Townhouses driving development in Surrey, BC

“As of August 2015 the City of Surrey, British Columbia issued 1,499 building permits up from 1,318 issued last year at this time. The majority of the increase was from new townhouse developments which went from 121 permits year to date in 2014 with a total value of $105,301,986 to 205 permits year to date in 2015 with a total value of $164,894,477. Throughout the entire Fraser Valley, it has become a seller’s market where many properties sold for above list price. Year over year the median sale price increased by 11.2% in August 2015 vs. August 2014. Looking at the month-vs.-month numbers, the number of homes sold dropped from 1,180 in July 2015 to 895 in August 2015, the number of active listings lowered from 2,544 to 2,467 and the average days on market went from 38 days in July to 35 days in August.”

Doug Niemi, Surrey, BC - Solidifi Featured EXTRAORDINARY APPRAISER