Demand On Surrey Detached House Market
With Metro Vancouver’s detached housing market being slower over the past 20 months or so how is the condo market pushing even higher. With East Vancouver condos reaching $1400/sqft, a 560sqft 1 bedroom is reaching $784,000 and a parking space fetches another $39.000. In Burnaby New Westminster the condos have reached over one million for a 3 bedroom.
This leads us to believe the detached housing market can only stop going down so much. Fiscal common sense tells us going for a home in a region like Surrey were rental units are fetching $1200 for a newer style basement suit that the offset costs on mortgage.
Surrey has a rental crunch and this will not stop and the demand for places for people to stay will have more and more pressure in the days and weeks to come. With this demand that will see the Metro Vancouver Area rise almost 30,000 people per annum and Surrey being the place that is expected to have the most increase in people this demand for rental units will rise faster and be more economically sound to have a home with a rental unit or two in it.
Getting family members to go into housing market has been a key factor for new immigrants to gain wealth, This practice will not go away and is the key to property wealth. With limited inventory on the detached side of things in Surrey we believe many home owners are having the same perspective on the value of a detached home with rental units involved.
Talk to Becky Zhou PREC Team about mortgage and financial help to get into the detached housing market in metro Vancouver. When looking for a Top Realtor in Surrey that goes the extra mile for her clients contact Becky.
Example of prime time Surrey home for sale at $859.000.