Latest Real Estate Updates & Open Houses

Fraser Valley home prices kept falling in July while the Bank of Canada held interest rates steady for a sixth straight decision — a combination that's opening real windows of opportunity for buyers in Surrey, Langley, Cloverdale, and Delta, even as sellers face a market that rewards realistic pricing over wishful thinking. Here's what the newest data actually shows, and what it means if you're planning to buy or sell in the Fraser Valley this fall.

As a Medallion Club REALTOR® with Macdonald Realty who has worked the Surrey market for over 18 years, I track this data every month so my clients aren't guessing. Below is a plain-English breakdown of the July 2026 numbers from the Fraser Valley Real Estate Board (FVREB), what the Bank of Canada's latest rate decision means for your mortgage, and how to position yourself whether you're buying your first home or listing your current one.

The Numbers: Fraser Valley Housing Market in July 2026

The Fraser Valley Real Estate Board recorded 1,089 sales in July 2026 — down 5% from June and 9% below July 2025. New listings also pulled back sharply, with 2,836 homes newly listed, a 14% drop from June and 18% fewer than the same month last year.

• Active listings: 10,044 homes on the market — 32% above the 10-year seasonal average, even after a slight pullback from June. • Sales-to-active ratio: 11%, keeping the Fraser Valley firmly in buyer's-market territory (a balanced market sits between 12% and 20%).

• Average days to sell: 40 days for a detached home or townhome, 46 days for a condo. “Buyer urgency has been notably absent from the Fraser Valley market for some time now,” said FVREB Chair Ishaq Ismail. “With inventory remaining high and competition subdued, buyers know they don't have to rush.

“Buyer urgency has been notably absent from the Fraser Valley market for some time now,” said FVREB Chair Ishaq Ismail. “With inventory remaining high and competition subdued, buyers know they don't have to rush.”

Home Prices Across Surrey and the Fraser Valley

The composite Benchmark price for a typical Fraser Valley home sat at $877,600 in July — down 0.8% from June and 7% lower than a year ago. Here's how that breaks down by property type:

• Single-family detached: $1,335,200 (−1.1% month-over-month, −8.3% year-over-year)

• Townhomes: $757,300 (−0.9% month-over-month, −7.1% year-over-year)

• Condos/apartments: $469,500 (−1.4% month-over-month, −9.1% year-over-year)

  Condos and apartments continue to see the steepest price adjustments, which is opening the door for first-time buyers and investors who were priced out of the Surrey condo market a few years ago. Detached homes are also more affordable than they've been in years, but they're holding their value better relative to their 2022 peak than the attached-home segment

Bank of Canada Holds Rates Again — What It Means for Your Mortgage

On July 15, 2026, the Bank of Canada held its overnight rate at 2.25% for the sixth consecutive decision, with the prime rate remaining at 4.45%. The Bank cited an improving but still uncertain economy — unemployment sat at 6.5% in June, and inflation was running at 3.2% in May, largely due to higher gas prices linked to the conflict in the Middle East.

For Surrey buyers, this means mortgage rates are likely to stay roughly where they are through the rest of the summer. The next scheduled rate announcement is September 2, 2026, with additional decisions on October 28 and December 9. If you're pre-approved or shopping for financing, this is a good time to lock in terms rather than waiting for a rate drop that most economists don't expect until 2027.

Run your numbers with my free mortgage calculator to see what today's rates mean for your monthly payment.

What This Means If You're Buying in Surrey

If you've been waiting on the sidelines, the current data suggests conditions are as buyer-friendly as they've been in over a decade:

• More than 10,000 active listings across the Fraser Valley means real selection — in North Surrey, Cloverdale, Fleetwood, and Guildford alike.

• A sales-to-active ratio of 11% gives buyers real negotiating room on price, closing dates, and subject removal.

• Condo and townhome prices are down roughly 7-9% year-over-year, which is a meaningful entry point for first-time buyers.

• Stable interest rates mean you can budget with more confidence than you could a year ago.

Not sure where to start? Browse current Surrey listings or book a buyer consultation as a Surrey Realtor; I'll walk you through financing, neighbourhoods, and timing.

What This Means If You're Selling in Surrey

Selling in a buyer's market isn't a losing proposition — it just requires a different strategy than the multiple-offer years of 2021 and 2022:

• Price to today's Benchmark data, not last year's comparable sales. Overpricing in this market means sitting for 40+ days, which itself signals to buyers that something's off.

• Presentation matters more when buyers have 10,000+ options to compare against yours.

