October brought a welcome uptick in activity across the Fraser Valley, with Surrey continuing to show signs of cautious stabilization after months of adjustment. While sales remain below seasonal norms, more realistic pricing and easing competition are starting to pull some buyers back into the market.

Market Snapshot: Surrey at a Glance

Across all property types in Surrey:

• Sales: 495 total (178 detached, 177 townhomes, 140 condos) — up 14–30% from September, though still down 20–35% from last year.

• Benchmark Prices (Month-over-Month):

  • Detached: $1,512,800 (▼ 0.6%)

  • Townhomes: $804,200 (▼ 1.4%)

  • Condos: $494,900 (▼ 0.6%)

• Year-over-Year: Prices are 5–7% below October 2024 across all categories.

Surrey’s detached homes now sit about $100,000 lower than a year ago, but the rate of decline has noticeably slowed. The sales-to-active listings ratio across the Fraser Valley climbed to 11%, indicating we remain in a buyer’s market, though edging closer toward balance.

Detached Homes: Buyers Regaining Leverage

Detached home sales in Surrey rose 15% compared to September, yet remain 24% below last year.

• Benchmark Price: $1,512,800

• Average Sale Price: $1,630,220

• Key Trend: Sellers who’ve adjusted to today’s more competitive environment are seeing results — average days on market remain steady around 42 days.

Neighbourhood performance varies:

• Cloverdale homes saw a small monthly dip (▼ 0.3%),

• North Surrey held flat (+0.3%)

• Central Surrey slipped slightly (▼ 0.5%).

These micro-trends suggest that buyers are still value-focused, gravitating toward well-priced, move-in ready homes.

Townhomes: Price Adjustments Creating Opportunity

Townhomes continue to attract steady buyer attention, with sales up 30% month-over-month in Surrey.

• Benchmark Price: $804,200 (▼ 1.4% from Sept, ▼ 6.7% year-over-year)

• Average Price: $814,899

Many townhomes are now priced below the psychological $800K threshold, creating opportunities for both upsizers and first-time buyers looking for affordability without sacrificing space.

Condos: Holding Steady After Earlier Softness

Condo activity picked up 13.8% compared to September, a sign of renewed entry-level demand.

• Benchmark Price: $494,900 (▼ 0.6% MoM, ▼ 6.0% YoY)

• Average Price: $498,348

While prices remain down roughly 12–13% from last fall, buyer interest is rising in North Surrey and Central City, particularly around transit-oriented projects and SkyTrain expansions.

Jon’s Take

“October’s data reinforces what we’ve been feeling on the ground - Motivated sellers are meeting motivated buyers where the market is today. The slowdown in new listings and easing prices are slowly restoring balance, especially in the detached and townhouse segments.

Heading into winter, this could be the window where strategic sellers stand out, particularly those pricing within the current buyer bandwidth rather than yesterday’s peak values.”

The Fraser Valley market continued to show signs of adjustment this September as elevated inventory levels applied downward pressure on prices, while at the same time sparking a modest bump in buyer activity.

Prices Continue to Ease

For the sixth month in a row, home prices declined across the region. The benchmark price for a typical Fraser Valley home dipped 1% month-over-month to $926,300, now 5.4% lower than this time last year.

• Detached homes: $1,420,000 (↓1.2% from August, ↓5.4% year-over-year)

• Townhomes: $795,600 (↓1.5% from August, ↓4.7% year-over-year)

• Condos/Apartments: $510,400 (↓0.7% from August, ↓6.3% year-over-year)

Sales Show a Modest Uptick

Sales activity picked up slightly, with 962 homes changing hands in September, up 3% from August. Still, sales remain subdued overall—2% lower than last year and 28% below the 10-year average.

Some buyers are beginning to re-enter the market, encouraged by the ongoing price softening and improved selection.

Inventory Remains Elevated

Supply continues to climb, giving buyers more choice and leverage.

• 3,447 new listings came to market in September, a 23% increase over August.

• Active listings reached 10,583, up 17% compared to September 2024—marking decade-high levels of inventory.

The overall sales-to-active listings ratio is at 9%, keeping the Fraser Valley firmly in buyer’s market territory. (For context, a balanced market is typically between 12% and 20%.)

Market Conditions by Property Type

• Detached homes averaged 37 days on market.

