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 | 5.45% |
| 3-Year Fixed | 4.74% |
| 2-Year Fixed | 5.10% |
| 1-Year Fixed | 5.65% |
| HELOC | 6.20% |
*Based on $980,000 home price, 20% down ($784,000 mortgage), 25-year amortization, Canadian semi-annual compounding. Last updated: May 25, 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 |
|---|---|---|---|---|---|
National Bank | Bank | 4.43% | 4.44% | 4.49% | Get Quote → |
CIBC | Bank | 4.51% | 4.51% | 4.12% | Get Quote → |
RBC Royal Bank | Bank | 4.62% | 4.43% | 3.98% | Get Quote → |
BMO | Bank | 4.76% | 4.67% | 4.12% | Get Quote → |
TD Bank | Bank | 4.96% | 4.72% | 4.31% | Get Quote → |
Scotiabank | Bank | 6.09% | 6.05% | 4.90% | Get Quote → |
TOPTop Broker 🏆 | Broker | 4.89% | 4.74% | 5.45% | 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: May 25, 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.
REBGV Market Analysis
The Surrey Mortgage Market — What Buyers Need to Know in 2026
Surrey is Metro Vancouver's fastest-growing municipality — it surpassed Vancouver in population in 2023 at over 600,000 residents — and it functions as the region's primary affordability corridor. Average prices near $980K sit materially below Vancouver and Burnaby while offering significantly more space, newer construction, and a city on a rapid transit investment trajectory. The Surrey-Langley SkyTrain extension (Broadway's continued east-southwest expansion) is under construction and will add four new stations connecting Surrey City Centre and Fleetwood to the Expo Line.
The city's economy is the most diverse in Metro Vancouver's municipalities. Healthcare (Surrey Memorial Hospital is the largest hospital in BC by patient volume), retail (Guildford Town Centre, Central City), education (Kwantlen Polytechnic University, Corpus Christi College, Trinity Western University), and a large light industrial and logistics corridor along 104th Avenue drive employment. Newton and Whalley have concentrated logistics and warehousing growth driven by port proximity and highway access.
South Surrey/White Rock is effectively a separate market from North Surrey: semi-rural in character with ocean views, upscale retail on 24th Avenue, and a significant retirement community drawing buyers from across BC and Alberta. Average prices in South Surrey run $200K–$400K above the city's overall average, supported by limited supply and high lifestyle desirability.
The 2024–2025 market has been broadly balanced. Pre-construction demand — Surrey is one of BC's most active new development markets — has absorbed significant speculative energy that would otherwise pressure the resale market. First-time buyers increasingly choose Surrey over Vancouver and Burnaby as the only Metro Vancouver municipality where detached homes remain attainable for households earning $130K–$160K.
Who's Buying in Surrey?
Surrey's demographic diversity makes its buyer base the most heterogeneous in Metro Vancouver. South Asian communities — particularly Punjabi and Gujarati families — are the dominant buyer cohort in Newton, Fleetwood, and Whalley, with multigenerational purchase structures common. Filipino healthcare workers at Surrey Memorial and Fraser Health are a significant first-time buyer segment. South Surrey attracts BC government workers, healthcare executives, and semi-retired professionals from Alberta who've cashed out of Calgary or Edmonton homes. Young tech couples who cannot access Vancouver or Burnaby prices but can handle a 30–40 minute SkyTrain commute represent the fastest-growing cohort in the $750K–$950K condo and townhouse range near Surrey Central and King George stations.
Surrey Neighbourhood Affordability Guide
Estimated monthly payments assume 20% down, 25-year amortisation, at the current best 5-year fixed rate. Prices sourced from REBGV benchmark data.
| Neighbourhood | Price Range |
|---|---|
| Surrey City Centre | $540K–$780K |
| Fleetwood | $820K–$1.15M |
| Cloverdale | $880K–$1.2M |
| South Surrey (Ocean Park) | $1.3M–$2.0M |
| Newton | $680K–$980K |
| Guildford | $580K–$860K |
*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
Surrey buyers face BC's Property Transfer Tax on a market where the average home price approaches $980K — that's approximately $17,600 in PTT before any first-time buyer exemptions. These substantial upfront costs erode the cash buffer that would otherwise support a variable-rate strategy. For the majority of Surrey buyers — particularly those in the $800K–$1.1M range stretching to buy detached — a 5-year fixed rate is the sensible anchor. The SkyTrain extension is expected to drive appreciation in Fleetwood and Guildford over the next 3–5 years, making a fixed-rate lock that captures that appreciation window particularly attractive. South Surrey buyers, who tend to have stronger balance sheets, are better positioned for variable if they choose it.
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