SURREY CENTRAL/NORTH DELTA

The Surrey Central/North Delta market will keep its ‘Green Light’ status for the First quarter of 2023 after recording 393 total sales. There has been one new project launch over the quarter releasing 404 units and achieving 166 sales, of which many of the sales came from investors. More investor activity has been seen in this submarket as interest rate hikes have paused over the past couple of announcements.

The High Rise, Low Rise, and Townhome sector contributed 65, 31, and four percent of the total sales, respectively. The new inventory of new products with longer completion dates added to the submarket allowed end-users and investors to enter with the expectation that interest rates will fall by completion. With buyer activity remaining steady in this submarket, more project launches are expected in the next quarter.

Market Highlights

Anthem’s 351-unit High Rise development, Georgetown One, the first tower of the Georgetown masterplan, sold out over the first quarter of 2023 with an overall blended price of $950 per square foot

Galilea, Whitetail Homes’ 129-unit Low Rise Condominium was released at the beginning of December 2022 and recorded 109 sales to date, at an average price of $826 per square foot

Landa Global Properties’ 404-unit High Rise development, Lucent, sold 166 units at an average price per square foot of $1,017

Walker House, by BMG Real Estate sold 45 units throughout the quarter at an overall price per square foot of $1,100