• With new listings down 14-18% month-over-month, sellers who list now face less direct competition than they will once more inventory returns in the fall.

Curious what your home is worth in today's market? Get a free home evaluation or see what your neighbour's home sold for.

Surrey Real Estate Outlook for the Rest of 2026

Most Fraser Valley economists expect prices to stay roughly stable through the remainder of 2026, with the market remaining balanced-to-buyer-friendly as long as inventory stays elevated and the Bank of Canada holds its current rate. Watch for the Build Canada Homes and BC Housing supply agreement — details are still being worked out, but it could add new housing stock and shift affordability further over the next 12-18 months. For ongoing updates, check my monthly market reports or subscribe to the blog.

Thinking about buying or selling in Surrey, Langley, Cloverdale, or Delta? Contact me for a no-obligation consultation, or call 778-680-4533.

Quick answer: Fleetwood suits families who want larger detached homes, top park access, and the strongest long-term upside from the Surrey-Langley SkyTrain extension, at a 2026 detached benchmark near $1.65 million. Cloverdale offers a small-town feel with established schools and the most affordable townhomes of the three, typically $650,000-$850,000. Guildford is the budget-friendly option, with a $746,200 area benchmark driven by condo inventory, full retail amenities, and bus connections to two SkyTrain stations.

Fleetwood, Cloverdale, and Guildford are three of Surrey's most established family neighbourhoods, and each pulls buyers for a different reason: space, character, or affordability. If you're comparing Surrey homes for your next move, here's how the three actually stack up on price, schools, transit, and lifestyle heading into the second half of 2026.

Fleetwood: Space, Parks, and SkyTrain Upside

Fleetwood sits centrally in northern Surrey and has anchored families for decades with quiet residential streets and Fleetwood Park as its green-space centrepiece. The neighbourhood's population, currently around 70,700, is projected to grow to nearly 79,820 by 2031 as the Surrey-Langley SkyTrain extension brings new stations to the area, including stops serving Fleetwood and Clayton Heights. Homes here carry the highest price tag of the three: a detached benchmark near $1,652,500, townhomes around $855,000, and condos around $468,000, with a median 30 days on market. That premium buys larger lots, established schools, and what many local agents consider the strongest long-term appreciation story in Surrey, since properties within about 500 metres of a future SkyTrain station are already selling at a premium over comparable homes farther away.

Cloverdale: Small-Town Character, Growing Fast

Cloverdale still feels like a town within a city, with wide streets, the annual Cloverdale Rodeo, and established schools including Cloverdale Elementary and Lord Tweedsmuir Secondary. It's transforming quickly, though: new townhome and condo development is concentrated along 176th Street, 64th Avenue, and the Highway 10 corridor as the area shifts from rural-adjacent to one of Surrey's fastest-growing residential pockets. On price, Cloverdale sits in the middle: detached homes run $1.2 million to $1.6 million, while Cloverdale townhomes are the most affordable of the three neighbourhoods at $650,000 to $850,000, consistently 10-15% below comparable units in Fleetwood or Guildford. That combination of small-town character and townhome value makes Cloverdale a strong pick for families who want space without a Fleetwood-level price tag.

Guildford: The Value Play with Full Amenities

Guildford occupies the northeast corner of Surrey, roughly bounded by 96th and 104th Avenues and 144th and 160th Streets, anchored by Guildford Town Centre at 152nd Street and 104th Avenue. It's the most budget-friendly of the three, with an area benchmark around $746,200 driven largely by its condo stock, which averages roughly $485,600, while detached houses average about $1,180,000. Families are drawn to Guildford for its full retail amenities, established schools, and parks like Holland Park, plus bus connections linking residents to both Scott Road and King George SkyTrain stations. It won't have Fleetwood's detached-home space or Cloverdale's small-town feel, but for buyers prioritizing budget and day-to-day convenience, it's hard to beat.

Which Neighbourhood Fits Your Family?

• Choose Fleetwood if space, top-rated parks, and long-term SkyTrain-driven appreciation matter more than today's price tag.

• Choose Cloverdale if you want a family-sized townhome at the best relative value, plus a slower, community-first feel. Choose Cloverdale if you're looking for a family-sized townhome at the best relative value and a slower, community-first lifestyle. As a trusted Cloverdale Real Estate Agent, I can help you find the right home in this welcoming neighbourhood

• Choose Guildford if affordability and everyday convenience (shopping, transit, schools) top your list.

• Cross-check school catchments directly with the Surrey School District, since boundaries can split within a single neighbourhood.

Not sure which one fits your family?

