Surrey Real Estate Statistics (2026)

Surrey is one of the fastest-growing cities in Canada and the largest municipality in British Columbia when measured by population. It is located within Metro Vancouver and the Fraser Valley housing market and has become a major destination for homebuyers and investors alike, who are seeking more affordable alternatives to Vancouver. 

Hamilton’s rapid natural population growth, immigration, and ongoing urban development have helped drive demand for homes across the city. While rising interest rates and economic uncertainty have slowed housing market activity in more recent years, Surrey remains one of the most important real estate markets in British Columbia. 

Surrey Real Estate Statistics for Canadians

• According to the 2021 Census, Surrey had a population of 568,322 residents, and its population grew by almost 10% between the 2016 and 2021 Censuses.
• Surrey accounted for around half of all home sales within the Fraser Valley in 2025.
• In May 2026, the Fraser Valley recorded 1,124 residential sales, which was approximately 5% lower than in May 2025.
• The composite benchmark price in the Fraser Valley was approximately $893,300 in May 2026, around 7% lower than a year earlier.
• Detached home benchmark prices were approximately $1.37 million in the Fraser Valley in May 2026.
• Active listings across the Fraser Valley reached approximately 10,140 properties in May 2026.
• Market conditions in May 2026 remained firmly in buyers’ territory, with approximately 9.0 months of supply, one of the highest levels seen in recent years.
• Detached home prices are around 45% higher in Surrey than they were in 2019.
• Despite price increases, homes in Surrey remain more affordable than in the City of Vancouver. 

Surrey Housing Market Overview

Surrey is one of the fastest-growing urban centres in Canada, and it has a significant role in British Columbia’s housing market. According to Statistics Canada, the city’s population reached 568,322 residents in the 2021 Census, which was approximately 9.7% more than in the 2016 Census. More recent regional and municipal estimates place Surrey’s population at around 726,000 to 731,000, highlighting continued rapid population growth in the area. 

Surrey has become a major destination for various groups, including young families, pensioners, immigrants, and buyers locating from Vancouver looking for more affordable homes. The city is one of the primary economic centres in Metro Vancouver, with significant employment opportunities in healthcare, education, logistics, technology, and professional services. 

As well as rapid urban development and high-rise city centres, Surrey offers established suburban neighbourhoods and large areas of green space. Ongoing investment in infrastructure, including expansion of transit and commercial development, is further reinforcing Surrey’s role as a key hub for growth in the region. 

Surrey House Prices

Surrey has one of the most valuable housing markets in British Columbia, although prices are generally lower than those in Vancouver or Victoria. In May 2026, the composite benchmark price in the Fraser Valley was approximately $893,300, around 7% lower than a year earlier and roughly 25% below the market peak reached in 2022.

Benchmark prices in Surrey in May 2026 were approximately:

• Detached homes: $1.37 million
• Townhouses: $763,000
• Condominiums: $497,000

Detached homes are by far the most expensive housing option in Surrey, costing almost three times as much as the average condominium benchmark property. Even though prices have declined since the peak years of 2020 – 2022, Surrey has a substantially more expensive housing market than many comparable cities, but prices remain lower than in many neighbourhoods of Vancouver and parts of the North Shore. 

Housing prices in Surrey have risen significantly over the past decade. The Fraser Valley composite benchmark price was around $500,000–$550,000 in 2015 and roughly $700,000 in 2019. Detached home prices have increased the most, approximately by 45% since 2019, despite the market correction that followed the peak. Surrey’s strong population growth, limited land availability, and sustained demand for homes have all contributed to long-term price growth across all housing types. 

Surrey Real Estate Sales

Residential sales activity slowed considerably in Surrey during 2025. The Fraser Valley Real Estate Board recorded 12,224 residential transactions during the year, which was 16% lower than in 2024 and 33% below the 10-year average. 

Surrey accounts for around 48% of all home sales within the Fraser Valley, making it the largest local housing market in the region. In December 2025, 919 sales were recorded across the Fraser Valley, which was 7.5% fewer sales than in December 2024. These records show that buyers have remained cautious despite improved housing supply and slightly lower prices. 

Affordability challenges, economic uncertainty, and mortgage qualification challenges have all contributed to reduced market activity. At the same time, many potential buyers have adopted a wait-and-see approach as they wait for further improvements in borrowing conditions. Despite lower sales volumes, demand for homes has been supported by strong natural population growth and continued immigration into Surrey and the surrounding Fraser Valley region. 

Housing Supply in Surrey

One of the most notable housing trends in Surrey in 2025 was the increase in the number of homes available for sale. The Fraser Valley region recorded 37,963 new listings in 2025, which was an increase of 6.3% compared to the year before. The number of available properties reached levels not seen in the area in decades. 

In May 2026, there were approximately 10,140 properties available for sale across the Fraser Valley, remaining well above levels recorded a year earlier. The sales-to-active-listings ratio was approximately 11%, placing the market firmly in buyers’ market territory. Historically, ratios between 12% and 20% are considered indicative of balanced housing market conditions. 

Higher numbers of available homes gave buyers more power to negotiate and reduced the competitive bidding conditions commonly seen during the pandemic housing boom. As a result, sellers often faced greater price sensitivity and longer marketing periods than in previous years. 

Surrey Condo Market Statistics

Due to limited land availability, condominiums play an increasingly important role in Surrey’s housing market. In May 2026, the benchmark price for a condominium was around $497,000, which was around 7% lower than the year before. Condominiums are considerably more affordable than detached homes in Surrey and offer a valuable entry point onto the housing market, for example, to younger people and those on lower incomes. They are also popular among downsizers and investors.

Even though condominium prices have fallen recently, they remain substantially higher than in many Canadian cities outside British Columbia and Ontario. For example, the average condominium costs around $265,000 in Winnipeg, $250,000 in Edmonton, and $360,000 in Calgary.

Homeownership in Surrey

According to the 2021 Census, Surrey has a homeownership rate of 73%, which is higher than the national rate of 66.5%. The rate is in line with those recorded in similar suburban municipalities, such as 75% in Langley and 73% in Coquitlam, but higher than in Richmond (69%, Burnaby (62%) and Vancouver (47.8%). 

Like other Canadian cities, Surrey’s homeownership rates increase with household income and age. Couples and families are considerably more likely to own their homes than single individuals. Natural population growth and immigration contribute to demand for both owned and rented accommodation in the city. 

Surrey Housing Affordability

Although Surrey is often considered a more affordable alternative to Vancouver, its benchmark detached home prices still exceed $1.3 million. Because of this, many buyers are increasingly opting for townhouses and condominiums, which have considerably lower benchmark prices.

For comparison, the composite benchmark price in Surrey ($893,300) is higher than in Calgary ($652,000), Edmonton ($447,000), Winnipeg ($436,000), Ottawa ($710,000), and Montreal ($675,000). However, it is lower than in Vancouver ($1.21 million) and Victoria ($900,000).

Surrey Real Estate Forecast

Most real estate forecasts indicate that the housing market in Surrey is likely to remain broadly balanced for the remainder of 2026. Demand is expected to remain strong, driven by immigration and long-term demographic expansion, while improved housing supply should limit the risk of rapid price growth. 

Many housing analysts expect gradual price growth as buyers regain their confidence and borrowing becomes easier. However, sales activity is predicted to stay below the long-term 

Many analysts anticipate gradual price growth as buyer confidence strengthens and borrowing conditions ease. However, sales activity is expected to stay below long-term historical norms in the near term.