Surrey’s Presale Condo Market Is Slowing — Here’s What That Means for Buyers
The red-hot condo boom is finally losing steam in Surrey and across Metro Vancouver — and if you're a buyer or investor, this shift could signal both caution and opportunity.
What’s Driving the Slowdown?
After years of rapid condo construction, developers are facing growing headwinds:
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Higher interest rates have made it harder for buyers to qualify for mortgages — and for developers to finance new builds.
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Investor hesitancy is rising, with many presale units taking longer to sell, even at launch events.
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Soaring construction costs and regulatory delays are prompting developers to pause or cancel projects that no longer make financial sense.
What’s Happening in Surrey?
In areas like City Centre, Clayton Heights, and Fleetwood — once hotspots for presale launches — we’re now seeing:
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More unsold inventory in early phases of development.
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Slower pre-construction sales, with buyers taking a wait-and-see approach.
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Some developers offering incentives (e.g. lower deposits or free upgrades) to attract serious purchasers.
What Should Buyers Do?
If you’ve been priced out before, now might be a smart time to get in — but with due diligence. Here's what to keep in mind:
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Research developer reputation and completion timelines.
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Look for transit-oriented projects, especially along the upcoming Surrey–Langley SkyTrain line.
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Ask about assignment clauses and resale flexibility.
Looking Ahead
While today’s presale market is slower, demand in Surrey is expected to rebound — especially as immigration continues and interest rates eventually stabilize. With fewer new projects breaking ground, a future supply crunch is possible, which could drive prices up again in 2–3 years.
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