Move over, Vancouver. Surrey has had the second-fastest rising home prices in North America over the past five years, suggests a study of 83 major North American cities that also sees five other Canadian cities make the top 10.
Between 2013 and 2018, Surrey home prices soared 88 per cent — which works out to an increase of $395,287 in Canadian dollars — according to Point2 Homes, an online real estate portal with millions of monthly visits.
The Point2 Homes team says population growth is a big factor supporting the rapid price appreciation Surrey is experiencing. Its relative affordability — at least compared to nearby Vancouver, where the benchmark price of a home is $1,019,600 — is also playing a part in creating demand.
"Employment, investments and average income are easily comparable to those in Vancouver. With more affordable pricing and demand growing, Surrey has been changing and people see the value in this market. Vancouverites are fleeing the crazy city prices and Surrey provides them affordability with its benchmark home price of almost $850,000," reads an email statement attributed to analysts.
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Point2 Homes mined the numbers in the study from a variety of sources, including the Canadian Real Estate Association (CREA) and the stateside National Association of Realtors (NAR).
There were five-year home price gains of more than 50 per cent in 18 of the markets Point2 Homes examined, with Canada laying claim to six.
"In markets like Manhattan or Vancouver, which already boast stratospheric home prices, even the smallest changes impact homebuyers' pockets in a very big way," reads the Point2 Homes blog post about the study.
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