What Income Do You Need to Buy in Surrey? Condo, Townhouse, and Detached

Written by Rob Visnjak, Personal Real Estate Corporation | Oakwyn Realty Ltd. | Published October 25, 2026

Surrey is really several housing markets inside one city. A condo near a SkyTrain station in North Surrey, a townhouse in Clayton and a detached home in South Surrey can all carry a Surrey address, but the income a lender wants to see for each one is very different. That's why "what income do I need to buy in Surrey?" doesn't have one answer. This guide takes the Fraser Valley Real Estate Board's September 2026 benchmark prices for Surrey and each of its main areas, runs them through the federal stress test and standard lending ratios, and shows the household income needed for a condo, a townhouse and a detached house. You'll also see where the $1.5 million line changes the math, and what a 30-year amortization or a 20% down payment does to the numbers.

Income needed to buy in Surrey at a glance

Source: Surrey combined benchmark prices (North Surrey, Central Surrey, Cloverdale and South Surrey, excluding White Rock) from the Fraser Valley Real Estate Board, September 2026 statistics package. Incomes are Rob Visnjak calculations at an illustrative 6.00% qualifying rate, 39% GDS, CMHC premiums and the assumptions below. Accessed October 25, 2026.

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How the income numbers are worked out

Each figure follows the same five steps a lender uses:

1. Minimum down payment: 5% of the first $500,000 and 10% of the portion between $500,000 and $1.5 million. At $1.5 million or more, 20%.
2. Mortgage insurance: with less than 20% down, a CMHC premium (4.00% of the loan at 5% to 9.99% down on a 25-year amortization) is added to the loan.
3. Qualifying rate: the greater of the contract rate plus 2% or 5.25%. We use an illustrative 4.00% contract rate, so 6.00%. That's not a quote.
4. GDS: the qualifying payment, property tax, heat and half the strata fee can't be more than 39% of gross income.
5. TDS: GDS costs plus all other debt payments can't be more than 44%.

For a full walk-through of each step with a worked household, see my post on stress test math in BC.

The cost assumptions

Source: Rob Visnjak planning assumptions for illustration only. Actual City of Surrey property taxes depend on the assessed value, and strata fees vary by building. Use the real figures from any listing you're serious about.

What income do you need for a Surrey condo?

Surrey's combined apartment benchmark was $447,600 in September 2026, down 10.0% from a year earlier. With the minimum 5% down of about $22,400 and the insurance premium, the mortgage is about $442,200. The qualifying payment at 6.00% over 25 years is about $2,830 a month, and the household income needed is about $101,700.

Condo numbers by Surrey area

Source: FVREB, September 2026 benchmarks; Rob Visnjak calculations with the assumptions above.

North Surrey's apartment benchmark is the lowest in this list, and it's where Surrey's highest concentration of condo towers sits, around Surrey Central, King George and Gateway stations. That's also where the largest condo inventory is: FVREB counted 711 active apartment listings in North Surrey in September, against 49 sales. For a buyer, that's a lot of choice and room to negotiate. My guide to Surrey City Centre covers what it's like to live there.

Watch the TDS line on condos

Because condo payments are smaller, debts push you over the 44% TDS limit sooner. With $600 a month in other debts, the income needed for the Surrey combined condo benchmark rises from about $101,700 to about $106,500. Paying down a car loan or credit card before you apply can help directly.

What income do you need for a Surrey townhouse?

The Surrey combined townhouse benchmark was $758,600 in September 2026. The minimum down payment is about $50,900, the insured mortgage about $736,000, and the qualifying payment about $4,710 a month. That points to a household income of about $161,100.

Townhouse numbers by Surrey area

Source: FVREB, September 2026 benchmarks; Rob Visnjak calculations.

Central Surrey, which includes Fleetwood, Newton and Panorama, and Cloverdale, which includes Clayton, have large townhouse inventories. Central Surrey alone had 442 active townhouse listings against 47 sales in September. That's a sales-to-active ratio of about 10.6%, below the 12% to 20% range FVREB treats as balanced, so buyers there have more leverage than they've had in years. My guide to buying a townhouse in Surrey covers what to check in a complex.

