Rent Prices in Surrey Continue to Decline

Immigrants and international students looking for housing in Surrey will find that the rent for a one-bedroom apartment is $1,816 in November.

The latest rent price report from Zumper shows that the median rent for all bedroom units and property types in Surrey is $2,300, 15 percent higher than the national average.

The good news for immigrants is that the price of a one-bedroom is down six percent from November last year, and asking rent continues to decline.

Year over year, rent prices in Surrey, a popular landing spot for Indian immigrants located just 35 kilometres from Vancouver's city centre, are down 8 percent from November 2023.

The asking rent for a two-bedroom unit—popular with newcomers who want to live in Surrey—was $2,481. According to the Zumper report, that's down 4 percent from October and 5 percent from November 2023.

Surrey is the second largest city (pop. estimate 568.322) in B.C., ahead of Burnaby and Richmond.

According to Rentals.ca, rents are down 3 percent overall in B.C. this year.

Demand for Surrey rentals is steady

According to the Rentals.ca report, Vancouver is No. 1 with a one-bedroom rental for $2,610. Toronto is third at $2,380. Rents in those two cities, which are extremely popular with newcomers to Canada, continue to fall.

Statistics Canada 2021 surveys show that 38 percent of Surrey residents are South Asian.

Happy Diwali and Bandi Chhor Divas to everyone celebrating!

Diwali, the Festival of Lights, marks the victory of good over evil, with families lighting candles, sharing sweets, and giving to those in need. Bandi Chhor Divas honors the release of Guru Hargobind Ji and 52 kings,… pic.twitter.com/iDZQhKC5zv
— City of Surrey (@CityofSurrey) October 31, 2024

According to the census, Surrey has one of the largest concentrations of South Asian residents in North America.

The most recent Renysync National Rental Demand Report shows that the demand for rental housing in Surrey was up month over month in October from September for two-bedroom units but down for one-bedroom units.

Will Surrey be a renter's market?

The Rentsync report predicts that the rental market in GTA cities such as Surrey is "transitioning" into a "renter's market" featuring more competition among landlords for tenants. The report says this may cause active renters, such as immigrants and international students, to be more selective as landlords search for new ways to attract them.

"The growth in available properties combined with the continued decline of unique (tenant) prospects signals that we are transitioning into a renters market," said Rentsync's David Aizikov. "With declining demand and growing supply, renters who remain on (the) market are in a stronger position when looking for new housing than they would have been anytime in the past 2 years."

The average monthly cost of living in Surrey for a single person, not including rent, is approximately $1,663.2. To live comfortably in Surrey (or anywhere in the Greater Vancouver Area), you must earn more than $26 an hour.

As of Nov. 1, 2024, the minimum wage in British Columbia is $17.40 per hour.

Surrey's unemployment rate in October was 6.4 percent, up slightly from 6.3 in September. In October 2024, the unemployment rate in British Columbia was 5.8 percent, and nationally, it was 6.5 percent.

Homeownership is widespread in Surrey

Surrey is also popular with homebuyers. It has one of the highest homeownership rates (70 percent) in the GVA (average 62 percent).

According to the Fraser Valley Real Estate Board, which includes Surrey, home sales rose in October for the first time in five months following the Bank of Canada's continuing interest rate cuts.

The Fraser Valley Real Estate Board recorded 1,330 sales in October, up 35 percent from September and 37 percent year over year.

Benchmark house prices in the Fraser Valley fell for the seventh month in October, down 0.7 percent to $971,700.

According to the real estate board, the average sold price of a home in October was $1,488,000, down 0.6 percent from last year.

(Drone footage from Travel Channel)

Action Plan for Newcomers Settling in Surrey:

Follow and read our monthly Housing Newsletter for Newcomers and International Students.
Research rental housing in Surrey before you arrive.
Look for landlords offering incentives as rental demand slows.
Work with a Metro Vancouver settlement agency to make your transition to Canada successful.

*Rent prices were accurate when this article was published but may change over time.

SOURCES:

Rentals.ca, Rentsync, Fraser Valley Real Estate Board Statistics Canada, Zumper, Numbeo

If you have a question, please email us at rentals@prepareforcanada.com

Steve Tustin is the Editor for Rentals for Newcomers and a contributing editor for Prepare for Canada. He is also the former managing editor of Storeys.com and a former senior editor at the Globe and Mail and the Toronto Star.

*No AI-generated content was used in the writing of this story, and all sources are cited and credited where possible.