• Townhomes averaged 38 days.

• Condos averaged 39 days.

This shows properties are still moving but at a more deliberate pace compared to the peak market cycles.

What This Means Going Into Fall

The combination of high inventory and easing prices is creating opportunities for buyers who have been waiting on the sidelines. Sellers, on the other hand, are facing more competition and need to position their homes carefully to stand out.

As the Fraser Valley Real Estate Board notes, “As prices continue to weaken, the market is showing hopeful signs of renewed confidence.” With interest rates still weighing on affordability, motivated buyers are beginning to step back in, making this an interesting moment for both sides of the market.

Market Overview

The Fraser Valley real estate market continued to evolve in June, shaped by economic uncertainty, increasing inventory, and shifting buyer sentiment. While total sales across the region remained mostly flat, inventory reached its highest levels in over five years, providing buyers with greater choice and leverage.

In Surrey specifically, we remain in a buyer’s market, with home values continuing to soften across all property types. The Sales-to-Active Listings Ratio for the Fraser Valley held at 11 percent, well below the 12 to 20 percent range that defines a balanced market.

Surrey Housing Market – Key Figures

Apartments have seen the sharpest annual decline, falling 5.8 percent since June of last year, followed by detached homes at 5.4 percent, and townhomes at 3.6 percent.

Submarket Breakdown – Surrey Neighbourhoods

Central Surrey

• Detached Benchmark: $1,480,200 (-1.8% from May)

• Townhouse Benchmark: $824,200 (-0.3%)

• Apartment Benchmark: $547,800 (-1.1%)

• Detached sales declined 18.7 percent year-over-year. Active detached listings increased 26.9 percent from June 2024.

Cloverdale

• Detached Benchmark: $1,462,500 (-3.6% from May)

• Townhouse Benchmark: $841,500 (-0.6%)

• Apartment Benchmark: $575,000 (-1.8%)

• Detached sales dropped 34.7 percent compared to June 2024.

North Surrey

• Detached Benchmark: $1,447,600 (-0.2% from May)

• Townhouse Benchmark: $762,300 (-0.6%)

• Apartment Benchmark: $463,400 (-1.6%)

• Detached sales increased 44.1 percent from May, one of the few bright spots in an otherwise subdued market.

Fraser Valley Regional Snapshot

• Detached Benchmark (FVREB): $1,458,600 (-1.6% from May)

• Townhouse Benchmark (FVREB): $824,400 (-1.0%)

• Apartment Benchmark (FVREB): $526,500 (-1.2%)

• Average days on market:

  • Detached: 35 days

  • Townhouse: 30 days

  • Apartment: 39 days

Active listings reached 10,842, a 30% increase over this time last year. Total sales across all property types rose one percent month-over-month but remain nine percent below June 2024 and 33 percent under the 10-year average.

What This Means for Buyers and Sellers

For Buyers
This market presents rare opportunities. With increased supply and reduced prices, buyers have more room to negotiate. Detached home prices in Surrey are down over five percent compared to last year, and townhouse and condo values have followed suit. Serious, well-prepared buyers can secure favourable terms and properties that may have been out of reach 18 months ago.

For Sellers
Homes are still selling, but the days of aspirational pricing are behind us. Buyers are cautious and value-driven. Properties that are well-priced, professionally marketed, and properly presented are still moving, while overpriced listings risk sitting on the market. Strategic pricing and strong marketing execution are essential in this environment.

Final Thoughts

Market conditions continue to favour buyers, with price softness and growing inventory creating opportunities for those in a position to act. Sellers can succeed with an accurate market-read and a strategic plan. The key for both groups is understanding the hyperlocal nuances of Surrey’s submarkets and timing moves accordingly.

If you’re considering a purchase, sale, or would like an updated evaluation of your property in today’s market, I’d be happy to help. I provide straightforward, professional advice based on data and experience, backed by a lifetime of working and living here in Surrey.

Here’s a quick look at what’s happening in the Fraser Heights detached home market:

• Active Listings: 100

• Median Days on Market: 27

• Average Price Per Sq. Ft.: $544

• Total Sales: 23 (up 155.5% from 9 sales in April)

• Average Sale Price: $1,724,478

• Homes Sold for: 97.3% of list price on average

The market picked up sharply in May, with more than double the number of sales compared to April. Prices are holding steady, and homes are moving in under a month on average.

