Renting vs Buying a Home in Surrey BC
Renting vs Buying a Home in Surrey, BC—The Financial Breakdown Every First-Time Homebuyer Needs
If you’re wrestling with the classic question of whether to rent or buy a home—you’re not alone. From a time where the market had soaring interest rates, and making buying seem unappealing, and a hyper-competitive rental market driving up costs, the decision wasn’t easy.

But what if we told you there’s a twist that could change how you think about it? Let’s break it all down—math included—so you can make the best decision for your financial future.
Renting in Surrey: What Does It Cost?
Let’s start with some hard numbers. According to Zumper, as of writing this post, the average rent for a one-bedroom apartment in Surrey is $1,800-$2,000 per month, up 16% from September 2023. For a two-bedroom, you’re looking at $2,300-$2,400 per month, an 18% increase from September 2023. These rising rents underscore just how competitive the rental market has become.
What About Buying?
Now, let’s explore the cost of owning a home in Surrey. Using realistic scenarios:
- One-bedroom condo priced at $420,000
- 10% down payment
- Mortgage rate: 5.54%
- Monthly carrying cost: $2,678 (includes mortgage, strata fees, and taxes)
- Two-bedroom condo priced at $520,000
- 10% down payment
- Mortgage rate: 5.54%
- Monthly carrying cost: $3,436 (includes mortgage, strata fees, and taxes)
At first glance, renting seems like the obvious winner. But here’s where the real math comes in.
The Hidden Advantage of Buying

Owning a home is more than just about the monthly payment. With each mortgage payment, a portion goes toward your principal—essentially, money back into your pocket. Let’s break it down:
- One-bedroom condo:
- $7,496 of your first year’s payments go toward the principal.
- That’s $624 per month in equity!
- Adjusted cost: $2,054/month, compared to $2,000 for renting.
- Two-bedroom condo:
- $9,281 of your first year’s payments go toward the principal.
- That’s $773 per month in equity!
- Adjusted cost: $2,663/month, compared to $2,649 for renting.
Suddenly, owning doesn’t seem so out of reach, does it?
Long-Term Payoff: Building Equity Over Time
The benefits of homeownership grow exponentially. For example, 10 years into your mortgage, you could be contributing $16,029 annually to your principal—nearly double what you’d save in year one. Over 25 years, you could own your home outright, with no rent payments ever again.
Other Costs to Consider

Of course, buying isn’t without extra expenses:
- Maintenance: Repairs and special assessment levies (Stratified properties) can add up.
- Property Transfer Tax (PTT): First-time buyers may qualify for exemptions, with full exemptions under $500,000. Click here for more information on a blog post we did previously.
- Down Payment: While 5% is the minimum, it changes monthly carrying costs.
Even with these costs, the equity you build often outweighs these considerations.
So, What’s the Verdict?

While renting may seem cheaper month-to-month, but buying is an investment in your future. You’re not just paying for a place to live—you’re building wealth with every mortgage payment. Over time, the financial gap narrows, and the rewards of owning far surpass those of renting.
What if I have any questions about moving to Surrey, BC?
Selecting an excellent real estate professional is key to a successful home purchase. The Germyn Group, with our deep understanding of Surrey 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 Surrey real estate market.
As you embark on this exciting journey, remember that the right home in Surrey 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.

Darin Germyn
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