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The hot Surrey housing market can be traced to one key factor: lower mortgage rates. Mortgage rates in Surrey are near record lows right now, and competition among lenders in the city — and in BC generally — has never been greater.
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Check out today's best mortgage rates in Canada by type and term.
| Insured ? | 80% LTV ? The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | 65% LTV ? The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | Uninsured ? | Bank Rate ? | ||
|---|---|---|---|---|---|---|
Insured 5.04% | 80% LTV 4.19% | 65% LTV 4.19% | Uninsured 6.25% | 6.29% | ||
Insured 4.49% | 80% LTV 4.09% | 65% LTV 4.09% | Uninsured 4.59% | 5.59% | ||
Insured 4.09% | 80% LTV 4.14% | 65% LTV 4.14% | Uninsured 4.34% | 4.89% | ||
Insured 4.09% | 80% LTV 4.14% | 65% LTV 4.14% | Uninsured 4.54% | 4.74% | ||
Insured 3.99% | 80% LTV 3.99% | 65% LTV 3.99% | Uninsured 4.19% | 4.59% | ||
Insured 4.39% | 80% LTV 4.39% | 65% LTV 4.39% | Uninsured 5.89% | 5.5% | ||
Insured 5.09% | 80% LTV 4.74% | 65% LTV 4.74% | Uninsured 5.94% | 7.14% | ||
Insured 4.6% | 80% LTV 4.65% | 65% LTV 4.65% | Uninsured 4.7% | 6.6% | ||
Insured 4.15% | 80% LTV 4.3% | 65% LTV 4.2% | Uninsured 4.2% | 4.4% | ||
Insured N/A | 80% LTV N/A | 65% LTV N/A | Uninsured N/A | N/A | ||
Insured 5.25% | 80% LTV 5.25% | 65% LTV 5.25% | Uninsured 5.25% | N/A |
4.40%
4.59%
7.24%
One of the most important decisions Surrey borrowers will make is whether to choose a variable rate or a fixed rate mortgage. We compared the 5-year variable and the 5-year fixed rates that have been available on our site (and taken by our users) since the start of 2019. Our findings? While there has been some fluctuation, variable rates are just a bit lower than fixed rates.
| Month | Fixed | Variable |
|---|---|---|
| 01/24 | 5.34% | 6.49% |
| 02/24 | 5.24% | 6.42% |
| 03/24 | 5.13% | 6.51% |
| 04/24 | 5.12% | 6.51% |
| 05/24 | 5.13% | 6.53% |
| 06/24 | 4.95% | 6.12% |
| 07/24 | 4.89% | 6.01% |
| 08/24 | 4.97% | 6.22% |
| 09/24 | 4.99% | 6.31% |
| 10/24 | 4.70% | 5.76% |
| 11/24 | 4.62% | 5.38% |
| 12/24 | 4.74% | 5.23% |
Last Updated: January 1, 2025
Focus On
Surrey home prices rose steadily through 2019, a trend which has continued into 2020. Prices average above $1 million. This is fairly par for the course in major B.C. cities, as you can see below.
Single-detached family home prices in B.C. year-over-year
| Month | Surrey | Vancouver | Victoria | Burnaby |
|---|---|---|---|---|
| October, 2019 | $985,500 | $1,803,800 | $1,422,400 | $1,400,000 |
| November, 2019 | $995,500 | $1,737,500 | $1,335,000 | $1,409,500 |
| December, 2019 | $1,040,000 | $1,775,000 | $1,432,500 | $1,495,500 |
| January, 2020 | $1,020,000 | $1,875,000 | $1,460,000 | $1,444,750 |
| February, 2020 | $1,074,000 | $1,930,000 | $1,485,895 | $1,430,000 |
| March, 2020 | $1,072,500 | $1,970,000 | $1,435,000 | $1,550,000 |
| April, 2020 | $1,078,000 | $2,096,000 | $1,360,000 | $1,462,500 |
| May, 2020 | $1,125,000 | $2,028,000 | $1,333,000 | $1,477,000 |
| June, 2020 | $1,090,000 | $1,798,000 | $1,426,500 | $1,509,000 |
| July, 2020 | $1,136,500 | $1,777,777 | $1,568,000 | $1,482,500 |
| August, 2020 | $1,120,000 | $1,966,500 | $1,618,000 | $1,589,900 |
Last Updated: October 19th, 2020
Source: Zolo
With a dynamic economy and well-planned neighbourhoods, Surrey is the second largest city in British Columbia and expected to outgrow Vancouver within 10 years.
Just 35 minutes from downtown Vancouver, Surrey is highly accessible and offers something for everyone: city life, outdoor life, and everything in between.
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