How Did Condo Prices in Surrey Just Increase?

Posted on May 25, 2026 in

Surrey Condo Market Update (2026): Prices, Inventory & Where the Deals Are

The condo market in Surrey has been all over the place.

Investor condos struggling to sell
Some areas still declining
Other areas… actually going up

Yes—in this market, certain condo segments are already showing price increases.So what’s really going on?

The Big Divide: End Users vs Investors

Right now, the condo market is split into two completely different worlds:

Investor-Heavy Areas (Struggling)

Whalley / North Surrey
Smaller units
No parking
“Investor-style” layouts

What’s happening:

Prices falling
Sales volume collapsing
Investors exiting

End-User Areas (Holding or Rising)

South Surrey / White Rock
Larger units
Better locations
More livable layouts

What’s happening:

Prices stabilizing—or even rising
Stronger demand
Less investor influence

Prices: A Market Split in Real Time

Recent trends:

North Surrey: continuous decline
Central Surrey: still trending down
Cloverdale: softer decline
South Surrey / White Rock: slight increase recently

Key takeaway:

The condo market is not one market anymore
It’s multiple markets behaving very differently

The Reality Check: Many Owners Are Back to 2021 Prices

In North Surrey:

Prices are now back to late 2021 levels
Some owners (last 4–5 years) are:
- At breakeven
- Or underwater

And here’s the risk:

Another ~5% drop → back to 2018 pricing levels

Sales Activity: Still Extremely Weak

Recent data:

North Surrey sales: down ~30% year-over-year
One of the slowest markets in decades

But here’s the opportunity:

Buyers are getting deals
Especially in investor-heavy buildings

If you’re an end user:

This is where value exists right now

Listings: A Shift Is Happening

New listings:

North Surrey: down ~40%
Other areas: slightly down

What this suggests:

Many investors already sold
Others are now holding and waiting

Inventory: Still Elevated (But Improving)

Key trends:

North Surrey inventory: down ~25% from last year
Still historically high—but improving
Central Surrey: inventory still building

Important context:

There are simply more condos than ever before
So higher inventory is partly structural

Months of Supply: Buyer’s Market Conditions

Current conditions:

Surrey: ~12 months supply (strong buyer’s market)
North Surrey: still buyer’s market, but improving
South Surrey: borderline buyer’s market
Cloverdale: balanced

Key takeaway:

Buyers still have leverage
But the worst conditions may be behind us

Pricing Reality: How Negotiations Actually Work

Two key stats:

Original Price vs Sale Price

Typically ~5% below original list

Current Price vs Sale Price

Usually only 3–4% below asking

What this means:

Big lowball offers rarely work
Sellers adjust price before accepting deep discounts

Price Per Square Foot: Important (But Limited)

Typical ranges:

North Surrey: ~$600–$640/sq ft
Cloverdale: under ~$600/sq ft

But be careful:

Huge differences based on:
- Building type (wood vs concrete)
- Age
- Unit size
- Floor level

Use this metric only within tight comparables.

Days on Market: The Real Indicator

Current averages:

~40–50 days across most areas

The rule:

If your condo isn’t selling in ~40 days → it’s overpriced

This is consistent across:

Condos
Townhouses
Detached homes

Why Some Condos Won’t Sell

The hardest units right now:

No parking
Poor layouts (no real bedroom)
Investor-focused designs

These are:

The most oversupplied
The least desirable to end users

Where the Opportunities Are

If you’re buying in Surrey:

North Surrey = best value
End-user buildings = safest bets
Larger, livable units = strongest demand

Final Thought

The condo market isn’t “bad”—it’s rebalancing.

Investor demand is gone
End-user demand is taking over
Poor product is being exposed

And that’s actually healthy.Because moving forward:

The market will reward livability
Not speculation

Written by:
Steve Karrasch PREC
Karrasch Real Properties Team
Macdonald Realty

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