First-time buyer advantage on townhouses

Most Surrey townhouse benchmarks sit below $835,000, which matters for first-time buyers in two ways. First, the BC first-time home buyer exemption removes property transfer tax on the first $500,000 for homes up to $835,000, saving up to $8,000. Second, first-time buyers can choose a 30-year insured amortization, which lowers the income needed for the $758,600 combined benchmark to about $151,100.

What income do you need for a Surrey detached house?

Surrey's combined detached benchmark was $1,386,200 in September 2026, down 8.3% from a year earlier. That's below the $1.5 million insured mortgage cap, so you can still buy with less than 20% down. The minimum down payment is about $113,600, the insured mortgage about $1,323,500 and the qualifying payment about $8,470 a month. The income needed is about $279,000.

Detached numbers by Surrey area

Source: FVREB, September 2026 benchmarks; Rob Visnjak calculations.

Why South Surrey looks different

South Surrey and White Rock's detached benchmark is above $1.5 million, so an insured mortgage isn't available. You'd need at least 20% down, about $322,500 at the benchmark. Interestingly, the income needed is only a little higher than in Cloverdale, because a bigger down payment means a smaller loan and no insurance premium. The real barrier in South Surrey is the cash, not the income.

Suites and multi-generational buying

Many Surrey detached homes have a basement suite or a coach house. Some lenders count part of the rent toward your income, while others offset it against your costs. Others won't count a suite that isn't permitted. Ask your lender how it'll treat the suite before you rely on it. Some Surrey families also buy together across generations, combining incomes on one mortgage. That can work, but everyone on the mortgage is responsible for it, so get legal advice on how title is held.

How rates and amortization change the Surrey numbers

All figures above use a 6.00% illustrative qualifying rate. Here's how the Surrey combined benchmarks move at other qualifying rates, with the minimum down payment and a 25-year amortization:

Source: Rob Visnjak calculations. Illustrative rates only; not a quote or forecast.

A 5.25% qualifying rate is the floor, so a lower contract rate below 3.25% won't reduce the income needed any further. The rate also matters less than the down payment: going from 5% to 20% down cuts the income needed by about 15%.

A worked example: a Surrey family moving from a condo to a townhouse

Say a couple in a North Surrey condo earn $90,000 and $75,000, so $165,000 combined. They'll sell their condo and net $120,000 after paying off their mortgage and costs. They have one $500 car payment and they're eyeing townhouses in Clayton, where the Cloverdale townhouse benchmark is $754,300.

• Down payment: $120,000 on $754,300 is about 15.9%, so the CMHC premium is 2.80% instead of 4.00%.
• Mortgage: $634,300 plus a 2.80% premium of about $17,800 = about $652,100.
• Qualifying payment: at 6.00% over 25 years, about $4,170 a month.
• GDS: $4,170 + $250 tax + $100 heat + $175 strata = about $4,695. That's about 34% of their $13,750 monthly income, well under 39%.
• TDS: $4,695 + $500 = $5,195, about 38%, under 44%.

They qualify with room to spare, mostly because of the equity from their condo. Because they've owned a home before, they're not eligible for the first-time buyer exemption or the 30-year insured amortization, and they'll pay full property transfer tax of about $13,090. They'll also need to line up the sale of their condo and their purchase carefully. My guide to the subject to sale of property clause in Surrey explains how to protect yourself if you need to sell first.

How lenders view your income

Not every dollar of income counts the same:

• Salaried income past probation is usually counted at the base salary.
• Hourly income is generally counted at guaranteed hours; variable hours may be averaged.
• Overtime, bonus and commission usually need a two-year history and are often averaged.
• Self-employed income is typically based on what you report on your tax returns, often averaged over two years. See my guide to self-employed mortgages in BC.
• Rental income from a suite may be partly counted, depending on the lender and the suite.

A single buyer example: a first North Surrey condo

Now take a single nurse earning $96,000 a year with no debts and $25,000 saved. She's looking at North Surrey condos near the $398,900 apartment benchmark.

• Down payment: 5% of $398,900 is about $19,900, which leaves about $5,100 of her savings for closing costs.
• Mortgage: about $379,000 plus the 4.00% premium = about $394,100.
• Qualifying payment: at 6.00% over 25 years, about $2,520 a month.
• GDS: $2,520 + $150 tax + $100 heat + $225 (half the strata) = about $3,000, or about 37.5% of her $8,000 monthly income. That's under 39%.

