Located in B.C.’s Fraser Valley, Surrey is uniquely situated as a port to the Pacific Rim and United States. Home to over 557,000 residents, Surrey has grown substantially over the last 10 years.
Surrey is the second-largest city in British Columbia (after Vancouver) and is made up of six major communities known as “town centres:” Whalley/City Centre, Cloverdale, Fleetwood, Guildford, Newton and South Surrey. Each community has something different to offer, from quiet farmland to homes near the beach and active urban areas.
Housing in Surrey is more affordable compared to Vancouver. And given that the city is just 35 minutes away by SkyTrain, many Surrey residents commute to Vancouver for work.
The average home price is just over $855,000 – that’s nearly $355,000 more than the national average, but $170,000 cheaper than neighbouring Vancouver.
Central Surrey house prices have fluctuated a great deal since 2015, with one of the biggest increases taking place in July 2016. Since mid-2016, prices have retreated, but are now back to just over $1 million.
Data source: Mortgage Sandbox