SOUTH SURREY/WHITE ROCK

The South Surrey/White Rock market area will be given a ‘Yellow Light’ rating as sales declined by 31 percent when compared to the Third Quarter of 2022. The decrease in overall sales is largely due to the lack of new inventory, as no new projects came to market over the quarter. There were zero sales recorded in the High Rise sector, an increase of twelve sales recorded in the Low Rise sector, and two fewer Townhome sales were recorded. The South Surrey/White Rock market area saw an overall absorption rate of 16 percent compared to the previous quarter of 21 percent. The absorption in the Low Rise sector was the highest at 37 percent. Project representatives have reported a slowdown in investor interest over the quarter, and make note that buyers are waiting on the sidelines for rising interest rates to slow down or flatten.

Market Highlights

Zenterra’s King + Crescent, a 411-unit Low Rise project, accounted for all the Low Rise sales in the market area as it sold 15 sales over the quarter at a blended price of $816 per square foot

Horizon by Apcon Group, a 71-unit Townhome project is sold out after selling the final two units, the project achieved an average monthly absorption of 2.8 units and a blended price per square foot of $506

Silver Star Enterprises’ 22-unit Townhome project, Oak Meadows, started sales in August and sold a total of eleven units so far at a blended price per square foot of $706.

Streetside Developments’ The Boroughs (Phase 2) – Bexley, an 82-unit Townhome project, sold two units over the quarter at a blended price per square foot of $709; available homes range from $874,900 - $1,045,900

Gramercy Development’s 194-unit Townhome project, The Loop, publicly launched on January 28th with 30 units being released and ranging from $799,900 to $1,094,900.