SURREY CENTRAL/NORTH DELTA

The Surrey Central/North Delta market will be upgraded to the ‘Green Light’ status for the last quarter of 2022 after recording 574 sales, a 244 percent increase when compared to the previous quarter. There has been six new project launches over the quarter releasing 663 units and achieving 456 sales. The 69 percent absorption rate achieved by new projects can be contributed to lower entry price points and grand opening incentives including reduced deposits and assignment fees. The new inventory of new products with longer completion dates added to the market area allowed end-users and investors to enter with the expectation that interest rates will fall by completion. Outside of the new project launches, developers continue to offer incentives such as price cuts of up to $200,000 to increase sales activity. With buyer activity increasing in this market area, more project launches are expected in the next quarter.

Market Highlights

Anthem’s 355-unit High Rise development, Georgetown Two, the second tower of the Georgetown masterplan, released 264 units at the beginning of the Fourth Quarter of 2022 and achieved 232 sales at an overall blended price of $1,052 per square foot with their One-Price Program incentive

Galilea, Whitetail Homes’ 129-unit Low Rise Condominium was released at the beginning of December and recorded 50 sales before the new year at an average price of $826 per square foot

Adera released the first phase of Pura, a 136-unit Low Rise development, and achieved 100 sales at an average price of $868 per square foot since commencing sales in early Q4-2022

Four Square Properties released a 71-unit Low Rise Condominium called Viva in mid-November and made 43 sales at an overall price of $879 per square foot

Lineage, a 35-unit Townhome project in North Delta developed by JPS Developments was released in mid-December and reported 13 sales at an overall blended price of $734 per square foot

Apcon Group’s Townhome project, Headwater, released 28 units into the market area and achieved 18 sales at an average price of $701 per square foot

Landa Global Properties’ 404-unit High Rise development, Lucent, another residential tower in the Surrey Central area is expected to release in February 2023