For the last few years, phenomenal growth was noticed in the Canadian real estate market, which was also predicted before too. During the initial 4 months of 2018, Surrey in the province of British Columbia has seen lots of growth and demand for its real estate.
Also, among the top ten cities, apartments for sale in Surrey were found to be rising very fast in March 2018. The situation was totally a seller’s market, where the selling to price ratio was maintained at 100% average.
Besides that, the growing population in this region, and also with its diverse economy must have fuelled the growth of the city’s real estate and which is going to continue even further
A big theme has come out in the year 2020 that households are now fleeing the major urban centers and trying to plant new roots within the rural communities. The suburban areas have experienced skyrocketing demand because of the prevalence of remote work and also people now do not prefer to reside in hyper-dense areas in the middle of the COVID-19 pandemic.
The following are the few areas that are emerging out to be the hottest suburban markets in the BC real estate market.
1. Surrey
Although Surrey was always considered “ground zero” for the COVID-19 crisis in British Columbia, as it has seen about 50% of death within the province. Despite that, the real estate in Surrey is booming.
The retail sales of residential property increased by 54.7%. The typical price of a detached home in Surrey increased by 10.2% year-over-year in November to $1,156,800.
2. Burnaby
People residing at Burnaby boast that it offers the best of both worlds because it is very close to Vancouver’s amenities, a more family-friendly setting, and within a quieter location.
REBGV has reported that the housing market of Burnaby separated into 3 key areas i.e. East, North, and South. All 3 regions recorded tremendous growth in housing recently.
3. Richmond
After experiencing accelerating growth, in Richmond, the real estate activity has now hit the pause button. However, as per the report of REBGV, this B.C. suburb is still doing much better than last year.
Although if you look at month wise home sales figure in Richmond, it is down but REBVG pointed out that it is almost 6% more than what was seen last year during the same month.
4. Langley
The latest data about Langley obtained from the FVREB has highlighted that demand has started increasing and as a result, home prices too, are rising all across the city. In the month of November, the benchmark price of a house rose 12.6% year-over-year to $1,115,200. Also, sales of single-family homes surged 74.4%, with 143 transactions.
5. Kelowna
According to OMREB, the real estate market of Kelowna continues to see exponential growth in prices as well as sales activity.
In October ‘20, home sales figure in the greater Kelowna area has shown an 85% increase, and they were up by 19% in the first 10 months of 2020. Moreover, the single-family home’s average selling price jumped to 13% and selling at $790,000.