Condo developers are taking MASSIVE losses in Surrey, BC
A few years ago, people were lining up around the block just to get a chance at buying a presale condo in Surrey. Today? Those same buyers are desperately trying to offload those units—many at a loss that’ll make your stomach turn.
I’ve been in real estate since 2007, and what I’m seeing right now is unlike anything we’ve faced in recent years. This isn’t a soft landing. This is a market breaking under pressure—and nobody’s really talking about it.
Why Are Surrey Condos Struggling?
The headlines say the market is slow. But let’s be real—it’s way worse than that.
- Developers are sitting on piles of unsold units.
- Buyers from 2021–2022 can’t close because prices have dropped and interest rates have soared.
- Projects are being canceled. Some developers are even going into receivership.
Condos that once felt like a sure bet? They’re now liabilities.
The COVID Buyer Hangover
During the pandemic, people rushed into the market with record-low interest rates and sky-high FOMO. They bought at the very top thinking prices would keep climbing forever.
But here’s the reality today:
- The benchmark condo price in Surrey is down nearly $60,000 from its 2022 peak.
- Appraisals are coming in low.
- Banks aren’t lending on inflated values.
- Buyers still have to pay GST and property transfer tax on top.
Result? Many are walking away—losing tens of thousands in deposits—because they simply can’t close.
Developers Are Quietly Slashing Prices
Here’s where it gets shady:
Developers are offering off-market deals, secret discounts, and six-figure incentives to move inventory—but you’ll never see it advertised.
I got a text from a developer offering over $100,000 off a unit, plus upgraded finishes. If you didn’t ask the right questions, you’d never know.
⚠️ You could be paying full price for the same unit someone else got at a massive discount.
Always ask about hidden incentives. Always.
The Secret Inventory You’re Not Seeing
Many developers hold back units to create fake demand. Right now, entire floors of some towers haven’t even hit the public market. They’re being offered quietly—off-market—to agents and bulk investors.
If these hit the MLS all at once? Floodgates.
The Assignment Sale Fallout
Those presale buyers who can’t close? They’re trying to sell their contracts through assignments—often at a huge loss.
This creates a second layer of discounted inventory that’s undercutting even the developers. If you know where to look, you can get a smoking deal.
How to Play This Market Smart
This chaos isn’t just a warning. It’s also an opportunity—for those who know how to navigate it.
Here’s what I recommend:
- Target unsold developer inventory.
Ask about off-market discounts. Don’t go in blind or alone. - Hunt for assignment sales.
Many sellers are desperate to offload units below what they paid. That’s leverage. - Don’t wait forever.
Yes, the market’s messy. But new construction has nearly stalled. In 3–5 years, when demand returns, there could be nothing new to buy. Today’s fear could be tomorrow’s fortune.
Final Thoughts
The Surrey condo market is not what it seems on the surface. If you don’t know the right questions to ask or where to look, you could overpay by six figures—or miss the opportunity entirely.
Now’s the time to play smart. To ask the uncomfortable questions. And to act while others are frozen.
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.
