in Canada, United States and Mexico

Surrey is second only to Detroit, in all of North America, for the most dramatic home price increases since 2013.

So says a report by Point2 Homes, a company covering real estate market trends. The average home price in Surrey, which has a population of 517,887, climbed by 88 per cent over the past five years, from $450,213 in Canadian money to $845,000.

The report looked at 83 real estate markets in Canada, United States and Mexico.

Detroit, Michigan, with a population of 673,104, topped the list of cities with the highest-climbing real estate prices, registering a 97 per cent increase in house prices over those five years.

San Francisco came in third, with a 69 per cent increase in the price of homes, followed by Vancouver at 68 per cent.

Seattle ranked eighth on the list, with an increase of 66 per cent, and Toronto was ninth, registering a price increase of 59 per cent between December 2013 and December 2018.

According to Point2 Homes, the average Canadian has to spend 56 per cent more to buy a home – and 25 per cent more to rent one – than 10 years ago, despite the median wage increasing by only 15 per cent.



tom.zytaruk@surreynowleader.com

Like us on Facebook Follow us on Instagram and follow Tom on Twitter