Curious what your home might be worth in this market?
Reach out any time for a free, no-obligation evaluation.

Jon Pereira
RE/MAX Performance Realty
📞 778-345-8897
📧 jon@jonpereirarealty.com
🌐 www.jonpereirarealty.com

Fleetwood is one of the most interesting markets to watch in Surrey right now. Between strong sale prices, steady buyer demand, and the rapid growth plans unfolding around the Surrey-Langley SkyTrain extension, there’s a lot happening in this neighbourhood.

If you’re a homeowner here, considering a move, or looking to invest in Surrey real estate, here’s what you need to know about Fleetwood this month.

Fleetwood Real Estate Snapshot — May 2025

Let’s start with the numbers. Here’s how the Fleetwood market performed in May:

• 190 active listings

• 63 new listings last month

• 18 homes sold

• Average sale price: $1,655,086

• Average price per square foot: $505

• Homes sold for 97.9% of list price on average

Detached homes and newer townhomes, especially those close to future SkyTrain stations, are leading the market in terms of demand and pricing.

What’s Happening with the Fleetwood Community Plan:

Beyond the market numbers, there’s a lot happening with city planning in Fleetwood that’s going to shape this neighbourhood for years to come.

Right now, Fleetwood’s Official Community Plan is in Step 4 of 5, meaning the city is finalizing details on how the area will grow as the SkyTrain arrives.

A few important updates:

• Urban Residential areas can now allow up to 55 units per hectare. That means more townhomes and low-rise condos will be built in areas that were previously single-family only.

• New Transit-Oriented Areas (TOAs) have been created around each SkyTrain station. These will allow for higher-density condos, mixed-use buildings, and more housing options for families.

• Six new school sites have been added to the plan, and the city is focusing on expanding and upgrading existing parks instead of trying to acquire new land.

• Expect more protected bike lanes, pedestrian-friendly streets, and improved roads as multi-family projects gradually replace older homes near SkyTrain hubs.

What this means: More housing variety and options coming soon, strong investment potential near SkyTrain expansion zones, better parks, schools, and recreational facilities for local families.

Why This Matters If You Own or Plan to Buy in Fleetwood

This is a smart time to assess your real estate strategy in Fleetwood. Whether you’re looking to buy, thinking about selling, or curious how these changes might affect your property’s value or redevelopment potential — having the right information now is key.

If you’d like a current value estimate for your home, want to know where the best buys are right now, or are simply curious about what’s happening near your property, I’d be happy to connect.

Feel free to reach out at 778-345-8897 or email jon@jonpereirarealty.com.

When buying or selling a home, transparency matters - and one of the most important documents in a real estate transaction here in BC is the Property Disclosure Statement (PDS).

It’s a form meant to protect both the buyer and the seller by making sure important information about a property’s condition is clearly communicated before a deal is finalized.

The Property Disclosure Statement was introduced by the BC Real Estate Association (BCREA) in 1991. Its goal? To give buyers peace of mind by having sellers disclose - truthfully and completely - any known issues or defects with a property.

At the same time, it protects sellers by confirming that all relevant information has been shared with prospective buyers.

What Does a PDS Cover?

The Residential PDS goes beyond the legal minimum disclosure requirements and asks about specific potential issues such as:

Buried oil tanks, Asbestos insulation, Unauthorized rental suites, Renovations done without permits, Moisture or water problems, Unregistered easements or encroachments, Past use as a grow-op or drug lab.

There are different versions of the form depending on the type of property:
Residential, Condominium, and Rural — each tailored to ask relevant questions.

How Does It Work?

The seller completes the PDS when they list the property with their REALTOR®.

The seller must update the statement if any new information arises before closing.

Prospective buyers typically review the PDS and may make their offer subject to receiving and approving it within a certain timeframe.

 Once satisfied, the buyer signs the PDS as well.

 A Few Things Buyers Should Know:

If a seller is unwilling to provide a PDS, or if a line has been drawn through the questions, it should raise a red flag.
In some cases - like estate sales, bank foreclosures, or absentee landlord properties - sellers may genuinely not know enough about the property to complete one.

Important: Even with a completed PDS, buyers are strongly encouraged to get an independent home inspection. The PDS reflects only what the seller knows at the time of disclosure - it’s not a warranty or guarantee about the home’s condition.

