Surrey, once the bastion of low-cost housing and commercial real estate, is experiencing an unprecedented surge in prices across the board this year.
“It is astonishing,” said Dylan Sohi, a commercial agent with Colliers International’s Surrey office, who said prices have rocketed up in the past three years.
Sohi pointed to two recent sales as examples: a small mixed-use commercial and residential building on about a half-acre lot on Surrey’s 62 Avenue that just sold for $5.25 million; and a 10-acre development site in central Surrey that sold to Anthem Properties Ltd. for $63.2 million.
It is not uncommon for multi-family residential sites in South Surrey to sell for $2.5 million per acre, he said, up from $1.8 million to $2 million an acre just five months ago.
The average detached-house price in the South Surrey-White Rock market is now just over $1 million, up 16.6% from a year ago, reports the Fraser Valley Real Estate Board. In the last month, the area’s typical house price has increased by nearly $30,000. •
