Surrey BC Market

[lady]

Hello there!
I've been researching Surrey BC and want to know if there are others on the forum that are involved or interested in the area. Its exciting to know its the fastest growing in Canada.
Looking at a 150K condo to rent out. If there is a local community anywhere in the greater Vancouver area it would be great to meet up and discuss.

All resources and tips welcome!
Cheers

 

[David9205]

I'm new to REIN, and live in Surrey but have a tough time finding condo's with sufficient cash flow (I specifically look at building which were built in 2009 or newer). Which area in Surrey are you looking in?

 

[Thomas Beyer]

Buy anything that cash-flows with 20-25% down. Your grandkids will thank you.

Especially BUY LAND, i.e. houses with land or acreages as LAND goes up in value far FAR more than condos.

Buy along the new Langley-Surrey LRT line, within 800m of the proposed transit stations. Pre-builts OK.

You will also see massive value gains in Tsawwassen, Delta and Ladner once the massive 10 lane Massey bridge is finished in 2021 or 2022.

 

[lady]

Thanks Thomas Ill be looking into those area as well. I noticed our massive transit expansion and most are underway. Tsawwassen also have the new mall going in.

As long as the crime rate is low and its becoming a gentrified area im looking into it.

 

[lady]

Are their any groups or good people in the lower mainland to connect with?

 

[lady]

I'm new to REIN, and live in Surrey but have a tough time finding condo's with sufficient cash flow (I specifically look at building which were built in 2009 or newer). Which area in Surrey are you looking in?

Any luck with finding a place are you looking for a 2 bdr as well? Im hearing rent prices between 1000-1500 monthly

 

[Tina Myrvang]

Get an experienced Realtor on your side. For Surrey I highly recommend Brent Roberts.
Click HERE for his website.

 

[David9205]

Any luck with finding a place are you looking for a 2 bdr as well? Im hearing rent prices between 1000-1500 monthly

Not in Surrey. I did just take possession of a 1 bed 1.5 bath in Abbotsford. That being said I know i need to loosen up my criteria when searching, it's pretty specific right now.

Have you had any luck?

 

[Sam53473]

I spent a considerable amount of time looking at investment properties in Surrey, specifically along the proposed LRT line on Fraser Hwy and had a challenging time finding something where the numbers worked... I even considered pre-build townhouses.

I ended up purchasing a new build in Chilliwack where rental rates are high and vacancies are low. The purchase price was at least $200,000 less then comparables in Surrey.

I also purchased a pre-build in Tsawwassen Springs resort (across from the new mall) about 18 months ago and have been happy with the appreciation.

Good luck!!!

 

[lady]

Hey Sam Thank you! I will do my scorecard on Chilliwack next. Overall is there good stats showing that its growing considerably? I heard there is a huge crime rate out there.

Also want to ask how are the sales of a pre build? Would you be selling it once its made or hold onto it for a few years typically?

 

[Tina Myrvang]

There is a very high crime rate in Surrey too!

 

[Sam53473]

Hey Sam Thank you! I will do my scorecard on Chilliwack next. Overall is there good stats showing that its growing considerably? I heard there is a huge crime rate out there.

Also want to ask how are the sales of a pre build? Would you be selling it once its made or hold onto it for a few years typically?

Like most cities; there are areas to buy in and areas to avoid in both Surrey and Chilliwack.

As for the pre-build, I purchased to hold the property Long term. There are positives and negatives to pre-builds but I knew the market in south delta was likely only going up when I bought it because of the new infrastructure and Massey bridge etc. I tied up a bit of cash with the deposit but when the property closes it will be worth considerably more then what I paid and I haven't paid a dime in mortgage, etc or had the worry of managing the property since I purchased it.

Good luck!!!

 

[Thomas Beyer]

Look for traffic impact of new Massey bridge as well as Surrey-Abbotsford connector and Surrey-Langley LRT.

Buy anything with land as they are not making more of it.

Don't forget industrial, retail or commercial as that does not have the 15% foreign tax on it !!

 

[lady]

Buy anything that cash-flows with 20-25% down. Your grandkids will thank you.

Especially BUY LAND, i.e. houses with land or acreages as LAND goes up in value far FAR more than condos.

Buy along the new Langley-Surrey LRT line, within 800m of the proposed transit stations. Pre-builts OK.

You will also see massive value gains in Tsawwassen, Delta and Ladner once the massive 10 lane Massey bridge is finished in 2021 or 2022.

THanks Thomas, Im going to be contacting some agents next week. Do you not advise anything under 20%? I understand there is insurance on mortgage at that point. but is it really a bad thing?

 

[Thomas Beyer]

Rental properties require 20% or more down. Only a personal residence can be acquired with less than 20% down.

 

[As Dhaliwal]

There is a very high crime rate in Surrey too!

Do you live here?

We have more people here than almost the Maritimes.

 

[Tina Myrvang]

Do you live here?

We have more people here than almost the Maritimes.

I'm in the lower mainland and have been my entire life. Not to age me, but lots and lots of years.