HomebuyingHow COVID-19 has affected homebuying and the mortgage market in Canada
Decline in home purchases. Increase in mortgage renewals. Here’s what Canadians were up to during the lockdown.
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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.
You can let those lenders compete for your business right here at LowestRates.ca. We’ll help you compare the best rates from the top brokers and banks in Surrey — just like that.
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Surrey housing.
Surrey home prices rose steadily through the first half of 2016 before beginning to drop in the fall. Prices now average close to $1 million. According to a report from the Fraser Valley Real Estate Board, the average sale price leapt 18.9% from September 2015 to September 2016.
Average Home Prices in Surrey.
| Date | Home Prices |
|---|---|
| 01/14 | $558,694 |
| 03/14 | $599,034 |
| 05/14 | $613,184 |
| 07/14 | $683,759 |
| 09/14 | $694,326 |
| 11/14 | $744,545 |
| 01/15 | $613,242 |
| 03/15 | $640,218 |
| 05/15 | $657,388 |
| 07/15 | $780,832 |
| 09/15 | $814,471 |
| 11/15 | $872,258 |
| 01/16 | $936,891 |
| 03/16 | $1,044,600 |
| 05/16 | $1,105,437 |
| 07/16 | $1,096,395 |
| 09/16 | $968,133 |
About Surrey.
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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