Top Alternative Markets Near Vancouver in 2021
2020’s COVID-19 housing phenomenon and the resulting spike in Vancouver real estate prices have undoubtedly set the stage for an exciting year ahead of us.
Despite there being no cheap houses for sale in Vancouver, and despite the pandemic, sales of properties, including presale condos, rose by 22% in 2020. This means more and more buyers will be looking farther out for more attractive markets outside Vancouver.
Thankfully, there are a number of areas in the Greater Vancouver Regional District (GVRD) that offer similar benefits as Vancouver real estate. Cities like Langley, Richmond, Burnaby, and Surrey are now seamlessly integrated with Metro Vancouver through multiple public transit means, and are themselves well on the way to offering most of the amenities of a major city within their own limits.
With the new work-from-home norm introduced by the COVID-19 pandemic, the move farther out for better return on investment is now looking increasingly attractive. With that in mind, let’s have a look at the changes in each of the alternative markets.
Buying a Home in Richmond
Set right next to Vancouver’s southern limits, Richmond is a natural option for homeownership in the GVRD, especially for buyers interested in waterfront property. Richmond also features a healthy array of urban amenities including multiple shopping centres and the Vancouver YVR International Airport.
Sales have risen as compared to the year before, and the average price for both existing and presale condos in Richmond has risen 6% over the preceding months.
The Burnaby Housing Market
Housing in Burnaby has been red hot in recent months. In fact, some presale condos in Burnaby sold out in 2020 within a couple weeks. Additionally, the average detached house for sale in Burnaby has risen in price between 6.2% and 11.1% while still being noticeably more affordable than similar options inside Vancouver’s city limits.
Along with its promising housing market, Burnaby offers a robust urban environment which includes Metrotown shopping centre, highly rated parks and recreational facilities, and Simon Fraser University. So, it’s no surprise that a city so well integrated through proximity and public transit with Metro Vancouver while offering quieter neighbourhoods at better prices is looking so promising for the foreseeable future.
Langley House Prices
As a direct result of pandemic decentralisation and soaring Metro Vancouver prices, the market has seen a steady rise in demand for existing and presale properties. Despite being somewhat farther out of the way than other options, Langley is an attractive option for those who don’t mind the occasional or even daily drive. The city itself has come along leaps and bounds in recent years as it continues to urbanize and offer residents more and more amenities and housing options like presale condos in Langley’s centre district.
So far this month alone Langley housing prices have seen a 7.3% gain. That number goes up to 14.4% over the last quarter, and to 45.9% over prices this time last year. Unsurprisingly, this has led to a significant rise in listings, which should stabilize prices, but has yet to show much of an impact.
Surrey’s Affordable Market
Detached homes, townhouses, and apartments for sale in Surrey have been on a steep upward trajectory since the start of 2020. As trends push buyers out of Metro Vancouver, they also pull them into more spacious and affordable markets like Surrey — especially those seeking more space for a family. As a result, the city is experiencing the highest demand in memory.
Detached home prices in Surrey rose by just over 10% by Q4 of last year thanks to a nearly 55% increase in demand. Add to that the first quarter of 2021, sales have increased by 12.6% already and you’ll have an idea of where the overall momentum is heading even with short-term drops along the way.
For more information please contact us. If you have any questions about presale condos in Vancouver or the surrounding district; or any of the properties available at Nest Presales, please contact one of our realtors directly.
Lynn Le Drew PREC* at 604–346–6801 or EMAIL
Colin Gatward PREC* at 778–228–3622 or EMAIL
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