NEW MARKET SUMMARY SURREY CENTRAL/NORTH DELTA

The Central Surrey & North Delta market area has earned a “Green Light” status for the Fourth Quarter of 2023, recording 563 sales. This marks a 19 percent rise compared to the previous quarter. The High Rise sector spearheaded this surge with a 55 percent boost in sales, overtaking all other product types and constituting 49 percent of total sales in the quarter. This surge is credited to the introduction of a new tower, which absorbed 100 sales during the quarter. Sales remained robust across all sectors, driven by the consistent release of new inventory. The quarter witnessed seven new project launches, introducing a total of 777 units to the market area. This momentum is expected to carry into the new year, with multiple High Rise towers and Low Rise condominiums on the horizon. The market’s competitive price points, lower than those in areas north of the Fraser River, have been a magnet for buyers and investors. This attraction is further fueled by reduced deposit structures and extended completion timelines. Overall, the absorption rate held steady at 31 percent, mirroring the performance of the previous quarter.

Market Highlights

Guilden, a Low Rise development in Guildford by RDG Management released their first building that consists of 111 units in November

Allure Ventures released Sky Living, a 32-storey, 375-unit High Rise in Whalley in November. The project sold out its first phase of around 100 units at an overall blended price of $1,100 per square foot

Sequoia, ML Emporio Properties’ High Rise in Surrey Central achieved 66 sales over the quarter. The project offered a reduced deposit structure of 7.5 percent and incentive credit of up to $60,000

Whitetail Homes released their 125-unit Low Rise building, Gabriel, in mid October and achieved a total of 80 sales at an overall blended price of $928 per square foot. The project offered a winter sale of up to $120,000 off

Guildford the Greatest, Dawson + Sawyer’s newest Low Rise launch in Guildford released in late October with an average price of $860 per square foot and recorded 57 sales over the quarter

Three new Townhome project launched in Surrey: Mason Living by Panorama West Group, Riverside View by Panorama West Group, and Woodward Lane by Polywest Homes adding 78 Townhomes into the market area

The Whalley neighbourhood is expected to see increased activity in the High Rise sector with multiple towers launching in the new year: Piano by Concord Pacific, Parkway 2 by Bosa Properties, Georgetown Three by Anthem, and Juno by Streetside Developments