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.”
