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“We don’t have any billionaires getting off the plane at YVR and heading straight out to Bear Creek Park in Surrey to buy a house,” says veteran realtor Sukhi Kang.

Surrey has not been a mecca for wealthy offshore or domestic housing investors, say Kang and other realtors, who maintain the relative lack of speculators has been beneficial for the fast-growing city south of the Fraser River.

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The preponderance of native-born and new-immigrant buyers who are simply searching for a home to live in is why housing values have remained unusually stable in Surrey compared to the high-end neighbourhoods of Metro Vancouver, where housing bubbles began popping in 2017.

According to an interactive Postmedia chart of more than 160 Metro Vancouver neighbourhoods, B.C. Assessment values for multi-million-dollar homes in posh neighbourhoods of West Van and the west side of Vancouver dropped by roughly one-fifth in just one year. So did neighbourhoods in Richmond.