Home prices in Surrey, BC have been rising fast over the past five years and the pace of growth has been second only to Detroit according to a new report on North American home prices.
Point2 Homes says that prices in the city have been boosted by population growth and between 2013 and 2018 prices surged 88%, or $395,287.
The benchmark home price in Surrey is attractive to Vancouverites who are tempted by the relative affordability of $850,000 compared to $1,019,600 in Vancouver.
In 2013, the benchmark price in Surrey was $450,213 and in Vancouver it was $614,487.
In a blog post at Point2homes.com, the real estate portal firm says that Detroit has posted the highest jump in prices over the past 5 years (97%) while Vancouver was in line with San Francisco with increases of 68% and 69% respectively.
Toronto saw a 59% increase over the 2013-2018 period.
Several Canadian cities feature in the list of North American markets where prices have seen the smallest rise over the five years.
Calgary and Edmonton (-1%), Winnipeg (3%), Quebec City (6%), Montreal (18%), and Ottawa (20%) are in this list.
The blog post also highlights that incomes have not kept pace with home price increases in many of the markets analyzed.