Is It a Buyer's Market in Surrey Right Now? August 2026 Data Says Yes

Quick Answer

Yes — as of August 2026, Surrey and the wider Fraser Valley are firmly in buyer's-market territory. The Fraser Valley Real Estate Board's August statistics, released September 2, 2026, show a sales-to-active-listings ratio of just 10% (a balanced market runs 12–20%), benchmark prices down 7–9% year-over-year across every property type, and homes sitting on the market for 37–45 days on average. Add in the Bank of Canada's decision to hold its policy rate at 2.25% on the same day, and buyers in Surrey, Cloverdale, Langley, and Delta are looking at more negotiating room and payment stability than they've had in years.

Introduction

If you've been watching the Surrey real estate market from the sidelines this year, the data released this week gives you a clear answer to the question everyone's asking: is this a good time to buy? I'm Jas Kandola, a Medallion Club REALTOR® with Macdonald Realty who has spent 18+ years working the Surrey, Langley, Cloverdale, and Delta markets, and I track these numbers every month because my clients need real data, not guesswork, when they're making one of the biggest financial decisions of their lives.

The Fraser Valley Real Estate Board (FVREB) published its August 2026 market statistics on September 2, and the same day, the Bank of Canada announced it would hold its overnight rate steady. Together, these two releases paint a consistent picture: conditions currently favour buyers across Surrey, Cloverdale, Langley, and Delta, and that window is worth understanding whether you're looking to buy your first home, upgrade, or invest.

What the August 2026 Numbers Actually Show

Here's what the data says, straight from the source:

Sales activity. The Fraser Valley recorded 941 home sales in August — a 14% drop from July, but still 1% higher than August 2025. That year-over-year gain is notable: it's only the second time sales have grown annually since early 2025, suggesting some buyers are stepping back in even as the broader trend stays soft.

Inventory. New listings fell 16% from July and 15% year-over-year, landing at 2,373. But active listings — the total homes currently for sale — sit at 9,787, which is 33% above the 10-year seasonal average for August. In plain terms: fewer new homes are coming onto the market, but there's still a large backlog of inventory sitting unsold, which keeps the advantage with buyers.

Prices. Every property category is down both month-over-month and year-over-year:

• Composite benchmark price: $869,900 (down 0.9% from July, down 7% from August 2025)

• Single-family detached: $1,319,600 (down 1.2% / down 8.4%)

• Townhomes: $750,600 (down 0.9% / down 7.1%)

• Apartments/condos: $466,100 (down 0.7% / down 8.9%)

Market balance. The sales-to-active-listings ratio — the clearest single indicator of who holds negotiating power — is 10%. FVREB considers 12–20% a balanced market, so 10% confirms conditions favour buyers.

Time on market. Homes are taking an average of 45 days to sell if they're detached or a condo, and 37 days for a townhome — noticeably longer than what sellers saw during the tighter markets of recent years.

FVREB Interim CEO Anthony Boone noted that benchmark prices are now down roughly 15% from where they stood three years ago, and Board Chair Ishaq Ismail put it plainly: buyers are seeing room to negotiate below asking price, and sellers who genuinely need to sell are more willing to accept those offers.

Why This Is Happening: The Bank of Canada's Role

On the same day FVREB released its stats, the Bank of Canada held its policy rate at 2.25% (with the Bank Rate at 2.5% and the deposit rate at 2.20%). This was a hold, not a cut — but it matters for a different reason: predictability.

The Bank cited strong Q2 GDP growth (up 3.3%) and noted "some rebound in housing activity" contributing to that strength, while flagging that inflation has been hovering near 3%, driven largely by gas prices rather than the broader economy overheating. For buyers, a held rate means the mortgage math you run today is unlikely to shift dramatically in the next few months — which, paired with softer prices, is a combination worth paying attention to rather than waiting on. You can run different rate and down payment scenarios yourself using our mortgage calculator before you start shopping.

What This Means If You're Buying in Surrey

A 10% sales-to-listings ratio and prices down close to double digits year-over-year translate into real, practical leverage:

• More room to negotiate. With homes averaging 37–45 days on market, sellers are more open to offers below asking, especially on listings that have sat for several weeks.

• Fewer bidding wars. The frenzy conditions that defined recent years have cooled significantly across Surrey, Fleetwood, Guildford, Cloverdale, and North Surrey.

• More time to make a decision. You're less likely to feel rushed into waiving conditions like financing or inspection.

• Stable borrowing costs, for now. The Bank of Canada's hold gives you a steadier rate environment to budget against — though "prepared to adjust monetary policy as needed" means that could change at future meetings.

If you're a first-time buyer, this is worth reading alongside our full breakdown of first-time home buyer incentives in Surrey, BC, which walks through the programs available to you in this exact market environment. And if you're weighing Surrey against a neighbouring community, our guides to buying in Langley, Cloverdale, and Delta break down what each area offers at today's prices.

What This Means If You're Selling in Surrey

A buyer's market doesn't mean you shouldn't sell — it means strategy matters more than ever. With prices down 7–9% year-over-year and homes taking longer to move, sellers who price realistically from day one are the ones getting solid offers within a reasonable window. Overpricing in this market usually backfires: your listing sits, buyers assume something's wrong, and you end up chasing the market down instead of meeting it where it is.

The most useful first step is understanding exactly where your home sits relative to the current benchmark data for your specific neighbourhood — not the Fraser Valley average, but your street, your home type, your condition. That's precisely what a proper home evaluation gives you. If you're considering listing this fall, I'd recommend starting with a free home evaluation, so you're pricing against real, current comparables rather than what similar homes sold for a year ago.

How to Take Advantage of This Market: A Simple Process

1. Get clear on your numbers first. Buyers should get pre-approved and run mortgage scenarios; sellers should request a home evaluation before setting an asking price.

2. Study your specific neighbourhood, not just the regional average. Surrey City Centre, Guildford, Fleetwood, and Cloverdale are each moving somewhat differently within the broader trend.

3. Move with information, not urgency. In this market, buyers have time to do proper due diligence, and sellers have time to prepare a home properly before listing.

4. Work with a REALTOR® who tracks the data monthly. Market conditions shift board-to-board and even neighbourhood-to-neighbourhood; a generic national headline won't tell you what's happening on your specific street.

5. Revisit your plan after each Bank of Canada announcement. The next scheduled rate decisions will directly affect affordability calculations, so it's worth checking back in rather than assuming today's numbers hold indefinitely.

A Word of Caution

A buyer's market is an opportunity, not a guarantee. Prices can vary sharply by property type and micro-location even within Surrey, so don't assume every listing is negotiable by the same margin — some well-priced, well-maintained homes in high-demand pockets are still moving quickly and close to asking. And while the Bank of Canada held rates this month, its own statement left the door open to future adjustments, so it's worth locking in mortgage pre-approval terms rather than assuming today's rate environment is permanent.

Ready to Make Your Move in Surrey?

Whether you're buying a home or selling your Surrey property, I’m here to help you make confident decisions with current market data and personalized advice.

As a trusted Surrey Realtor, I can help you understand your options, evaluate the market, and create the right strategy for your goals.

 Have questions? Contact Jas Kandola directly for personalized guidance from a Surrey Realtor who understands the local market.