Where Surrey BC's Wealthy Are Actually Buying Right Now

[00:00:00]In Surrey luxury market, some homes are selling in a few days, while others are sitting for months and months. And after 23 years in real estate, I can tell you the difference comes down to what luxury buyers want these days. So, I went through MLS data over the past 12 months across major luxury pockets and I found three [music] clear patterns. Let me show them to you. Starting with the entry-level luxury between two [music] to three million dollars. This range is still the healthiest luxury segment overall. [music] The absorption numbers make that pretty clear. In past 12 months, Surrey had 74 active listings with 24 sold, around 24% absorption. South Surrey and White Rock were closer to 30% and Langley came in the strongest with 80 active listings and 49 sold, about a 38% absorption.

[00:00:48][music] So, if you're wondering where the buyers with that budget are spending money right now, the market is leaning south and east. [music] But, the real movement is happening in certain pockets. Take Ocean Park Crescent and Crescent Heights, for example. They have had several homes that have sold in under two weeks.

[00:01:05]Meanwhile, competing luxury listings were sitting for 60, [music] 90, or even over 120 days.

[00:01:11]Buyers here are chasing a lifestyle.

[00:01:13]They want that established [music] coastal neighborhood feel that's scarce and hard to replace. And because there are only so many streets in areas like this, supply [music] stays tight. In places like Crescent Beach, you're a short walk from the water and whoever bought the house at the end of the block paid a premium for something you can't build from scratch. Now, let's go east into Grandview, Morgan Heights, and Pacific [music] Douglas and you're looking at a different luxury buyer.

[00:01:36]This part of the market had some of the fastest movement for newer luxury homes in the data set. Several properties moved in four to 12 days, while similar listings in other parts of Surrey were sitting for [music] months. This area is for the luxury family buyer. Newer homes, modern layouts, good access to highways, and one of the top independent schools in the province, Southridge School, is close [music] by. Families with money are choosing this area because daily life feels easier here.

[00:02:03]You still get that South Surrey address and sunny South Surrey weather, but without feeling disconnected from everything else. Then [music] there's Campbell Valley and South Langley acreage. Wealthy buyers are moving here for land and privacy. Langley overall posted the strongest absorption numbers in the luxury data at this price point.

[00:02:21]And inside that, several acreage estates were sold between 11 and 30 days. Those are strong numbers for properties with [music] bigger footprints in a much smaller buyer pool. Now, around 75% of the Township of Langley sits inside the agricultural land [music] reserve. So, you can't just keep building outward forever. The scarcity is built into policy and that changes how buyers look at land value. Buyers have gated driveways, privacy, [music] room for horses, guest space, multi-generational living, plus that Campbell Valley Regional Park right there nearby.

[00:02:52][music] And then there's Fort Langley, which might be one of the hottest luxury pockets in the entire Fraser Valley.

[00:02:57]When it comes to days on market, homes were sold in about [music] 6 days up there. You rarely see luxury inventory move this quickly unless demand is strong and inventory is tight. [music] Fort Langley feels different because it is different. The Township's own community plan describes it as a distinct [music] small town community that has kept its character while the Fraser Valley grew around it. And the same community plan also makes it clear that future residential growth here will stay limited. So, you can't build your way out of inventory pressure in Fort Langley. Buyers here aren't cross-shopping five other neighborhoods.

[00:03:32]They want this exact place. And when buyers show up with that mindset, homes move fast. Now, before we move on, I work with buyers and sellers across Surrey, South Surrey, White Rock, and Langley at these price points on a regular basis. And if needed, I can give you a clear read on where your home stands against what's moving right now.

[00:03:50]There's a link down below for a free home evaluation and also all my contact info. [music] Now, let's get into the core luxury range. This is where the market gets much harder to read. Once we move into 3 to 5 million range, >> [music] >> patience becomes one of the biggest advantages a buyer has in this market.

[00:04:07]And right now, they're being very patient. Surrey had 53 active listings and only four sold or pending. And some of these homes were hitting 100, 150, or even close to 200 days on the market in some cases. At this price point, Surrey doesn't have the same coastal pull as South Surrey or some acreage lifestyle that Langley offers. Buyers with this kind of money have options, and if the lifestyle value isn't obvious right away, they move on fast. Now, Langley in that same core luxury range had 99 active listings over the past year with 49 sold or pending. That's over three times the activity Surrey was seeing.

[00:04:47]And the strongest movement inside that category came from Langley acreage estates. Several properties were moving between 10 to 38 days, and those are strong numbers for an average $4 million price point. These homes had a clear identity. Large, private lots, custom builds, estate setups, and separation from neighbors. Buyers could understand why the property was commanding that price.

