Surrey White Rock Housing Market.  What Sellers Need to Know.

For many homeowners in Surrey and White Rock, the real estate market feels very different than it did just a few years ago. The days of multiple offers, homes selling significantly over asking price, and buyers waiving conditions are long behind us.

Today’s conditions are unique in that we have entered a “stagflationary” environment.  What the heck is that?  Good question. 

Inflation means things are getting more expensive. Stagflation (not seen since 1974-1982) means things are getting more expensive while the economy is struggling.  It's one of the more challenging economic environments because households can feel squeezed from both directions:  rising living costs and declining economic opportunities.

If you're considering selling this year or next, understanding today's market realities and the forces at play will be critical to achieving the best possible result.  Here are the highlights …

Assessed value is no longer a reliable pricing guide.

One of the most significant stories affecting sellers across Metro Vancouver is the growing gap between assessed values and actual selling prices. 

According to recent data reported by the Vancouver Sun, approximately 75% of homes sold across Metro Vancouver and the Fraser Valley in 2026 sold below their BC Assessment value, with that figure rising to more than 80% of sales since July. On average, homes sold for approximately 4.6% below assessed value.

This is creating challenges for homeowners who are still relying heavily on their assessment notices when determining an asking price.  The reality is that BC Assessments are based on property values from a previous point in time and do not necessarily reflect current market conditions. As noted in the Vancouver Sun article, assessments are simply a "snapshot" of past market conditions, not today's market value.

Sellers who price ahead of the market, fall behind it.

Buyers are basing their offers on current comparable sales, not historical values or assessment notices.  Sellers that have been online for months, in some cases years, likely expected pricing to match the peak periods of 2021 and 2022.

Pricing at or below the most recent comparable sale is essential and the only way to stay ahead of the current downtrend in home values. 

The wait and see approach is trending.

When consumers are concerned about inflation, rising living costs, job security, or future interest rate increases, they tend to become more cautious. Even motivated buyers are spending more time researching properties, comparing options, and negotiating before committing to a purchase. As a result, homes take longer to sell, multi-conditional offers and aggressive price negotiations are now the norm.

No major changes are in the forecast

Another challenge emerged in October when the Bank of Canada increased its overnight lending rate by 0.25% to 2.50%, marking its first-rate hike since 2023.

The increase was largely driven by inflation concerns, particularly higher energy costs. Canada's Consumer Price Index (CPI) rose 3.1% year-over-year in September, slightly above the Bank's target range. Energy prices were up 19%, while gasoline prices rose nearly 28% from a year earlier.  Many economists would argue that market stability could begin improving through 2027, but a full return to the highly active conditions seen during 2020-2022 is unlikely in the near term.

For the housing market, stability typically returns when;  Inflation is consistently under control, Interest rates stop moving unpredictably, Buyers regain confidence in their finances, Inventory and sales volumes return to more normal historical levels.

With forecasts suggesting more of the same for the foreseeable future, strategic pricing and realistic expectations are paramount.

While the current market may not offer the rapid appreciation seen during the pandemic years, opportunities still exist for homeowners who approach the sales process with realistic expectations and a well-executed plan.

Have you been thinking about selling in the coming months?  A current market evaluation based on recent neighbourhood sales, rather than assessed values alone, is the best place to start.

We can help.  It’s what we do.

Written with copilot on board, photo by Giannatti on Unsplash