Schedule a buyer consultation with Jas Kandola

Frequently Asked Questions

Thinking About Selling in Fleetwood, Cloverdale, or Guildford?

If you already own in one of these neighbourhoods and are considering a move, a free home evaluation shows you what your property could sell for in today's market before you start shopping in another area of Surrey.

Ready to see real listings across all three neighbourhoods? View Surrey homes for sale

Have questions about a specific street or building? Contact Real Estate Agent Surrey Jas Kandola

Quick answer: As of June 2026, Surrey condos carry a benchmark price of $518,600 versus $768,100 for townhomes, a gap of about $249,500. Condos cost more per square foot in strata fees but suit buyers who want a lower entry price, less maintenance, and walkable access to transit. Townhomes offer more space, often a private yard, and lower per-square-foot strata costs, making them a common choice for growing families

Surrey's housing market has shifted meaningfully over the past year, and that shift changes the condo-versus-townhome calculation for anyone buying in 2026. Inventory is the highest it has been in over a decade, prices have eased from their 2022 peak, and buyers finally have room to compare their options instead of racing the market. This guide walks through the current numbers, the real cost of strata fees, and how to decide which property type actually fits your budget and lifestyle.

Surrey's 2026 Housing Market at a Glance

Across the Fraser Valley, home prices remain roughly 26% below their 2022 peak, and June 2026 was no exception to the broader cooling trend. The Fraser Valley Real Estate Board (FVREB) recorded 1,147 MLS® sales in June, up 2% from May but still 4% below June 2025. Regionally, the townhome benchmark price was $764,100 (down 7.3% year-over-year), and the apartment/condo benchmark was $476,400 (down 9.1% year-over-year). Within Surrey specifically, benchmark prices run slightly higher than the regional average: $768,100 for townhomes and $518,600 for condos as of June 2026, both down roughly 8-9% from a year earlier. Condos are also taking longer to sell, averaging 38 days on market across the Fraser Valley compared to 33 days for townhomes, a sign that buyers are being more selective with entry-level inventory.

Condos vs. Townhomes: Surrey Price Comparison

Here is how the two property types stack up on the numbers that matter most to buyers right now:

Strata Fees: What You'll Actually Pay

Both condos and townhomes in Surrey belong to a strata corporation, so a monthly fee is unavoidable either way. The difference is in the math. Wood-frame, low-rise condos typically run $0.45 to $0.55 per square foot per month, meaning an 800-square-foot unit lands around $360 to $440 a month. Townhomes typically run $0.25 to $0.40 per square foot per month, so a 1,400-square-foot unit runs roughly $350 to $560 a month.

In practice, that means a smaller condo and a larger townhome can end up with a similar total strata bill even though the townhome costs less per square foot. Condo fees usually bundle building insurance, exterior maintenance, and amenities like a gym or concierge; townhome fees more often cover just the roof, exterior walls, and common grounds, since owners handle their own yard and fencing.

• Always request 24 months of strata meeting minutes before writing an offer. 

• Check the depreciation report and contingency reserve fund balance; a thin reserve fund raises the odds of a special assessment. 

• Ask whether rentals and pets are restricted, since strata bylaws vary building to building even on the same street.

Space, Privacy & Lifestyle

Condos win on convenience: less exterior upkeep, often better proximity to SkyTrain and Surrey City Centre, and amenities that would be out of reach in a detached home. Townhomes win on space and privacy: separate entrances, multiple floors, and in most cases a small yard or patio that condo living can't offer. For a young professional or downsizer, that trade-off usually favours a condo. For a family that has outgrown an apartment but isn't ready for a detached home's price tag, a townhome is often the natural middle step.

Where to Look in Surrey

Location plays as big a role as property type. Condo inventory is concentrated in Whalley/City Centre and Guildford, both walkable to transit and Surrey's downtown core, with more supply coming online as the Surrey-Langley SkyTrain extension progresses. Townhome inventory is heavier in Clayton, Fleetwood, Cloverdale, and South Surrey, where newer strata developments are built with families in mind and school catchments carry more weight in the buying decision.

Which Is Better for Investors?

For investment property in Surrey, condos generally offer a lower entry price, easier tenant turnover, and stronger rental demand near transit, but confirm the strata's rental bylaws before assuming you can lease the unit. Townhomes rent for more in absolute terms and attract longer-term family tenants, but the higher purchase price means the rental yield is often comparable to, not better than, a well-located condo. Run the numbers on both before assuming one is the obvious investment choice.

How to Decide: A 5-Step Checklist

• Set your all-in monthly budget first, including strata fees and property tax, not just the mortgage payment.

