South Surrey & White Rock Market Update October 26

Posted on Oct 30, 2026

Rates Go Up, and Homes Priced Right Still Sell


The Bank of Canada raised its policy rate by 0.25 percentage points on October 28, to 2.5%. That makes this a good moment to look at what is actually happening on the ground in South Surrey and White Rock. I pulled the numbers, and there is more good news for sellers in them than the headlines would suggest.

What the Bank of Canada did on October 28


The Bank raised its overnight rate from 2.25% to 2.5%. It says inflation has been higher and stickier than it expected, around 3% since April and heading toward 3.5% by the end of the year. It wants to stop high energy prices from spreading to other prices. It also said there could be a need to raise the rate again, and that it will go carefully. RateHub reports this is the first increase since July 2023.
If you have a variable rate mortgage, your payment goes up. RateHub estimates the lowest five year variable rate moves from 3.45% to 3.70%, which is about $62 more a month on a $500,000 home with 10% down and a 25 year amortization. The amount is bigger on a bigger mortgage, so ask your broker to run your number. Fixed rates follow Government of Canada bond yields, and they did not change because of the announcement. RateHub lists the lowest five year fixed rate at 4.34%. Rates move daily, so check before you decide anything.

South Surrey and White Rock by the numbers

In September the Fraser Valley Real Estate Board counted 60 detached sales and 567 homes for sale in South Surrey and White Rock. That is about 1 in 9. Sales were up 50% from a year ago, homes for sale were down 11.1%, and supply sits at 10.7 months. The benchmark price is $1,612,500, down 7.4% from a year ago. The average sold price was $1,845,228, up 0.6%. A few big sales pull the average up, so read it next to the benchmark. My own count today is 682 homes for sale.
Nationally, the Canadian Real Estate Association says September sales were down 2.3% from August and down 7.7% from a year ago, and the national average price was $666,500, down 1.6%. CREA calls the national market balanced.

How fast homes sold, and how close to list

I pulled the 24 detached homes that sold in South Surrey and White Rock from September 7 to October 15. On average they sold for about 94.3% of the final list price. When I sorted them by how long they took, the picture changed.
Days on market Homes Average sold price compared with final list price30 days or less 1197.7% (4 sold at or over list)31 to 60 days692.6%More than 60 days790.5%The longer a home sat, the further below its final list price it sold.

Is it a buyer’s market or a balanced market?

Overall, it is a buyer’s market in South Surrey and White Rock at the moment. The board says the region has spent most of the last two years in one. A home priced where buyers were shopping lived in a different market. Those 11 homes sold within a month, close to list, and four sold at or over. To me, that looks balanced. That is my read on a small sample, and it is not a board statistic.

What this means if you are selling?

The first price is the one you get to choose. Price off what homes actually sold for in the last 30 days, not what the neighbours are asking. A rate increase can make buyers more careful, so getting the first price right matters even more. That is good news, because it is the part you control.

What this means if you are buying?

You have choice and you have time. Homes that sat longer sold further below list, so ask for the price history and the days on market. The fresh, well priced ones go fast, so get your financing lined up before you start looking. Talk to your mortgage broker about what the October 28 change does to your payment.

Moving up, downsizing, or helping a parent move

If you are moving up, you are selling and buying in the same market, and there is a lot for sale on the buy side. If you are downsizing, it is a great market to move in because it is a great market to buy in. Have you ever dreamed of moving to the beach and having an ocean view, or a home with no stairs? This is the market to do it in.
If you are helping a parent move, nothing here says you have to rush. There is choice, there is time, and the whole family can be part of the conversation early. A move that feels like a decision is a lot kinder than one that feels like a scramble.

Questions I am hearing:


Is it a good time to sell in South Surrey and White Rock?

It can be, when the price fits the market. In my pull, the homes that sold within a month went for about 97.7% of the final list price on average.

Will the rate increase push prices down?

Nobody can say for sure. The Bank of Canada expects housing to stay relatively weak, and RateHub expects a modest drag on sales and prices this fall. September’s benchmark was already down 7.4% from a year ago.

Should I lock in a fixed rate or stay variable?

That is a question for your mortgage broker, and I am not a mortgage advisor. I can tell you what the move you are planning looks like on the real estate side, and your broker can run the payments.

Let’s talk it over a cup of tea

If any of this stirs up questions about your own move, let’s talk it over a cup of tea. Bring your plans, even the half formed ones, and we will map out how to get you there. My job is to be your guide, and it is the part I love most.
Amanda Milford Amanda Milford Real Estate Group | Real Broker BC Ltd. 604 330 2975 | amanda@amandamilford.ca

Sources:

This is general information about the market and is not financial, mortgage or legal advice.
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