South Surrey BC real estate in places like Morgan Creek, Crescent Beach, Elgin Chantrell, Hazelmere, and the King George corridor have a lot to offer home buyers. For many, South Surrey is considered to be the upper class or high-end community of Surrey, British Columbia. Here you can find plenty of new South Surrey townhouses for sale and condos for sale, as there are lots of new development and growth in the area. South Surrey is also known for that fact that it receives about 52 more days of sunshine a year in comparison to other upper class real estate areas in the Greater Vancouver and Lower Mainland areas. Contact our Sutton Realty agent Natasha Taylor of theTaylor Teamat1-778-316-4290if you have any questions about condos, townhomes, and detached homes for sale in South Surrey BC.
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About The City of
South Surrey’s real estate market is currently a seller’s market with plenty of buyers eager to get into some of the city’s greatest neighborhoods. The residential combined benchmark price has increased by 55.5% for the South Surrey/White Rock market over the last 5 years. Detached houses in South Surrey/White Rock have seen the 5-year increase in benchmark price, at 34.5%.
Our South Surrey real estate team, can help you locate South Surrey homes for sale in such esteemed neighborhoods such has Morgan Creek, Elgin Chantrell, Ocean Park, Crescent Beach, the King George Corridor, plus some of the newer areas of Grandview Corners and Pacific Douglas. With an unprecedented amount of residential and commercial growth, South Surrey BC real estate is more in demand than ever, especially with White Rock beach being just a couple minutes away.
What attracts families to South Surrey? South Surrey School catchments are some of the most elite in all of the Lower Mainland. There is plenty of public transportation in these areas that can even get you into downtown Vancouver via a comfy bus ride with upgraded cloth seating. The freeway is located just a 3-minute drive from most South Surrey condos for sale and you can get to either Downtown Vancouver within 45 minutes or to the Peace Arch Canada/US Border to do some shopping or save on some gas.
South Surrey is well-known for having some of the nicest parks and recreational facilities in Surrey. Whether you’re looking to spend the afternoon on the beach, walking through nature parks, or working out in state-of-the-art recreational facilities, South Surrey has it all.
South Surrey has some of the most elite educational institutions in Western Canada. With some of the most sought-after private schools located in this town, the educational opportunities here are bar none.
South Surrey has been undergoing significant transportation upgrades from roads, highways, and public transportation options.
South Surrey Park & Ride
Economic Stats for
With a strong understanding of the economic future of South Surrey you’re better positioned to make an informed decision on your real estate investment. It is important to completely understand the population growth trends, core economic drivers, and essential costs of living in South Surrey.
South Surrey’s population has experienced significant growth over the last several years. Between 2011 and 2016, the population of South Surrey grew by 12%. This is slightly faster growth than the rest of Surrey.
In order to make a wise real estate investment, it is important to understand the primary economic drivers of the town. South Surrey has a strong economy with plenty of high-income residents.
Retail has always been an extremely strong economic driver in South Surrey. Many of the residents commute into tech, medical, and finance jobs in downtown Vancouver.
Rental Potential in
As a city that has exploded in popularity over the past decade, South Surrey is a key market any savvy real estate investor should be informed on. There is plenty of opportunity for further appreciation in South Surrey.
Before you take the first step in acquiring a real estate investment it is best that you understand the most common costs associated with acquiring and maintaining a rental property.
Property Transfer Tax – This is a provincial tax on the transfer of ownership between the seller and buyer. In general, it is 1% – 3% of the fair market value.
Lawyer Fees – These fees vary depending on the firm’s rates and whether you will be financing or paying cash for the property. That being said, in general, the cost is approximately $1,000 – $2,000.
Property Taxes – All real estate in BC is impacted by property taxes in one way of another. In South Surrey, you can expect to pay around 0.34% of the BC assessment value each year.
Strata Fees – If you’re purchasing a property that has a strata corporation, then you can expect to pay a monthly fee to the strata. Most, if not all, apartments, townhomes, and condos have a monthly strata fee. This can range from $200 – $500+ per month.
Repairs & Maintenance – Most savvy investors budget 1 – 2 % of the fair market value of the property for repairs and maintenance.
Property Management – Who will manage the screening of tenants? What about collect the rents and abide by the BC Tenants Act? Property management companies can manage all of the day-to-day operations for anywhere from a 6 – 10% commission.
Monthly rents will vary greatly depending on the location and quality of the home. While these estimates will help you understand the general pricing, its best to speak with a professional real estate agent or property management company to get the most accurate rental rates for your property.