As a realtor navigating the ever-changing world of real estate, staying ahead of market trends is crucial; it's about knowing where to focus your efforts for optimal results. In 2024, Surrey, British Columbia, has revealed itself as the market to watch with an anticipated 20,000 new homes available within the next two years alone. With the city’s steady growth trajectory and thousands of new homes arriving, the market is ripe for first-time buyers and seasoned investors looking for the long term benefits of getting in early. In this article, we'll delve into Surrey BC’s real estate trends and how you can leverage these trends to your advantage.

A Snapshot of Surrey's Growth Trajectory

Surrey is one of the fastest-growing cities in British Columbia. Its population is projected to continue growing, surpassing Vancouver’s population by 2029. This growth is fueling demand for housing, and the city is responding in kind with a host of new pre-sale projects. Earlier this year, rennie launched "rennie loves surrey," which reflects our commitment to the future of the city. with three new projects set to launch over the next eighteen months in partnership with top-tier developers: Oviedo, Century Group, and Tangerine Developments.

If history has a habit of repeating itself, the projected population boom provides a prime opportunity for buyers. With an abundance of new pre-sale projects arriving throughout Surrey, homes are being listed with attractive pricing. rennie’s first project in our rennie loves surrey initiative is BridgeCity, a community of 967 homes in Surrey Centre North, with homes starting in the $300,000s making it an accessible option for first-time buyers and those considering an investment property. This early stage pricing allows people to get in at the ground floor, with the anticipation of significant returns on investment as Surrey continues to expand its infrastructure and amenities, fuelling rising property values.

Beyond the bustling pre-sale market, Surrey boasts a diverse array of real estate options. From single-family homes to sleek, modern studios, there's something here for every type of buyer. For realtors, this further cements Surrey as an exciting and important market to explore and connect with potential home buyers.

The 2024 outlook for Surrey

There are burgeoning opportunities in Surrey for realtors. The city’s relative affordability compared to Vancouver makes it particularly appealing, especially for first-time homebuyers looking to enter the market. Additionally, transit improvements, such as the Surrey-Langley SkyTrain extension, are poised to positively impact real estate prices, enhancing the city's appeal.

The tech industry in Surrey is experiencing notable growth as well, which is expected to drive demand in both residential and commercial sectors. This growth is supported by the city's robust educational institutions, with SFU, UBC, and KPU campuses all establishing a major student base in the city, which will upkeep a steady rental market, making it enticing to potential investors. 

The evolving trends in remote work are another factor to consider when evaluating Surrey's housing market. These trends, coupled with historical data showing consistent long-term property value appreciation suggest that Surrey's real estate market holds significant promise for the future.

The future of real estate in Surrey

Surrey's real estate market is demonstrating remarkable resilience. This stability, combined with the city's growth and affordability, makes Surrey a compelling market for realtors to engage in. With the Surrey market in a prime position for growth in 2024 and beyond, getting familiar with Surrey is a strategic move for realtors growing their business.. By staying ahead of the curve and tapping into Surrey’s potential, home buyers and realtors can lean into a vibrant community on the rise.

If you're a realtor looking to grow your business in Surrey with rennie, please connect with Chrys Li to learn more about our rennie Loves Surrey rewards.