NEW MARKET SUMMARY SOUTH SURREY/WHITE ROCK

The South Surrey/White Rock submarket will be upgraded to ‘Green Light’ status for the first quarter of 2023, after recording 65 total sales. This represents a significant increase compared to the minimal activity of 22 sales in the previous quarter. The large increase in sales activity was mainly driven by a new Townhome project launch, The Loop, which recorded 36 sales. This accounts for 55 percent of the total sales South Surrey/White Rock. The success of this Townhome launch was largely driven by the price point, where the average unit price was approximately $960,000. The high-rise sector continues to struggle with absorptions, as the majority of inventory is now move-in ready. The lack of new project launches in this submarket has reduced the unsold inventory by 16 percent. The much-in-demand product type in this South Surrey/White Rock continues to favor the larger, ground-oriented product types, as the majority of purchasers are noted to be end-users.

Market Highlights

Gramercy Developments launched its Townhome project, The Loop, in late January, releasing 43 units to the market with an overall value of $656 per square foot and recorded 36 sales over the quarter

Park Ridge Homes released their third low-rise building (47 units) in their low-rise development, Southaven, after selling out the first two buildings in 2021 ($712 per square foot). They recorded 15 sales, blending at an overall value of $864 per square foot

Oak Meadows, a Townhome development by Silver Star Enterprises, recorded six sales over the quarter, blending at an overall average of $706 per square foot

There was only one sale in the high-rise sector from Solterra’s Monaco project with an average value of $1,083 per square foot

There are 35 move-in-ready inventory units available in the concrete sector out of the total of 45 released and unsold inventory