Mortgage Rates in Surrey, BC — 2026
Compare live Surrey mortgage rates. Today's best 5-year fixed is 4.89% — available through licensed BC brokers. Free quotes, no credit check.
Best 5-Yr Fixed
4.89%
Insured rate
Avg Home Price
$980,000
Surrey
Market
Balanced MarketGet Surrey Mortgage Quotes
Licensed BC brokers — free, no credit check.
Current Surrey Mortgage Rates — 2026
| Rate Type | Best Rate |
|---|---|
| 5-Year Fixed | 4.89% |
| 5-Year Variable | 3.63% |
| 3-Year Fixed | 4.74% |
| 2-Year Fixed | 5.10% |
| 1-Year Fixed | 5.65% |
| HELOC | 5.15% |
*Based on $980,000 home price, 20% down ($784,000 mortgage), 25-year amortization, Canadian semi-annual compounding. Last updated: October 9, 2026. Best rates available to qualified borrowers with 20%+ down payment.
Bank vs. Broker Rate Comparison — Surrey
How Big 6 bank posted rates compare to what a licensed Surrey broker can negotiate for you.
| Lender | Type | 5-Yr Fixed | 3-Yr Fixed | 5-Yr Variable | Action |
|---|---|---|---|---|---|
RBC Royal Bank | Bank | 6.09% | 6.05% | 3.63% | Get Quote → |
TD Bank | Bank | 6.09% | 6.05% | 3.63% | Get Quote → |
BMO | Bank | 6.09% | 6.05% | 3.63% | Get Quote → |
CIBC | Bank | 6.09% | 6.05% | 3.63% | Get Quote → |
Scotiabank | Bank | 6.09% | 6.05% | 3.63% | Get Quote → |
National Bank | Bank | 6.09% | 6.05% | 3.63% | Get Quote → |
TOPTop Broker 🏆 | Broker | 4.89% | 4.74% | 3.63% | Get My Rate → |
Bank rates shown are posted rates sourced from Bank of Canada. Actual rates may vary. Broker rates reflect best available insured rates from 50+ lenders. Last updated: Oct 9, 2026.
The Surrey Mortgage Market in 2026
Surrey is Metro Vancouver's fastest-growing city and is projected to surpass Vancouver in population. It offers more affordable entry points to the Metro Vancouver market.
FVREB Market Analysis
The Surrey Mortgage Market — What Buyers Need to Know in 2026
Surrey is the fastest-growing municipality in British Columbia, now home to more than 568,000 people, and its housing market reflects a city still being built. The Fraser Valley Real Estate Board puts Surrey's composite benchmark near $946,000, but that single number hides a range wide enough to make Surrey feel like several cities. The detached benchmark is roughly $1.37M citywide, townhomes sit near $772,000, and condos near $484,000. Homes are taking about 37 days to sell — enough time for buyers to compare options without the multiple-offer frenzy of 2021–2022.
Neighbourhood benchmarks show how far apart Surrey's submarkets are. South Surrey leads at $1,247,300, followed by Fleetwood at $1,184,000 and Cloverdale at $1,084,900. Newton, at $1,022,900, is the most affordable place in Surrey to buy a detached home. Attached-housing entry points are lower still: Guildford benchmarks at $746,200 and City Centre/Whalley at $564,000, the most affordable area in the city and where most first-time buyers start.
Transit will shape the next five years. The Surrey-Langley SkyTrain extension runs from King George Station along Fraser Highway, with stations in Fleetwood and Clayton on the Cloverdale side, and service targeted for 2028. Neighbourhoods along that corridor — especially Fleetwood — have seen a wave of townhouse and mid-rise applications as builders position for the line's opening.
Employment in Surrey is increasingly local. Innovation Boulevard, the health-technology corridor around Surrey Memorial Hospital, links Fraser Health, SFU Surrey, and private med-tech firms in City Centre. Surrey Memorial runs one of the busiest emergency departments in the province, and SFU's Surrey campus has anchored a growing cluster of student and staff housing near Surrey Central Station.
Buyers here also bring purchasing traditions that differ from much of Canada. South Asian, Chinese, and Filipino families frequently pool incomes across generations, buy larger detached homes with legal suites, and plan for extended family under one roof. Combined with young families priced out of Vancouver and a steady flow of newcomers, that demand keeps Surrey's detached market resilient even while condo pricing stays accessible.
Who's Buying in Surrey?
Multigenerational South Asian families are Surrey's most active detached buyers, especially in Newton and Fleetwood, often pooling two or three incomes and prioritizing homes with rentable or in-law suites. Chinese-Canadian and Filipino families follow similar pooled-income patterns in Fleetwood and Guildford. Young couples priced out of Vancouver and Burnaby target City Centre condos near the $564K benchmark, trading commute time for ownership. Newcomers to Canada — many working at Surrey Memorial or in logistics — form a large first-time buyer segment using new-to-Canada mortgage programs.
