A combination of shrinking inventory and increasing demand from abroad has Surrey’s housing prices booming, according to a recent real estate report.
A Royal LePage House Price Survey released Wednesday shows housing prices in the last year have jumped by eight per cent in Surrey.
“A significant amount of housing demand in Surrey is being driven by homebuyers coming from China,” the report says. “However, inventory in the area has not kept up with increased demand.”
During the year, condominium listings fell by 0.5 per cent and bungalow listings dropped by 30 per cent.
“As a result, the aggregate home price has seen a strong increase of eight per cent, year over year, to $619,554,” the survey says.
Bungalows in Surrey are now averaging $565,010, an increase of six per cent over the same time last year.
Two-storey homes are now averaging $714,578 (up 9.1 per cent) and condominiums inched up 2.5 per cent to $228,667.
Regionally, housing price increases were higher, averaging a 12.9 per cent jump through Metro Vancouver to an average of $928,532.
Some of the bigger increases in Metro Vancouver were seen in Richmond, where homes skyrocketed by 20.2 per cent to $813,355, and Burnaby, where it will cost 18.4 per cent more to get into a home, which now averages $832,411.
Vancouver home prices shot up by 15.9 per cent to $1.1 million.
The Royal LePage House Price Survey provides information on the three most common types of housing in Canada in 53 of the country’s largest real estate markets. Housing values area based on the Royal LePage National House Price Composite, produced quarterly through the use of company data in addition to data and analytics from its sister company Brooksfield RPS.
The report, and others like it, can be found at http://www.royallepage.ca/realestate/info-and-advice/market-reports-and-surveys/