The Complete Guide to Buying Property in Surrey

Buying property in Surrey represents one of the best value propositions in the Greater Vancouver region. With a diverse range of neighbourhoods, property types, and price points, Surrey offers something for every buyer — from first-time homeowners to seasoned investors.

Step 1: Get Pre-Approved for a Mortgage Before you start looking at properties, secure a mortgage pre-approval. This tells you exactly how much you can afford and shows sellers you're a serious buyer. Current 5-year fixed rates sit at 4.64%, making monthly payments more manageable than in recent years.

Step 2: Define Your Priorities Surrey is a large city with distinct neighbourhoods. Consider what matters most: • Transit access? Look at Surrey Central or Whalley (Walk Score 78-82) • Family-friendly? West Newton and Fleetwood offer excellent schools • Investment potential? Whalley shows 7.8% YoY growth • Space and value? Sullivan Station offers townhomes from $785K

Step 3: Understand the Costs Beyond the purchase price, budget for: • Property Transfer Tax (1% on first $200K, 2% on $200K-$2M) • Legal fees ($1,200-$2,000) • Home inspection ($400-$600) • CMHC insurance if down payment is less than 20% • Property tax (varies by neighbourhood, $3,000-$6,000/year)

Step 4: Work With a Local Expert A realtor who knows Surrey's micro-markets can save you tens of thousands. Each neighbourhood has its own dynamics — what's overpriced in one area might be undervalued in another. 24K Realty Group's deep local expertise ensures you make an informed decision.

Step 5: Make a Strategic Offer In the current market (43.8% sales-to-listing ratio), there's room for negotiation in most areas. However, well-priced properties in Surrey Central and Whalley still see multiple offers. Your agent will help you craft a competitive offer based on comparable sales data.