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Surrey is often considered a good place to get your foot in the door when it comes to homeownership. With the pressure on to increase density, the city is quickly attracting more condominium development, making it a great place to look for your first home purchase. There’s good news for buyers. Surrey’s August condo benchmark price (which represents a typical property within a market) was $199,500 – down by one per cent over August 2014’s benchmark of $208,700. And, buyers are snatching up homes: Surrey condo sales were up 29 per cent in August compared with the same month last year.
With 904 active condo listings as of September 4, there’s a healthy supply of homes to choose from ranging from a 25-year-old studio in Sunnyside Park for $69,800 to a presale on a brand new three-bedroom in Whalley for $1,265,900 .
Million dollar condo listings are unusual in Surrey, with only the one example above currently on the market. It will in the University District Alumni tower. Three of the top five most expensive listings are for that building which is expected to be completed in 2017. The other two are in the 20-year-old Odyssey Tower, also in Whalley.
Looking specifically at entry-level studios, there are 14 homes currently available, ranging from the aforementioned 520-quare-foot Sunnyside Park property to a 425-square-foot, two-year old suite listed just under $200,000. The smallest of the available studios hasn’t been built yet. At 316 square feet, this home in Evolve is expected to be ready for occupancy in 2018. Getting your foot in the door today will run you approximately $180,000. Twelve of the studios currently on the market are located in Whalley and all but one are six years old or less. While you will pay less when you purchase a studio, there are actually plenty of one-bedroom and even some two-bedroom units on the market for list prices below what many of the studios are asking. At an average of $363 per square foot, the studio prices are also running above the overall Surrey condo average of $283 per square foot.
Eight of the nine condos that sold in Surrey between August 22 and September 4 were two-bedroom units; the ninth has three bedrooms. Ranging in asking from $173,000 to $391,900, all sold for under their list price. While the average selling price was only three per cent lower than what was asked, it does demonstrate that Surrey condo sellers are willing to entertain reasonable offers.
Surrey Condo Market Snapshot