Surrey Neighbourhood Affordability Guide
Estimated monthly payments assume 20% down, 25-year amortisation, at the current best 5-year fixed rate. Prices sourced from FVREB benchmark data.
| Neighbourhood | Price Range |
|---|---|
| City Centre / Whalley | $450K–$650K |
| Guildford | $600K–$850K |
| Newton | $950K–$1.15M |
| Cloverdale | $1.0M–$1.25M |
| Fleetwood | $1.05M–$1.35M |
| South Surrey | $1.15M–$1.9M |
*Payments are estimates only. Actual payments depend on your rate, down payment, amortisation, and lender. Get a personalised quote below.
How Much Mortgage Can I Afford in Surrey?
Maximum qualifying mortgage based on gross household income, stress test rate of 6.89%, 20% down, 25-year amortization, and an estimated $817/mo in property tax. Assumes no other significant debts (TDS ≤ 44%).
| Household Income | Max Mortgage |
|---|---|
| $60K | $90K |
| $80K | $170K |
| $100K | $245K |
| $120K | $320K |
| $150K | $435K |
| $200K | $630K |
*Monthly payment at current best 5-year fixed rate of 4.89%, 25-year amortization. Qualifying uses stress test rate of 6.89%. Estimates only — talk to a broker for your exact qualifying amount.
First-Time Buyer Programs for Surrey Residents
Stack federal and provincial programs to reduce your out-of-pocket costs significantly.
First Home Savings Account (FHSA)
Contribute up to $8,000/year, max $40,000 lifetime. Contributions are tax-deductible, withdrawals tax-free for a first home. Combines with the RRSP HBP for maximum benefit.
FHSA guide →RRSP Home Buyers' Plan (HBP)
Withdraw up to $35,000 per person ($70,000/couple) from your RRSP tax-free toward a first home. Must be repaid over 15 years — or included as income.
HBP guide →BC First Home Buyer Exemption
BC first-time buyers are exempt from the Property Transfer Tax on homes up to $500,000. Partial exemption applies on homes $500K–$525K — potentially saving you up to $8,000 at closing.
Ask a local broker →How to Get the Best Mortgage Rate in Surrey
Six steps that consistently get Surrey buyers below-market rates.
Use a Licensed Broker
A broker shops 50+ lenders simultaneously — banks, credit unions, and monolines — negotiating volume discounts unavailable to individual buyers. Free service: lenders pay the broker.
Improve Your Credit Score
Scores above 720 typically unlock the best rate tier. Above 760 is ideal. Pay down revolving debt, avoid new credit applications 90+ days before applying.
Save 20%+ Down Payment
A 20% down payment avoids CMHC mortgage insurance (0–4% of your mortgage) and unlocks the best uninsured rates. Every percent above 20% further improves your rate.
Get Pre-Approved First
A pre-approval locks your rate for 90–120 days, protecting you if rates rise while you shop. It also sharpens your offer in competitive markets.
Minimize Other Debts
The stress test considers your total debt service (TDS) ratio. Paying off car loans, student loans, and credit cards before applying expands your maximum qualifying mortgage.
Negotiate Penalty Terms
The lowest rate sometimes carries a restrictive prepayment penalty. Ask your broker to compare the total cost — including IRD penalties — before choosing the cheapest headline rate.
Fixed or Variable Rate in Surrey? What the Local Market Tells Us
In Surrey, the right rate type often depends on how many incomes are on the application. Multigenerational households pooling three salaries — plus suite rent — have a buffer that can absorb variable-rate swings. A single-income buyer stretching into a City Centre condo near $564K, above the range where BC's first-time buyer Property Transfer Tax exemption applies, has little cushion and should lean toward a 5-year fixed. Buyers banking on SkyTrain-driven appreciation in Fleetwood should also fix their rate so the payment is known while they wait for 2028.
Related Resources for Surrey Buyers
Find a Surrey Mortgage Broker
Get matched with licensed local brokers who know BC lenders. Free service, no credit check.
Mortgage Payment Calculator
Model your payments using Surrey's average prices and current best rates from our live rate feed.
Mortgage Stress Test Guide
Understand how the federal stress test affects your maximum purchase price in Surrey.
Frequently Asked Questions — Mortgage Rates in Surrey
What are the current mortgage rates in Surrey?
What is the best mortgage rate in Surrey today?
Should I choose a fixed or variable rate mortgage in Surrey?
How much do I need to earn to afford a home in Surrey?
What is the mortgage stress test rate in Surrey in 2026?
Is now a good time to buy a home in Surrey?
How much is land transfer tax in Surrey?
How do I get the best mortgage rate in Surrey?
Advertising disclosure: LendGuide.ca may receive compensation when you connect with mortgage professionals through this site. Rates shown are the best available from our lender network and may not reflect every offer in the market. Mortgage rates are subject to change without notice and depend on factors including down payment, credit score, amortization, and lender approval. This is not an offer of credit. Always verify current rates with a licensed mortgage professional before making financial decisions.
Best rate today: 4.89% — Surrey
5-yr fixed · 50+ lenders · free