5 Homes to Avoid When Buying in Surrey BC
Before you get too excited about granite countertops and open-concept layouts, here’s a hard truth:
Some homes in Surrey look like a deal… but are actually financial disasters waiting to happen.
We’re talking about properties that:
- Banks won’t finance
- Cities can shut down
- Or worse — force you to move out with little to no compensation
These traps are more common than you think, especially in a market where affordability is tight and buyers are desperate to make something work.
I’ve been helping people buy homes in Surrey since 2007. I’ve seen the heartbreak that comes from buying the wrong kind of property—and in this post, I’m going to show you 5 types of homes you should absolutely avoid (or at least think twice about).
Let’s get into it. Because buying a home should move you forward — not leave you stuck.
Leasehold Homes: “That place is how much?!”
I get it. You find a listing that looks like a dream—double the square footage at half the price.
But then you spot that sneaky little word: Leasehold.
That “deal” means you’re only buying the right to occupy, not own. And in places like Sun Creek in Surrey, there’s a majority owner calling the shots for everyone else. You’re along for the ride — and the bills.
I’ve seen owners hit with $20,000+ in surprise levies… and banks straight-up refusing to finance these places.
What started as a steal becomes a financial sinkhole.
Manufactured Homes: The house you can’t keep… or sell
Imagine this:
You buy a cozy manufactured home. It’s all yours. But the land? That belongs to someone else.
And one day, a developer comes knocking on that landowner’s door.
Boom — your “home” is now in the way of a condo project.
You’re told to move it… but there’s nowhere to go. No pads available in the Lower Mainland. Maybe the Interior, if you’re lucky.
Oh, and the compensation? Capped at $20,000. Even if your home’s worth $180,000.
That’s not ownership. That’s a gamble disguised as affordability.
Unauthorized Suites: When your income source gets shut down
“We’ll rent out both basement suites to help cover the mortgage.”
Famous last words.
If your home wasn’t built with legal secondary suites, it’s not just bending the rules—it’s breaking the BC Building Code.
And when the city steps in (because a neighbour complains, or you try to sell), here’s what happens:
- Suites get decommissioned
- Rental income disappears
- Your financing plan falls apart
I’ve watched Buyers get approved based on projected rental income… then lose it all when the bylaw officer shows up. Painful. Preventable.
Floodplain Properties: Fine today. Uninsurable tomorrow.
Quick pop quiz:
What happens when your property gets added to a new floodplain map?
Answer:
Insurers either spike your premiums or refuse to cover you altogether. And guess what? No insurance = no mortgage.
Communities like Cloverdale, Pitt Meadows, and Richmond are already seeing these shifts. If you’re caught off guard, you could be left:
- With a property no one wants
- Holding a loan the bank could recall
- And watching your resale value vanish overnight
The biggest issue? These changes are happening right now. You won’t hear about them until it’s too late.
High-Rise Condos: Financial Jenga towers
Let’s rewind to 2020 — not the pandemic part, the strata insurance crisis.
Strata deductibles in high-rises skyrocketed. Some went from $10K to $500K overnight. Owners were on the hook — and it’s only gotten worse.
Even newer buildings aren’t immune. One luxury tower in Vancouver had to replace all its windows… to the tune of $20 million, split among the owners.
The result?
📉 Rising fees
📉 Rising listings
📉 Falling property values
You’re not just buying a unit. You’re buying into a massive shared liability.
My take? Stick with low-rise, wood-frame buildings with healthy strata docs and a clean repair history.
Bottom line? These “deals” are expensive lessons in disguise.
Anyone can find a cheap home in Surrey.
But not every cheap home is worth buying.
If you see words like leasehold, unauthorized suite, or floodplain — pause.
Then run it by someone who’s seen what happens after buyers ignore the warnings.
What if I have any questions about moving to Surrey or White Rock, BC?
Selecting an excellent real estate professional is key to a successful home purchase. The Germyn Group, with our deep understanding of South Surrey/White Rock and its real estate dynamics, is committed to guiding you every step of the way.
We invite you to book a consultation with us. During our meeting, we’ll discuss your needs, preferences, and any questions you might have about the real estate market.
As you embark on this exciting journey, remember that the right home is more than just a property; it’s a foundation for your future. With the Germyn Group by your side, let’s make your dream of homeownership a beautiful reality.