• List your non-negotiables: yard space, parking, pet policy, proximity to school or SkyTrain.

• Tour at least two condos and two townhomes in your target neighbourhood before comparing numbers.

• Pull the strata documents (minutes, depreciation report, reserve fund) for any property you're seriously considering.

• Talk through financing with a mortgage professional and a REALTOR who knows current Surrey inventory before you write an offer.

Not sure which one fits your budget? Schedule a buyer consultation with Jas Kandola

Frequently Asked Questions

Thinking About Selling Instead?

If you're weighing a move within Surrey, a free home evaluation is the fastest way to see what your current property could sell for in today's market before you start shopping for a condo or townhome.

Have questions about Surrey's market, financing, or which property type fits your lifestyle? As a top Surrey Realtor, Jas Kandola can walk you through your options, no pressure, no obligation.

If you're a first-time home buyer in Surrey, BC, 2026 is shaping up to be one of the more forgiving years to get into the market in a while. Fraser Valley benchmark prices are sitting roughly 26% below their 2022 peak, the Bank of Canada has held its overnight rate at 2.25% (prime at 4.45%), and five-year fixed mortgage rates are available under 4%. Combine softer prices with three federal and provincial buyer incentives — and the math on your first home changes considerably.

This guide breaks down exactly which programs you qualify for as a first-time buyer in Surrey, how much each one is worth, and how to stack them for maximum savings.

Why 2026 Is a Different Market for First-Time Buyers

A few numbers worth knowing before you start house-hunting in Surrey, Cloverdale, Fleetwood, or Guildford:

• The Fraser Valley Real Estate Board reported June 2026 benchmark prices of $476,400 for apartments/condos and $764,100 for townhomes — both down year-over-year, giving first-time buyers more room in typically entry-level property types.

• The Bank of Canada held its policy rate at 2.25% as of its July 15, 2026 announcement, keeping prime lending rates around 4.45%.

• Best available high-ratio 5-year fixed mortgage rates are trending near 3.99%, with variable rates near 3.4%.

None of that changes what you owe in property transfer tax or how much you can pull from an FHSA or RRSP — but it does mean the incentives below are landing in a market that's more workable for first-time buyers than it's been in several years. If you want a read on what that means for your specific budget, a free home evaluation or buyer consultation is the fastest way to find out.

1. BC First-Time Home Buyers' Property Transfer Tax Exemption

This is the single biggest incentive most first-time buyers overlook until closing day — and it's a direct discount on the BC Property Transfer Tax you'd otherwise owe on closing.

How it works in 2026:

• Homes with a fair market value of $500,000 or less: full exemption (you pay $0 PTT)

• Homes valued $500,000 to $835,000: exemption amount of up to $8,000

• Homes valued $835,000 to $860,000: exemption phases out on a sliding scale

• Homes above $860,000: no first-time buyer exemption applies

Who qualifies: You must be a Canadian citizen or permanent resident, have lived in BC for 12 consecutive months immediately before registering the property (or filed BC income tax returns in 2 of the last 6 years), and have never owned a principal residence anywhere in the world. You also need to move into the home within 92 days of registration and live there as your principal residence for at least one year.

Given that Surrey's benchmark condo and townhome prices ($476,400–$764,100) both fall comfortably inside the full-exemption and partial-exemption bands, most first-time buyers purchasing an entry-level condo or townhome in Surrey this year can expect to capture some or all of the $8,000 exemption.

2. First Home Savings Account (FHSA)

The FHSA is the most efficient savings vehicle available to Canadian first-time buyers, combining an RRSP-style tax deduction on the way in with TFSA-style tax-free withdrawals on the way out.

• Annual contribution limit: $8,000

• Lifetime contribution limit: $40,000

• Contributions are tax-deductible; qualifying withdrawals for a home purchase are completely tax-free and never need to be repaid

• You can carry forward unused annual room (up to $8,000/year) to future years

Who qualifies: Canadian residents aged 18+ (19+ in BC to open some accounts) who have not owned a home they lived in as a principal residence during the current calendar year or the four preceding calendar years.

3. RRSP Home Buyers' Plan (HBP)

Following the federal government's April 2024 budget change, the RRSP Home Buyers' Plan withdrawal limit was raised significantly:

• Withdrawal limit: up to $60,000 per person (up from $35,000)

• Couples where both partners qualify can each withdraw $60,000, for a combined $120,000

• Withdrawals must be repaid to your RRSP over 15 years, starting the second year after withdrawal

• You can use HBP and FHSA withdrawals together on the same home purchase

Stacking the incentives: what it looks like in practice

A single first-time buyer using both programs to their fullest can pull together up to $100,000 in tax-advantaged down payment funds ($40,000 FHSA + $60,000 HBP), plus save up to $8,000 on property transfer tax. For a couple who both qualify as first-time buyers, that combined down payment pool can reach $200,000, before PTT savings.

