Surrey Real Estate Market Update: What the Latest Numbers Mean for Buyers and Sellers

If you've been watching Surrey's housing market from the sidelines this year, the latest numbers from the Fraser Valley Real Estate Board give a clearer picture of where things stand. According to FVREB's August 2026 statistics package (the most recent figures available at time of writing), Surrey's MLS® Home Price Index composite benchmark price sat at $912,700 — a touch above the Fraser Valley-wide composite of $869,900, reflecting Surrey's mix of detached neighbourhoods and higher-density pockets near SkyTrain.

Broken down by property type, August's average sale prices in Surrey were $1,418,924 for detached homes, $763,841 for townhomes and other attached product, and $476,570 for apartments and condos. Surrey saw 383 total residential sales that month: 152 detached, 124 attached, and 107 apartment transactions, according to the same dataset.

A market still favouring buyers

Across the Fraser Valley as a whole, FVREB reported 941 sales in August, down 13.6% from July but still 1.1% above August 2025. Active listings climbed 2.6% month-over-month and 6.3% year-over-year, pushing the sales-to-active-listings ratio down to roughly 10% — below the 12-20% range the board considers balanced, which is why FVREB described the market as continuing to favour buyers heading into fall. Homes are also taking longer to sell than they did a couple of years ago, with detached homes and condos averaging around 45 days on market and townhomes closer to 37 days.

Part of the backdrop here is borrowing costs. The Bank of Canada has held its policy rate at 2.25% through multiple consecutive decisions, which has helped stabilize monthly carrying costs for buyers even as home prices have continued to soften year-over-year across most property types.

What it means if you're buying in Surrey

With inventory up and the sales-to-listings ratio sitting in buyer's-market territory, there's more room to negotiate than there was two or three years ago — on price, on closing dates, and on subject-removal timelines. That's true whether you're looking at a townhome in Clayton or Fleetwood, a family home in Morgan Heights or South Westminster, or a condo near Surrey City Centre or Guildford's SkyTrain stations. Buyers who take the time to compare a few listings and get a proper home inspection are generally in a stronger position right now than they would have been during the tighter markets of 2021 and 2022.

That said, well-priced, well-presented homes in sought-after pockets like Fleetwood's school catchments or the retail corridor around Guildford Town Centre are still moving at a reasonable pace. A buyer's market overall doesn't mean every listing sits — it means there's more selection and less competition on average.

What it means if you're selling

With benchmark prices down year-over-year and average days on market stretching into the 40s, pricing realistically from the start matters more than ever. Overpricing in a market with this much active inventory tends to backfire: the listing sits, buyers start to wonder why, and sellers often end up chasing the market down rather than meeting it. Clean presentation, addressing any obvious deferred maintenance, and pricing against genuinely comparable recent sales — not last year's numbers — are the things that tend to separate homes that sell in a reasonable timeframe from those that linger.

If you're thinking about buying or selling in Surrey, or just want a second opinion on what these numbers mean for your specific street or building, I'm happy to walk through it with you. As someone who came to real estate from an engineering background, I like digging into the data as much as I like digging into the condition of a building — feel free to reach out and we can talk through your plans.

— Nader Bakhoum, P.Eng.