Use it as a Starting Point, Not the Final Word.

The Property Disclosure Statement is a helpful tool for understanding a property’s history and condition, but it’s just one piece of the puzzle.

Buyers are still expected to do their own due diligence, conduct inspections, and ask questions. As the saying goes - “buyer beware” is still very much a part of real estate.

If you’d like to see what a blank PDS looks like or have questions about how it works in your buying or selling process, feel free to reach out anytime. I’m always happy to help.

Jon Pereira
📱 778-345-8897
📧 jon@jonpereirarealty.com
🌐 www.jonpereirarealty.com

If you’re thinking about buying a home, or know someone who is - you’ve probably heard the terms pre-qualification and pre-approval tossed around. While they might sound similar, they’re not the same thing. And knowing the difference can save you time, stress, and even help you win in a competitive market.

Pre-Qualification:

Think of this as a casual conversation with your lender. Based on the information you provide about your income, debts, and assets, the lender gives you an estimate of how much you might be able to borrow. It’s a helpful first step to get a rough idea of your price range, but it’s not verified or guaranteed.

Getting Pre-Qualified is good for the early stages of house hunting, and getting a general idea of your budget

There are limitations with getting a pre-qualification: A pre-qualification is not based on verified financial information and won’t carry much weight with sellers.

Pre-Approval

A Pre-Approval is the real deal. A lender will formally review your income, credit history, employment, and other financial documents to determine exactly how much they’re willing to lend you. You’ll get a pre-approval letter stating the amount, which you can confidently use when making an offer.

A Pre-Approval is good for knowing your firm budget, showing sellers you’re serious, and standing out in competitive offers 

 A pre-approval Involves a deeper credit and financial check and are typically valid for 60–90 days

 Why This Matters

In today’s market, especially here in Surrey and the Lower Mainland, serious buyers are coming armed with pre-approvals. Sellers and listing agents want to see that you’re ready to go. If you fall in love with a home and don’t have your pre-approval ready, you risk missing out.

If you’re unsure where to start or need a recommendation for a great mortgage broker, I’d be happy to connect you with someone I trust.

 Questions about the process or the market? I’m always just a call or text away.

 Jon Pereira

778-345-8897
jon@jonpereirarealty.com 

www.jonpereirarealty.com

May is now behind us, and I’ve got your latest update on the Fraser Valley housing market.

After a quieter April, May brought a modest but welcome lift in home sales across the Fraser Valley. An early sign that buyer confidence may be slowly returning to the market.

The Board recorded 1,183 sales in May, up 13% from April, though still 22% below May 2024 and 36% below the 10-year seasonal average.

Inventory continues to build, with more than 10,600 active listings - a 6% increase from April and 34% higher than this time last year. New listings also rose 7% month-over-month to 4,007.

“High inventory in the Fraser Valley is giving buyers more choice, but it also means sellers are facing more competition,” says Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “We’re seeing that homes priced appropriately for today’s market are selling, while sellers who aren’t in a rush are choosing to hold off or stand firm on pricing.”

Right now, the Fraser Valley remains firmly in a buyer’s market, with a sales-to-active listings ratio of 11%. (For reference: a balanced market typically falls between 12% and 20%.) On average, detached homes sold in 34 days, townhomes in 27 days, and condos in 33 days.

Fraser Valley Benchmark Prices – May 2025:

Single Family Detached: $1,481,900
⬇️ 1.6% from April 2025
⬇️ 3.2% from May 2024

Townhomes: $832,800
⬇️ 0.03% from April 2025
⬇️ 2.5% from May 2024

Apartments: $532,700
⬇️ 0.9% from April 2025
⬇️ 4.0% from May 2024

 As Baldev Gill, CEO of the Fraser Valley Real Estate Board, notes, many buyers remain cautious, keeping a close eye on the economy, job security, and cost of living. As soon as greater confidence starts to return, we could see more activity pick up in the market.

Wishing you all a great June ahead - and as always, if you have any questions or need anything real estate-related, feel free to reach out!

Jon Pereira
RE/MAX Performance Realty
📱 778-345-8897
📧 jon@jonpereirarealty.com
🌐 jonpereirarealty.com

Hey all,

I’ve got some exciting news to share with you this week!

