Surrey Real Estate Market: Houses Are Selling, Condos Aren't (October 2026)

A typical detached house in Surrey now has a benchmark price of $1,386,200. That's 8.3% less than a year ago, and it dropped 1.5% in September alone.

And yet detached sales in Surrey were up 7.1% on last September. Apartment sales were down 22.8%. Same split as Greater Vancouver in September. My read: people buying houses to live in are still showing up, and condo buyers, investors above all, mostly aren't.

Surrey also isn't one market. The Fraser Valley Real Estate Board (FVREB) splits it into four areas, and they're behaving very differently. North Surrey condos have about 15 listings for every sale. Cloverdale townhouses sell at a pace that would count as balanced, even slightly hot. Below are the September 2026 board numbers for each area, 13 months of trend, and what the 4,358 active listings on EstateBlock show this week.

Benchmarks: FVREB "City of Surrey - Combined" (North Surrey, Central Surrey, Cloverdale and South Surrey, excluding White Rock), September 2026. Listings: EstateBlock snapshot, October 12, 2026.

Sales: houses up, condos down

September wasn't a one-off. Add up FVREB's monthly releases from January to September and Surrey detached sales are +3.3% on the same nine months of 2025 (1,411 against 1,366). Townhouses are −8.6% and apartments −21.7%. That's nearly 300 fewer condo sales so far this year.

Then put that against where Surrey was in 2020. Detached sales in all of 2025 were 1,837. In 2020 they were 4,240. A small rise this year doesn't change the fact that house sales are running at well under half of what this city did five years ago.

Apartments are the odd one out on that chart. Condo sales in 2024 were actually higher than in 2020, and then they fell by about a third in 2025. My read is that's the investor pullback showing up in the count, and North Surrey, where most of Surrey's condo listings are, is where the board numbers below look weakest.

Prices, month by month

FVREB's benchmark for a typical Surrey detached house was $1,521,300 in its September 2025 release. A year later it's $1,386,200. The line below uses each month's figure as first published. FVREB revises earlier months, so its own year-over-year change (−8.3%) is measured from a revised September 2025 figure of $1,510,900.

Source: Fraser Valley Real Estate Board monthly stats packages, Sept 2025 to Sept 2026, "City of Surrey - Combined" tables (benchmarks as first published each month; FVREB revises earlier months).

Every month in that table shows a year-over-year drop for all three types. Detached has been down between 6% and 10.2% on the year in all thirteen releases. Apartments have been down 6% to 10.4%, and the gap hasn't closed: September's −10.0% is one of the weakest readings of the year.

Townhouses held up best. They're down 6.6% on the year, and the townhouse line on the chart is the flattest of the three since spring. My read: that's the family buyer who needs three bedrooms and can't stretch to a house, and that buyer hasn't gone anywhere.

Four Surrey markets, not one

FVREB reports Surrey as four areas: North Surrey, Central Surrey, Cloverdale and South Surrey & White Rock. The board calls Central Surrey just "Surrey" in its tables. Here is each one in September.

Source: Fraser Valley Real Estate Board, September 2026 stats package, MLS® Home Price Index table.

Three things stand out.

Central Surrey apartments are down 11.5%, the biggest drop on the list. There aren't many of them (13 sold in September), so the benchmark moves a lot, but the direction matches North Surrey's −10.4%.

South Surrey townhouses are down 11.2%, far more than townhouses anywhere else in Surrey. That's despite sales there jumping from 29 to 47 in a year. My read: sellers there have cut to where buyers will act, and buyers are acting.

Cloverdale is the steadiest area for houses (−6.9%) and its composite benchmark fell the least of the four (−5.8%). North Surrey detached (−10.9%) is the weakest house market in the city.

Where buyers have the leverage

The sales-to-active ratio is sales in a month divided by the homes for sale at month end. FVREB treats 12% to 20% as balanced. Below 12% is a buyer's market, and the board says the Fraser Valley as a whole has spent most of the last two years there. I worked the ratio out for each Surrey area and type from the board's September tables.

Source: Fraser Valley Real Estate Board, September 2026 stats package, MLS® Summary pages. Ratios calculated by EstateBlock. FVREB reports South Surrey together with White Rock in these tables.

North Surrey is the weakest of Surrey's four areas overall (6.5% across all types). 711 condos for sale, 49 sales, a ratio of 6.9%. North Surrey townhouses (5 sales on 134 listings) and houses (6.6%) aren't much better. Central Surrey houses sit at 8.0%: about 12 houses for sale for every one that sold.

Cloverdale is the exception. Its townhouses came in at 20.3% and houses at 15.9%. Cloverdale's townhouses are moving at a balanced-to-hot pace while North and Central Surrey sit in a buyer's market. South Surrey & White Rock is in between: townhouses at 16.6%, houses at 10.0%. Small numbers again (28 townhouse sales), so one month is a signal, not a trend.

The 3- and 10-year view

Over three years every Surrey area is down by double digits. South Surrey & White Rock (−21.4%) and North Surrey (−20.1%) took the biggest hits.

The ten-year column is the one I'd show anyone who assumes the expensive end always wins. South Surrey & White Rock's composite benchmark is up just 0.9% in a decade, and South Surrey & White Rock detached only 10.5%. Cloverdale is up 48.7% over the same period. Central Surrey apartments have more than doubled (+116.3%), even after this year's drop.

For comparison, the Fraser Valley board as a whole is −7.2% on the year and +26.9% over ten. Langley, next door, is −6.2% and +37.9%. FVREB's chair noted that the board's detached benchmark is now about $460,000 below its March 2022 peak.

What's for sale right now

Board numbers are a month old when they come out. This is what was listed on EstateBlock's Surrey page on October 12, 2026. These are asking prices on active listings, not sale prices, so treat them as what sellers want, not what homes are worth.

Source: EstateBlock.com live listings, snapshot taken October 12, 2026 (active listings, asking prices).

415 of those listings have already cut their price, 9.5% of the total, and the average cut is 9.6%. On a house asking the median $1.62M, a cut that size is about $156K. Another 247 listings came on in the past seven days.

The median house listing asks more than the board's detached benchmark. That isn't a contradiction: the benchmark models a typical house that sold, while the asking median covers every house listed, big and small, sold or not. Days listed is the more useful number here: the median house has been up for 68 days and the median condo for 66.

Per square foot, a Surrey condo is asking about 76% of what a Burnaby condo asks and about 66% of Vancouver's. My read: that discount is the whole case for Surrey condos, and it's why so many were bought as investments.

Source: EstateBlock.com live listings, snapshot taken October 12, 2026 (active listings, asking prices). All property types.

Whalley alone has 735 active listings, and 563 of them are condos. The median Whalley condo asks $499,000 ($729/sq ft) and has been listed for 74 days (EstateBlock condo snapshot, October 10). That's the North Surrey ratio from the board tables, seen from street level: lots of choice, not many buyers.

What I'd do with this