After tax and supply and demand issues, houses in Surrey are so expensive because of the great appeal of living in Surrey BC. The Surrey real estate market is a very active market that has been experiencing massive growth over the past several years.
There are two main reasons that explain Surrey's booming real estate market:
Surrey's close proximity to Vancouver
The large population of Surrey
Then there are two main reasons why Surrey's booming housing market creates a situation where homes so expensive:
Supply and demand issues
To learn more about Surrey's housing market, contact a Surrey real estate agent.
Surrey's Housing Demand vs Supply
The population of Surrey is growing fast, with zoning and other regulations not making way for new Surrey homes. More demand than supply creates an environment for a more expensive product: Surry homes.
The Surrey House Tax
The Desirable Surrey House
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. This close proximity to the popular city of Vancouver makes Surrey homes expensive and Surrey BC in general expensive.
Surrey's Housing Cost 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.
The Location of Surrey to Vancouver= More Expensive Homes
The transit options between Surrey and Vancouver are convenient, this contributes to the increase in house prices in Surrey BC.
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 Makes for More Expensive Houses
There are no plans for the population of Surrey to stop growing anytime soon. The larger the population, the less available homes. This increases the cost of buying a house in Surrey.
Surrey Housing Cost Explained
Close to Vancouver + Population = Increase in House Prices
The combination of the close proximity of Surrey to Vancouver and Surrey's large population create a perfect recipe for a growing Surrey real estate market and explain why houses in Surrey are so expensive. 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. These two factors have contributed to the increase of Surrey house prices.