I’m thrilled to announce that I’ve been personally selected by SquareNine Developments as one of a few real estate professionals to help sell the remaining homes in their brand new Belvedere high-rise at 9675 King George Boulevard in Surrey.

And here’s the part you need to know - for one day only on May 31st, every available unit will be sold at a massive 25% discount.

Why This Matters:

- 230 out of 275 homes have already sold. The demand has been real, and now the developer wants the remaining homes gone - fast.

- Building is completed and move-in ready. No pre-sale waiting. You can secure your home and move in right away.

- Unheard of 25% discount on brand new concrete high-rise homes in the heart of Surrey City Centre.

- Perfect for first-time buyers, investors, or anyone looking for a sharp deal in an up-and-coming area.

What You Should Do:

Opportunities like this don’t happen every day - especially in this market. If you’ve been thinking about getting into real estate, picking up an investment property, or securing your first home, this could be your window.

 Reach out to me ASAP for floor plans, pricing details, and to book your appointment for the May 31st sale event. Spots will fill up quickly, and once these remaining homes are gone - they’re gone.

778-345-8897
jon@jonpereirarealty.com

If this is for you, Let’s get you in on this before it’s too late!

Talk soon,

Jon Pereira
RE/MAX Performance Realty

When you're buying a home, it’s easy to focus on the big numbers — the list price, your down payment, your mortgage rate. But there are a few important closing costs that can sneak up on buyers if you’re not prepared.

Here’s a quick breakdown of the ones most people forget about:

📌 Property Transfer Tax (PTT)
This is one of the biggest costs when purchasing a home in BC. It’s charged based on the property’s fair market value at the time of purchase:

1% on the first $200,000

 2% on the portion between $200,000 and $2 million

 3% on amounts over $2 million

 Example: On a $500,000 home, you’d be looking at about $8,000 in PTT.

 📌 Title Insurance
A one-time expense that protects you against potential issues with a property’s title — like ownership disputes or unpaid liens. It typically runs between $250–$400, depending on the home’s value.

 📌 GST on Newly Built Homes
If you’re buying a brand-new home, there’s a 5% GST applied to the purchase price. Some first-time buyers might qualify for partial exemptions, so it’s worth looking into.

 📌 Legal Fees
A real estate lawyer or notary is a must to review contracts, handle paperwork, and manage the financial side of closing. Expect to budget around $1,500–$2,000.

 Pro Tip: Before you start home shopping, it’s smart to get a clear estimate of these costs based on the type of property you’re targeting. It’ll help you budget realistically and avoid last-minute surprises.

 If you’d like, I can help break down what your closing costs might look like on a home you’re considering — just give me a call at 778-345-8897.

 Talk soon,

 Jon Pereira
RE/MAX Performance Realty
📱 778-345-8897
📧 jon@jonpereirarealty.com

There’s been a lot of talk about Surrey’s condo market over the past few weeks — so let’s address that in this week’s blog.

The short version?
We’re seeing more condos hitting the market, but sales aren’t keeping pace. Listings are sitting longer, and prices are either holding steady or softening slightly.

And it’s not just Surrey feeling it. City News Vancouver recently reported:

“Metro Vancouver condo market sees slowdown.”

And CBC echoed the trend:

“The condo market is slowing down. Where are all the buyers? Sales slump and prices slip in Toronto, Vancouver.”

This shift is happening across the region — and it’s creating a window of opportunity right here in Surrey.

What This Means for Buyers:

If you’ve been thinking about getting into the market — whether it’s your first home or an investment — this is one of the better markets we’ve seen in years for buyers.

✅ More selection: Browse, compare, and take your time without feeling rushed.
✅ Better negotiating power: With motivated sellers and fewer multiple offers, buyers are calling the shots.
✅ Long-term upside: Major infrastructure projects like the Surrey-Langley SkyTrain extension will continue to fuel growth in the years ahead.

My Take:

This isn’t the overheated, bidding-war market we saw in 2021-2022. It’s a balanced, opportunity-rich market for buyers who’ve been waiting on the sidelines.

If you’re curious about what’s available or want to explore some of the better deals out there, let’s connect — you might be surprised at what’s possible right now.

Talk soon,

Jon Pereira
RE/MAX Performance Realty
📱 778-345-8897
📧 jon@jonpereirarealty.com