The Surrey BC real estate market is a very active market that has been experiencing massive growth over the past several years. There are three main reasons that explain Surrey's booming real estate market:
The available space in Surrey
Surrey's close proximity to Vancouver
The large population of Surrey
For questions on the real estate market in Surrey, contact a Surrey Real Estate Agent.
Surrey is located in the Lower Mainland region of British Columbia, just outside of Vancouver. Not only is Surrey next to Vancouver, the population of Surrey is similar in size to Vancouver. The city of Surrey is the second largest city in BC, with a population of over 520,000 people with Vancouver having a population of 675,000.
Surrey's Real Estate Market Growth
According to the Real Estate Board of Greater Vancouver, the benchmark price for a single-family home in Surrey in February 2023 was $1,608,300 which is an increase of around 33% from the same month last year. The benchmark price for a townhouse in Surrey in February 2023 was $789,500 which is an increase of around 23% from the same month last year.
Surrey's Available Real Estate Land
Probably the most important factor contributing to the real estate market in Surrey, is the amount of land Surrey can provide. Vancouver is around 115 square kilometers, whereas the land mass of Surrey is almost 320 square kilometers. That is a lot of extra space to house new Surrey residents.
The Location of Surrey to Vancouver
The transit options between Surrey and Vancouver are convenient, this is a boon to real estate markets that are just outside major cities.
The SkyTrain is a rapid transit system that connects Surrey and Vancouver. The Expo Line runs from Surrey's King George Station to Vancouver's Waterfront Station, with stops in between at stations like Surrey Central, Gateway, and New Westminster. The trip takes about 40 minutes.
Surrey Bus System
There are many bus routes that run between Surrey and Vancouver, operated by TransLink. Some popular routes include the 301 which runs from Newton Exchange in Surrey to Brighouse Station in Richmond, and the 99 B-Line, which runs from Surrey Central Station to UBC in Vancouver.
Surrey Trans-Canada Highway
The most direct route between Surrey and Vancouver is via Highway 1 aka Trans-Canada, which takes about 30-45 minutes depending on traffic.
Biking in Surrey
For Surrey cyclists, the Central Valley Greenway is a scenic and relatively flat route that runs from New Westminster to Vancouver, passing through Surrey along the way. The entire route takes about 2-3 hours to bike, depending on your starting point.
Surrey's Growing Population
There are no plans for the population of Surrey to stop growing anytime soon. Surrey has the space and population growth fosters the need for available real estate.
Surrey Housing Market: Space + Vancouver + Population = a Growing Real Estate Market
The combination of available space in Surrey, its close proximity to Vancouver, and its large population create a perfect recipe for a growing Surrey real estate market. Surrey's growing population has led to an increased demand for housing, while its proximity to Vancouver has made it an attractive option for those looking for more affordable housing options outside of the city. Additionally, the availability of space in Surrey has allowed for new developments to be built, including high-rise condos, townhouses, and detached homes. All of these factors have contributed to the growth of Surrey's real estate market, making it a popular choice for both homebuyers and investors alike.