TODAY'S
MORTGAGE RATES IN Surrey

Choosing the right lender is a significant first step if you plan to buy a home in Surrey. Banks might seem obvious, but credit unions, brokers, and online lenders all have something valuable to offer.

Not sure where to start? Let's break down each option clearly so you can decide what works best.

Big Banks in Surrey

You've seen them everywhere: RBC, TD, Scotiabank, CIBC, BMO, and National Bank. They're easy to find, familiar, and reliable. Banks are a safe choice if you prefer simplicity.

But they don't always offer the lowest rates or most flexible terms. Even if you already bank with them, comparing rates elsewhere before committing is worth it.

Local Credit Unions

Surrey's credit unions might fit better if you prefer dealing with someone local. Vancity, Gulf & Fraser, BlueShore Financial, Prospera Credit Union, and Greater Vancouver Community Credit Union operate here. Credit unions feel personal—you get face-to-face service, and your mortgage options often have a bit more flexibility built in.

Maybe you're self-employed, or maybe your income isn't exactly predictable. If so, credit unions tend to be easier to work with. Plus, profits usually stay local, helping the community grow.

Mortgage Brokers in Surrey

Mortgage brokers don't represent banks; they represent you. They shop around on your behalf, finding deals you might miss.

For those with complex financial situations or first-time buyers, brokers like Alltrust Mortgage Solutions, True North Mortgage, Custom Mortgages, Bespoke Lending Solutions, Ronin Mortgage, Crosstown Mortgage Group, and The Mortgage Specialist can simplify the mortgage process.

Online and Alternative Mortgage Lenders

If you prefer avoiding paperwork, or your credit and income don't fit neatly into bank requirements, online lenders like Pine, Nesto, or Neo Financial make mortgages quick and easy.

Monoline lenders such as First National, MCAP, and RFA Mortgage Corporation specialize exclusively in mortgages. Their rates are often competitive, and their process is built for efficiency.

Choosing the Right Mortgage Provider

• Check your financial health—credit score, income stability, and monthly budget.
• Compare options from banks, credit unions, brokers, and online lenders.
• Use EveryRate to match you with lenders best suited to your needs.

Wondering what's going on in Surrey's housing market? Maybe you're new to the area or want clarity before buying. Understanding local market conditions helps you avoid stress and save money.

Let's break down the current trends and see what it means for you as a buyer.

Surrey Housing Market in 2024: Quick Recap

Last year, home prices in Surrey remained stable. Detached homes stayed around $1.5 million, while condos hovered near $600,000. There were no major price swings, but the big story was increased inventory.

Listings jumped almost 35%, giving buyers more choices, negotiating power, and less pressure. Surrey also added over 3,500 new homes, boosting supply and affordability.

Surrey's Housing Outlook for 2025 and Beyond

Surrey's market still favours buyers. Home prices remain stable: about $1.45 million for detached houses, $800,000 for townhomes, and $580,000 for condos. Lower interest rates also mean buying is more affordable than before.

The city continues to grow fast, and its population is expected to increase significantly by 2030. Neighbourhoods near transit hubs, like Surrey Central and Guildford, are becoming especially popular.

What Does This Mean for You?

Surrey offers plenty of homes, stable prices, and low interest rates. It's a good time to explore your options and find the neighbourhood that fits your lifestyle.

Feeling unsure? EveryRate can help you find the best fit so you can confidently choose your mortgage and neighbourhood.

Thinking about buying in Surrey but unsure about your down payment? It's one of the biggest financial questions buyers have.

For example, a $800,000 townhouse requires $25,000 (5%) for the first $500,000, plus $30,000 (10%) for the remaining $300,000—totalling $55,000.

Prices vary by neighbourhood. Here's a quick breakdown based on recent benchmarks, assuming a standard 25-year mortgage at a 3.74% fixed interest rate:

• Cloverdale: Detached ($1,529,200): $305,840 down, about $6,297 monthly
• Cloverdale: Townhouse ($826,500): $56,325 down, around $3,965 monthly
• Cloverdale: Condo ($582,700): $29,135 down, roughly $2,849 monthly
• Fleetwood: Detached ($1,518,450): $303,690 down, about $6,252 monthly
• Fleetwood: Townhouse ($813,650): $55,682 down, around $3,905 monthly
• Fleetwood: Apartment ($552,400): $27,620 down, roughly $2,707 monthly
• Guildford: Detached ($1,366,300): $273,260 down, about $5,624 monthly
• Guildford: Townhouse ($777,900): $51,790 down, around $3,740 monthly
• Guildford: Apartment ($555,500): $27,775 down, roughly $2,723 monthly
• Newton: Detached ($1,495,600): $299,120 down, about $6,159 monthly
• Newton: Townhouse ($778,700): $51,935 down, around $3,743 monthly
• Newton: Apartment ($483,000): $24,150 down, roughly $2,362 monthly
• South Surrey / White Rock: Detached ($1,844,400): $368,880 down, about $7,601 monthly
• South Surrey / White Rock: Townhouse ($927,500): $67,750 down, around $4,428 monthly
• South Surrey / White Rock: Apartment ($609,400): $30,470 down, roughly $2,982 monthly
• Whalley (City Centre): Detached ($1,675,400): $335,080 down, about $6,902 monthly
• Whalley (City Centre): Townhouse ($881,600): $63,160 down, around $4,216 monthly
• Whalley (City Centre): Apartment ($548,200): $27,410 down, roughly $2,686 monthly

This snapshot helps you understand what's needed financially in different areas of Surrey. EveryRate.ca can guide you step by step, helping you make informed mortgage choices.