July 2026

Variable hit 3.25%, South Surrey's June market read

By Lance Brown, Ocean Park REALTOR® · July 9, 2026

Two things landed this week worth knowing before the Bank of Canada meets on July 15: June's board numbers, and a variable rate that just moved to 3.25%.

3.25%

best 5-yr variable rate

That's 69 basis points below the best 5-year fixed at 3.94%, the widest fixed-variable gap of this rate cycle, as of July 7–8.

For buyers

Affordability is at a multi-year high

Fraser Valley benchmarks are now 26% below their 2022 peak, and the best variable rate just hit 3.25%. On a $900K mortgage, the gap between variable and fixed works out to roughly $490/month. The move-up spread, Valley townhome benchmark at $764K, detached at $1.35M, is the smallest it's been since 2020. The BoC base case for July 15 is a hold, which keeps this environment intact, but nothing is guaranteed and they've flagged real risks in both directions. If you qualify today, the monthly-payment math is the best it's been this cycle.

Variable 3.25%Fixed 3.94%FVREB detached $1,350,200

The market

Sales are moving, buyers are still being selective

Greater Vancouver sales rose 9.6% year-over-year in June, and the Fraser Valley was up 2% month-over-month. That's genuine movement off a quiet base, and the GVR's chief economist called it 'broad gains across all home types', the most constructive board language in some time. Still: the Valley has 10,377 active listings, and buyers are comparing carefully. Townhomes are the market's bright spot at 33 average days to sell. Condos are the softest at −9.1% year-over-year; investor demand hasn't returned and completion supply is still absorbing.

GVR sales +9.6% YoYFVREB composite $884,800 −7.1% YoY10,377 active listings

Ocean Park

The move-up window is playing out locally

I'm pulling the confirmed June numbers from the FVREB stats package, the most recent published South Surrey/White Rock detached benchmark is $1,718,500 from March. Applying the Valley's year-over-year trend, June is likely in the $1.65M–$1.72M range; I'll have the confirmed figure shortly. What's clear regardless: a buyer stepping from a South Surrey townhome to a large Ocean Park lot is doing it at the lowest combined carrying cost since early 2020. If that move has been on your mind, the numbers are finally lined up.

SS/WR detached est. $1.65M–$1.72MMarch benchmark $1,718,500 −9.2% YoY

For sellers

Buyers are in the room, but they know the inventory

The uptick in sales is real, and it matters. What it doesn't mean is that overpriced listings are suddenly finding takers. The Valley has 10,000+ active listings and buyers are doing their homework. Well-priced detached homes are selling in about 37 days; townhomes in 33. Aspirationally priced detached, the ones still anchored to 2022, are sitting. The whole game right now is pricing at today's market, not at your memory of the peak.

Detached avg 37 daysTownhome avg 33 daysCondo −9.1% YoY

One to file away if you own a strata: Starting October 1, 2026, BC will apply 7% PST to professional strata management services. It won't arrive as a single bill, strata corporations with larger management contracts will absorb it into operating budgets over time. If you're buying a strata unit this fall, factor this into your estimate of what monthly fees may look like a year from now.

Curious what your home is actually worth today?

Prices have moved, sometimes more than your BC Assessment suggests, sometimes less. I can give you a current-market read in about ten minutes, no strings.

Get my home's value →

Figures: FVREB June 2026 board report (released Jul 3, 2026); GVR June 2026 monthly market report (released Jul 3, 2026); mortgage rates as of Jul 7–8, 2026 (Ratehub / WOWA); BoC overnight rate held Jun 10, 2026. South Surrey/White Rock sub-area estimate based on March 2026 benchmark of $1,718,500, June 2026 confirmed figures pending FVREB stats package download.

← All updates