NEW MARKET SUMMARY SOUTH SURREY/WHITE ROCK

The South Surrey/White Rock market area is being downgraded to a “Yellow Light” status for the Third Quarter of 2023. It recorded a total of 64 sales, representing a 39 percent decrease from the Second Quarter of 2023. This is a substantial decline compared to the 105 sales in the previous quarter. Both the Low Rise and Townhome sectors saw significant sales drops of 88 percent and 57 percent, respectively. This decline can be attributed to the absence of new inventory in the market area, as no new projects were introduced during the Third Quarter of 2023. However, the High Rise sector experienced a remarkable 240 percent increase in sales. It’s worth noting that 94 percent of total sales in this sector came from a recently released project. During the Third Quarter of 2023, the market area absorbed 22 percent of its total inventory, in contrast to the 37 percent absorption rate in the previous quarter. Ground-oriented product types remain highly favored in South Surrey/White Rock, with the majority of purchasers being end-users.

Market Highlights

The top preforming project was Landmark Premiere Properties third tower of Foster Martin called The Landmark, achieving 11 new sales over the quarter

The Cedar Building of King + Crescent by Zenterra led all wood frame product types in sales with five new sales over the Fourth Quarter of 2023

The Loop by Gramercy Development’s led the way in the Townhome sector with four total sales over the quarter

The final phase of Streetside Development’s The Boroughs, a 45-unit townhome project called Chelsea is expected to launch in 2024