With improved transit, changing demographics and Surrey’s population expected to grow by 250,000 over the next three years alone, Surrey is a good market for first-time home buyers right now.
Vancouver, BC (PRWEB) October 23, 2014
The Real Estate Trends 2015 report released today, issued jointly by the Urban Land Institute and PricewaterhouseCoopers, predicts a continuation of Vancouver’s red hot property market with no cooling off in sight for the coming year.
According to Barbara Yaffe in yesterday’s Vancouver Sun, the Real Estate Trends 2015 report describes Vancouver’s real estate market as one of the country’s “best bets” in the coming year and the fourth strongest in the country in terms of investment, development and housing. Added to the fact that Surrey has once again claimed B.C.’s number one spot on the Real Estate Investment Network’s list of Best Cities To Invest In over the next decade for the 4th consecutive year, Surrey real estate investment is proving to be a wise venture.
Yaffe included Urban Analytics managing principal Mike Ferreira’s comments to an audience of realtors and developers on Wednesday. Ferreira said that while investors comprise a significant portion of condo buyers, purchasing has also been strong among first-time buyers with help from mom and dad, low interest rates and mature buyers downsizing from single-family homes.
Surrey real estate agent Kam Pawar, owner of Kam Pawar Real Estate Team, agrees and adds, “It’s actually a good market for first-time home buyers right now. With South Surrey being a mature community with the largest proportion of residents over age 60 than any other Surrey town centre, downsizing will be a game-changer. Single-family and larger estate homes will become available and first-time homebuyers will also benefit from the inevitable and already visible trend toward higher density housing.”
With new communities of single-family homes springing up, businesses are quick to follow. Yaffe said, “Retailers and companies are following [them], with builders incorporating stores and offices into their centrally located residential housing developments.”
The reverse trend is equally true and evident in the case of Grandview Heights Aquatic Centre currently being built in South Surrey and scheduled to open in fall of 2015. The centre was created to address the needs of Surrey residents for more recreation, exercise and sports, but it’s the old chicken-and-egg story. It’s no coincidence that new residential communities have cropped up in the area.
Pawar predicts, “More are sure to follow as demand for condos and townhouses increases. With improved transit, changing demographics and Surrey’s population expected to grow by 250,000 over the next three years alone, Surrey — and also White Rock and Delta —will become even more significant bedroom communities for young, commuter families in the years to come and sales of multi-family housing will remain strong.”
The Real Estate Trends 2015 report also anticipates that Vancouver homebuyers will spend more than 50% of household income on shelter in 2015, significantly more than homebuyers in any other Canadian city, including Toronto. The Canadian property market overall is expected to remain steady, with urbanization continuing in city cores where people can enjoy the lifestyle they desire and still be close to work, with Western Canada’s real estate market continuing to be the most robust.
For more information about Surrey, Delta and White Rock properties for sale or to list your home, call Kam Pawar Real Estate Team at 778-895-4805 or visit http://www.surreydeltahomesforsale.com.