{"id":15178,"date":"2020-03-25T10:10:00","date_gmt":"2020-03-25T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=15178"},"modified":"2020-03-17T11:15:27","modified_gmt":"2020-03-17T18:15:27","slug":"stable-affordable-surrey-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/03\/stable-affordable-surrey-housing-market\/","title":{"rendered":"Stable & Affordable Surrey Housing Market"},"content":{"rendered":"

\u201cWe don\u2019t have any billionaires getting off the plane at YVR and heading straight out to Bear Creek Park in Surrey to buy a house,\u201d says veteran realtor Sukhi Kang.<\/p>\n

Surrey has not been a mecca for wealthy offshore or domestic housing investors, say Kang and other realtors, who maintain the relative lack of speculators has been beneficial for the fast-growing city south of the Fraser River.<\/p>\n

The preponderance of native-born and new-immigrant buyers who are simply searching for a home to live in is why housing values have remained unusually stable in Surrey compared to the high-end neighbourhoods of Metro Vancouver, where housing bubbles began popping in 2017.<\/p>\n

According to an interactive Postmedia chart of more than 160 Metro Vancouver neighbourhoods, BC Assessment values for multi-million-dollar homes in posh neighbourhoods of West Van and the west side of Vancouver dropped by roughly one-fifth in just one year. So did neighbourhoods in Richmond.<\/p>\n

In contrast, Surrey housing prices remained quite stable in most neighbourhoods, particularly in the large northern section where detached homes often sell for less than $1 million.<\/p>\n

While luxury West Van houses in hillside neighbourhoods such as Chartwell, the British Properties and Upper Caulfield were pounded when prices plummeted between 18 and 25% this year, north Surrey neighbourhoods like Newton, Cloverdale, Guildford, Clayton Heights, Whalley and Fleetwood experienced only minor dips of one to five per cent.<\/p>\n

Some other Metro Vancouver neighbourhoods that escaped investor mania and remained fairly firm in value were the District of Langley\u2019s Brookswood and Fort Langley, North Delta\u2019s Kennedy West (next to North Surrey), New Westminster\u2019s Queensborough and Brow of the Hill and North Vancouver\u2019s Lynn Valley and Seymour Heights.<\/p>\n

Sprawling north Surrey stood out for its across-the-board stability. \u201cThe affordability factor is big here,\u201d says Bobby Bisla, one of more than 300 realtors working out of Century 21 Coastal Realty\u2019s super-busy office in Newton.<\/p>\n

\u201cWe don\u2019t want a market that\u2019s going berserk with multiple offers. It\u2019s better for everyone, buyers and sellers, to have a stable market, a balanced market, for people who work here.\u201d<\/p>\n

Surrey, which has a population of more than half a million, is one of the fastest-growing municipalities in Canada, expanding by two per cent a year through a combination of intercity mobility and international immigration, mostly from South Asia.<\/p>\n

\u201cThe foreign-buyers tax didn\u2019t do a thing to slow down buying in Surrey,\u201d when it was instituted in 2016, said Kang.<\/p>\n

His market analysis contrasts with that of realtors in West Van, who say the foreign-buyers tax, as well as the BC government\u2019s speculation and vacancy tax, led to transnational investors, especially from China and Iran, drying up. West Van councillor Craig Cameron is among those who generally welcomes his municipality\u2019s price correction.<\/p>\n

\u201cThe Surrey market is different from West Vancouver. It\u2019s basically made up of local people. People still need to buy houses to live in Surrey. But no one really needs to buy a $20-million house in West Vancouver,\u201d said Kang, who is also with Century 21 Coastal Realty.<\/p>\n

The veteran Surrey realtor said his region\u2019s housing market remains solid because it\u2019s affordable and because it\u2019s attractive to immigrants from South Asia who choose to move into an ethno-religious culture that feels familiar.
\n\"\"<\/a>
\nCensus Canada figures show that 40% to 60% of the residents of the neighbourhoods of North Surrey where housing values remained quite stable \u2014 such as in Newton, Fleetwood and Kennedy \u2014 have roots in India.<\/p>\n

\u201cThe cultural thing is significant,\u201d said Kang. \u201cMany new immigrants from India and Pakistan want to come to a place where they can feel comfortable, where they might be able to stay close to their families, where there are many gurdwaras, mosques and temples.\u201d<\/p>\n

And most people who want to buy in Surrey don\u2019t have huge amounts of money, said Kang, whether they are people of colour or Caucasian. \u201cYou can still get a townhouse for $500,000.\u201d<\/p>\n

It\u2019s typical for buyers in Surrey to show up with only small down payments, Kang said, which has made them vulnerable to the federal government\u2019s financial \u201cstress-test\u201d for qualifying for a mortgage.<\/p>\n

Douglas Todd :It’s Hard to Lose in Stable Surrey Housing Market<\/a> by Douglas Todd | Vancouver Sun<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cWe don\u2019t have any billionaires getting off the plane at YVR and heading straight out to Bear Creek Park in Surrey to buy a house,\u201d says veteran realtor Sukhi Kang. … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-15178","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nStable & Affordable Surrey Housing Market • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/03\/stable-affordable-surrey-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Stable & Affordable Surrey Housing 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