She qualifies, but not by much, and her closing cash is tight. As a first-time buyer, she'd pay no property transfer tax at this price, because the full first-time buyer exemption applies to homes of $500,000 or less. That saves her about $5,980. If she also chose a 30-year insured amortization, the income needed would drop to about $86,900, giving her more room. My first-time home buyer guide for Surrey covers the other programs she could use.

Costs to budget beyond the down payment

Qualifying for the mortgage is only half of it. You'll also need cash on completion day for costs the lender won't finance:

Source: property transfer tax calculated using the BC property transfer tax rates and first-time home buyer exemption. Legal and inspection figures are rough planning ranges, not quotes.

Lenders usually want to see that you have about 1.5% of the purchase price set aside for closing costs on top of your down payment. My post on property transfer tax in Surrey goes through the math in more detail.

Five ways to lower the income you need in Surrey

1. Look one area over. The same property type costs less in North Surrey than in South Surrey. A Surrey townhouse at the North Surrey benchmark needs about $21,500 less income than one at the South Surrey and White Rock benchmark.
2. Save toward 20% down, or at least past 10%. Each tier cuts the insurance premium, and reaching 20% removes it entirely.
3. Use a 30-year amortization if you qualify. First-time buyers and buyers of new builds can take a 30-year insured mortgage, lowering the income needed by about 6%.
4. Clear your debts first. A $600 car payment can add several thousand dollars to the income you need, mostly on smaller purchases.
5. Compare strata fees. Half of the strata fee counts against you in GDS. A building charging $300 a month instead of $600 makes a real difference on a condo.

FAQ

What income do I need to buy a condo in Surrey? About $101,700 at the September 2026 Surrey combined apartment benchmark of $447,600, with the minimum down payment, a 25-year amortization and a 6.00% illustrative qualifying rate. North Surrey's lower benchmark brings it to about $92,200.

What income do I need to buy a townhouse in Surrey? About $161,100 at the $758,600 combined benchmark with minimum down, or about $135,600 with 20% down.

What income do I need to buy a house in Surrey? About $279,000 at the $1,386,200 combined detached benchmark with minimum down. In South Surrey and White Rock, where the benchmark is above $1.5 million, you'll need 20% down.

Do these numbers include White Rock? The Surrey combined figures don't. The area tables include FVREB's South Surrey and White Rock area, which combines both.

Will a SkyTrain-area condo cost more to qualify for? Not because of the SkyTrain itself. The income needed depends on the price, the strata fee and the property tax. Newer buildings near stations may have different fees than older ones, so compare the actual costs.

How much should I set aside for closing costs in Surrey? Plan for about 1.5% of the price as a minimum, more if you're not eligible for a property transfer tax exemption. On a $758,600 townhouse, a repeat buyer's property transfer tax alone is about $13,170.

Do I need to be a first-time buyer to get a 30-year amortization? For an insured mortgage, yes, unless you're buying a newly built home. With 20% or more down, many lenders offer 30 years to anyone.

Conclusion

Based on FVREB's September 2026 benchmarks, buying in Surrey takes a household income of about $101,700 for a typical condo, $161,100 for a typical townhouse and $279,000 for a typical detached home, using the minimum down payment, a 25-year amortization and a 6.00% illustrative qualifying rate. The numbers shift a lot by area: North Surrey is the most affordable place to start, and South Surrey's detached market is the only one where 20% down is a must at the benchmark. A larger down payment cuts the income needed the most; a 30-year amortization or a lower qualifying rate also helps. Use these tables to narrow your search, then confirm your numbers with a full mortgage pre-approval.

What happens next: When you book a chat, we'll compare your income and savings with real Surrey listings in the areas you're considering, from North Surrey condos to Clayton townhouses and South Surrey homes. I'll pull recent sales so you can see what similar homes have actually sold for. There's no cost and no obligation. Book a no-pressure chat with Rob.

This article is general information based on publicly available data as of October 2026. It isn't financial, legal, or tax advice, and it isn't an appraisal. All rates are illustrative, not quotes or forecasts, and the property tax, heat and strata figures are planning assumptions. Mortgage rules, lender standards and qualifying rates can change; confirm with your lender or mortgage broker before you buy. For advice on your situation, talk to a licensed professional. Rob Visnjak Personal Real Estate Corporation, Oakwyn Realty Ltd.