[00:05:11]Meanwhile, more generic luxury homes in other parts of Surrey were sitting for months. And when you get above $5 million, the buyer pool gets even smaller. And suddenly, this part of the market starts looking active by comparison, but more on that later. Now, there was one listing in Elgin Chantrell in the $4 million range that sold in roughly eight days. Elgin has spent decades building that reputation. Large lots, top school access, and a luxury identity. Buyers already understand what this area represents before they even step inside the home.

[00:05:42]>> [music] >> But not every Elgin property is moving like that. If the home doesn't feel like a true estate property, buyers wait for the next [music] one. Now, elegance still carries weight, but it has to be the right home. And then there's Morgan Creek, which sits in an interesting position between traditional prestige and the newer family luxury. One property there sold in only four days.

[00:06:03]Around there, buyers get a polished street, you know, golf course including the great restaurant there, and a community feel that gives the home context beyond square footage and finishes. They're paying for the full experience around there. Buyers can picture their life there in a way that feels hard to replace. And with that in mind, we move on to the ultra luxury market. Forget the two markets previously mentioned, because if you thought the core luxury market was selective, when you get above 5 million, it's in [music] a league of its own.

[00:06:32]Buyers at this level are only moving for something unique enough that feels like it doesn't blend in with the rest of the inventory, which makes the buyer pool here get thin and a large [music] amount of inventory is sitting. Looking into other areas of Surrey at this price point, you're competing in one of the toughest segments of the market [music] right now. But South Surrey and White Rock still carry prestige at this level.

[00:06:53]Buyers are becoming more selective about what they're willing to pay top dollar [music] for. The homes that are moving tend to have something buyers can't recreate nearby. Ocean views, premium lot positioning, unique architecture, and locations that feel locked in and hard to duplicate. [music] If the property is expensive, but doesn't separate itself from the market, buyers hesitate. And at this level, hesitation turns into long days >> [music] >> on the market. Then there's Langley, which posted the strongest ultra luxury performance across all three markets in the data set. It had 31 active listings above 5 million with five sold or [music] pending. And what was moving tells you a lot about where affluent buyers are leaning right now. [music] These are estate acreage properties, multi-generational land holdings, and large private compounds. [music] Some properties even reach into the 10 million dollar range. So, when the right property hits the market in Langley, serious wealth is showing up for it.

[00:07:49]Because the appeal in this market is the feeling that you've got your own space away [music] from everything else. And that's becoming the new definition of ultra luxury in the Fraser Valley. Not the biggest house in the subdivision, your own world with enough land around you that outside noise disappears.

[00:08:05][music] So, once you step back and look at all three luxury price bands together, the pattern starts becoming clear.

[00:08:12]>> [music] >> That's where we're going next. The data isn't ambiguous anymore. Buyers with money are telling us what they want both with the homes they're buying and the ones they're ignoring. [music] The luxurious ones are still active across Surrey, South Surrey, White Rock, and Langley. But, [music] they become much more selective than they were a few years ago. The areas winning now are the ones offering something [music] buyers can't recreate somewhere else. White Rock, Ocean Park, and Crescent Beach are moving [music] because of that coastal lifestyle and the scarcity factor. Well, Grandview and Morgan Heights are moving because they work well for affluent families.

[00:08:45]>> [music] >> Elgin, Chantrell, Morgan Creek still carry prestige when the property matches the neighborhood. Campbell Valley, South Langley, this has probably [music] been the biggest shift for me personally watching this market over the years.

[00:08:57]Wealthy buyers are putting a huge [music] premium on land, privacy, and separation. Then there's Fort Langley which stands in its [music] own category. People are choosing it because it feels like a destination. Small town identity, walkability, character, [music] and limited inventory. Buyers know exactly why they want to be here.

[00:09:16]Meanwhile, the luxury inventory struggling the most tends to look pretty similar. Oversized homes without [music] a strong identity, expensive properties without a clear lifestyle reason for the buyer to choose them over something else. The properties moving fastest are giving buyers something that feels hard to replace. And when the connection is there, buyers move. When it's missing, [music] even expensive homes can sit for months. So, if you own a property in the two to five million dollar range and you want a clear picture of how your home stacks up against what's moving now, email me at [email protected] today. I'll give you an honest read on positioning before you list, not [music] after. And if you like this video, I've linked a full Surrey map tour video here that breaks down how the city is laid out, how the commutes work, which neighborhoods sit against the ALR, and why North Surrey and South Surrey feel almost like different cities. So, go and watch that one and let me know what you think. Thanks for watching. We'll see you again in the next video.