Surrey Mid-Year Market Outlook: What to Expect for the Rest of 2026

We're halfway through 2026, and the Surrey real estate market tells a story of recalibration. After the rapid price increases of 2021–2022 and the correction that followed, the market is finding a new equilibrium — one shaped by lower interest rates, steady population growth, and major infrastructure investment.

Where We Stand Today The numbers paint a nuanced picture: • Average price: $965,551 (down modestly from the 2025 peak) • Active listings: 10,140 (a healthy level that gives buyers genuine choice) • Sales-to-listing ratio: 11% (firmly in buyer's territory, though improving) • Average days on market: 37 (up from the frenzied lows of 2021–2022, but normalizing) • Bank of Canada rate: 2.25% (down from the 5.0% peak, with potential for further cuts) The key takeaway: this is a balanced market with conditions that favor prepared, informed participants on both sides.

What's Changed in the First Half Three shifts define H1 2026: 1. Rate-driven demand recovery: Each Bank of Canada cut has brought more buyers off the sidelines. Pre-approval applications are up significantly from late 2025. 2. Inventory normalization: The flood of new listings that defined 2024–2025 has slowed. Months of supply are trending toward the 4–5 month range — balanced territory. 3. Neighbourhood divergence: Not all areas are moving in the same direction. Transit-adjacent condos (Surrey Central, Whalley) are recovering faster than suburban detached homes (Fleetwood, Cloverdale), reflecting changing buyer priorities.

Outlook for H2 2026 Our projections for the rest of the year: • Prices: Expect stabilization with modest positive movement (1–3%) by year-end, driven by improved affordability and demand recovery • Inventory: Will likely tighten as fewer sellers list into an improving market, creating upward pressure • Condos near transit: Will outperform, particularly as the SkyTrain extension timeline becomes more concrete • Detached homes: Will lag slightly but remain the long-term value play, especially homes with suite potential • Interest rates: The Bank of Canada may deliver one or two more cuts, further supporting demand

Opportunities We're Watching 1. Whalley condos under $500K: The most affordable entry point in Surrey with the highest upside as SkyTrain construction progresses 2. Sullivan Station townhomes: Family-friendly, well-priced, and underappreciated — watch for prices to catch up as inventory tightens 3. West Newton detached with legal suites: Strong rental demand, good schools, walkable — the multigenerational play 4. Pre-construction near SkyTrain stations: The window to buy at pre-transit pricing is narrowing but still open in Fleetwood and Cloverdale

Risks to Watch • A pause or reversal in rate cuts could dampen the demand recovery • Global economic uncertainty (trade policy, recession risk) could impact buyer confidence • New housing supply from provincial density legislation could increase long-term inventory • Construction delays on the SkyTrain extension could delay the transit premium effect

Disclaimer: This outlook is based on data available as of June 2026 and reflects the opinions of 24K Realty Group. Market conditions can change rapidly. This is not financial or investment advice. Contact us at 778.592.4312 for a personalized market analysis.