Surrey house prices have softened over the past year, in line with the broader Fraser Valley market. Here's where things stand across property types, and what's likely to move prices from here.
Current Benchmark Prices
The Fraser Valley Real Estate Board's composite benchmark — covering all residential property types across the board's territory, which includes Surrey — sits at $877,600. Broken down by type: single-family detached at $1,350,200, townhomes at $764,100, and apartments/condos at $469,500. Prices are down on a year-over-year basis across every category.
It's a Buyer's Market Right Now
Sales-to-active-listings ratios are running below the 12–20% range that typically signals a balanced market — inventory is elevated relative to buyer demand, which is the core reason prices have softened even as interest rates have come down from their peak.
What Could Move Prices From Here
A few forces are worth watching: the Bank of Canada's rate decisions (currently held at 2.25% for six straight decisions, with room to cut further if the economy weakens); the resolution — or further escalation — of the US-Canada tariff dispute, which affects both construction costs and broader economic confidence; and whether buyer demand responds to the affordability improvement that's already happened, or continues to wait on the sidelines.
Price Varies Enormously by Sub-Area
City-wide averages hide real variation — South Surrey and White Rock command a significant premium over Newton or Whalley, and even within a single neighbourhood, lot size, view, and condition can shift value substantially. Whole-city benchmark numbers are a useful starting point, not a substitute for an actual comparative market analysis on a specific property.
Manan tracks these numbers monthly and can walk through what they mean for your specific street or property type, not just the city-wide average.