A Note on the Federal First-Time Home Buyer Incentive

You may still see the federal government's shared-equity "First-Time Home Buyer Incentive" (administered through CMHC) referenced on other sites — including some that currently rank on Google for this exact topic. That program stopped accepting new applications in March 2024 and is no longer available. If you're researching incentives, cross-check the publish date on anything that references it; it's a common source of outdated advice for 2026 buyers.

After You Buy: The BC Home Owner Grant

Not a purchase incentive, but worth planning for once you own: eligible homeowners in Metro Vancouver and the Fraser Valley (including Surrey) can claim a basic Home Owner Grant of up to roughly $570 annually against property taxes, with additional amounts available for seniors, veterans, and people with disabilities.

Step-by-Step: Claiming These Incentives in Surrey

1. Open an FHSA as early as possible — even small contributions start your tax deduction and carry-forward room accumulating.

2. Check your RRSP balance and HBP eligibility with your bank or mortgage broker.

3. Get pre-approved with a lender who can confirm how FHSA/HBP funds fit your down payment.

4. Work with a REALTOR® familiar with Surrey, Cloverdale, Fleetwood, and Guildford pricing to target homes inside the $835,000 full/partial PTT exemption bands.

5. Confirm your notary or lawyer applies the PTT exemption on your Property Transfer Tax return at closing — it isn't automatic.

6. Apply for the Home Owner Grant after possession, if eligible.

Ready to see how this applies to your specific budget? Book a free buyer consultation or browse current homes for sale in Surrey.

Frequently Asked Questions

1. What incentives can first-time home buyers in Surrey use in 2026?

   The three main incentives are the BC Property Transfer Tax First-Time Home Buyers' Exemption (up to $8,000), the First Home Savings Account (up to $40,000 lifetime, tax-free), and the RRSP Home Buyers' Plan (up to $60,000 per person). They can be combined on the same purchase.

2. Why does the property transfer tax exemption matter so much in Surrey?

   Because Surrey's 2026 benchmark condo and townhome prices ($476,400–$764,100) fall within the full or partial exemption bands, meaning most first-time buyers purchasing typical entry-level properties can capture some or all of the $8,000 exemption.

3. When should I open a First Home Savings Account?

   As soon as you know you're planning to buy — even before you have savings to contribute. Opening the account starts your $8,000 annual contribution room accumulating, which you can use in later years.

4. Where do these incentives apply?

   The FHSA and RRSP Home Buyers' Plan are federal programs available anywhere in Canada. The Property Transfer Tax exemption is specific to British Columbia and applies to properties across Surrey, Langley, Cloverdale, Delta, and the rest of the Fraser Valley.

5. Who qualifies as a first-time home buyer in BC?

   Generally, anyone who has never owned a home they lived in as a principal residence, anywhere in the world (for the PTT exemption), or in the current year plus the four prior years (for the FHSA). Canadian citizenship or permanent residency and BC residency history are also required for the PTT exemption.

6. How much can combining these programs actually save me?

   A single qualifying buyer can access up to $100,000 in tax-advantaged funds (FHSA + HBP) plus up to $8,000 in PTT savings. A qualifying couple can potentially access $200,000+ combined.

7. What are the risks or repayment obligations?

   FHSA withdrawals for a qualifying home purchase are never repaid. RRSP Home Buyers' Plan withdrawals must be repaid to your RRSP over 15 years starting in year two, or the unpaid portion is added to your taxable income for that year.

8. Is the federal First-Time Home Buyer Incentive still available in 2026? No.

   That shared-equity program closed to new applications in March 2024. Treat any site still promoting it as outdated.

9. What's the best first step if I'm just starting to plan?

   Open an FHSA if you haven't, then talk to a Surrey-based REALTOR® and mortgage broker together — pricing bands and program eligibility both affect which homes and areas make sense for your budget. Request a market analysis to get specific.

Ready to Put These Incentives to Work?

Jas Kandola is a Medallion Club REALTOR® with Macdonald Realty, serving first-time buyers across Surrey, Langley, Cloverdale, Delta, and White Rock. Get a personalized breakdown of which incentives you qualify for and which Surrey neighbourhoods fit your budget.