Surrey Central is one of the fastest-growing real estate markets in Metro Vancouver, attracting both first-time home buyers and investors. But with options ranging from pre-sales and assignments to resale condos, many are wondering: Is now the right time to invest in Surrey Central? Let’s break it down.

Understanding the Three Types of Condos in Surrey Central

If you’re considering buying a condo in Surrey Central, you have three main options:

1. Pre-Sale Condos – Under construction, completing between 2027-2028.

2. Assignment Sales – Pre-sale units being resold before completion, often closing in 2024-2025.

3. Resale Condos – Move-in ready condos, typically 4-7 years old.

Each option has its pros and cons, but choosing the right one depends on your investment goals, timeline, and budget.

Resale Condos: Move-In Ready & Strong Rental Market

If you’re looking for a move-in-ready property, resale condos in Surrey Central are available at an average of $900 per square foot in well-maintained buildings. Key buildings include Hub One, Hub Two, and others near King George Station.

• Pricing: One-bedroom condos range from $450,000 - $460,000.

• Advantages: Established strata, lower risk, and prime locations within a 10-minute walk to transit, SFU, KPU, and Central City Mall.

• Wood-Frame vs. Concrete: Wood-frame buildings are priced between $850 - $925 per square foot, while concrete condos are slightly higher but offer better durability and resale value.

If you’re an investor, rental demand remains strong due to the proximity to transit and universities, making resale condos a solid choice.

Assignment Sales: The Hidden Opportunity for Buyers

The best investment opportunities right now are in assignment sales, where buyers can purchase brand-new units at 2021 prices. Many investors who bought pre-sale units are looking to sell before completion, offering discounts compared to today’s market rates.

• Recent Deals:

  • One-Bedroom Condo (500 sq. ft., Parking & Storage): Sold for $415,000.

  • Two-Bedroom, Two-Bath (Move-in Ready): Sold for $610,000.

• Why Consider Assignments?

  • Lower purchase prices compared to current pre-sale rates.

  • Full warranty coverage on brand-new units.

  • Developers often don’t allow assignments on the MLS, making these deals exclusive and off-market.

  • Possible credits and incentives ($10,000-$20,000 in some cases).

While assignments require a knowledgeable real estate agent, they present a great opportunity for both investors and first-time buyers looking for a discount.

Pre-Sale Condos: Are They Worth It in Surrey Central?

Pre-sales were a lucrative investment in the past, but at today’s prices, they are not the best option unless the price per square foot is significantly lower than market value.

• Current Pre-Sale Prices:

  • $1,100 - $1,250 per square foot (too high for Surrey Central’s market).

• Why This Is a Risky Investment:

  • Many buyers who purchased at $1,200 per sq. ft. in 2022 are now struggling to sell or assign their units.

  • Investors may not see significant appreciation for at least 5-10 years.

  • The buyer pool in Surrey Central is price-sensitive, making resale difficult at high price points.

Example: A buyer who purchased a 900 sq. ft., 3-bedroom condo for $989,000 in 2022 now realizes they can’t resell it for more than $1.1 million. Many buyers at this price point would rather buy a townhouse in Langley instead.

When Does Pre-Sale Make Sense?

• If you can secure a unit at under $1,000 per square foot.

• If the developer is reputable and offers incentives.

• If it’s a longer completion date (2027-2028), allowing for market appreciation.

The best deals are often not the most advertised projects. Instead, look for quiet, under-the-radar developments that offer pricing incentives.

Where Are the Best Investments in 2024?

With Surrey Central’s inventory increasing, investors should explore alternative areas with better ROI:

• Langley (Willoughby & Willowbrook): Strong rental demand, better pricing.

• South Surrey: More family-friendly developments, lower competition.

• Delta: Limited condo supply, strong appreciation potential.

Surrey Central may become more attractive in the future, but right now, resale and assignment sales offer the best value.

Final Thoughts: Where Should You Put Your Money?

If you’re considering Surrey Central, focus on assignments and resale condos over pre-sales. Avoid pre-sale projects priced above $1,100 per square foot, and instead, look for deals in low-rise developments or quieter areas.

📌 Key Takeaways:

• Resale Condos: Safer investment, strong rental market.

• Assignments: The best opportunity for discounts on brand-new condos.

• Pre-Sales: Only worth it if the price is below $1,000 per sq. ft.

📞 Need help finding the right investment? Contact our team to access exclusive off-market assignment deals and expert real estate advice!