New
18
$1,288,000
10232 142a Street
Surrey · Residential
4 bd
3 ba
2,206 sqft
$584/sqft
Built 1976
MLS® R3158066
Century 21 Coastal Realty Ltd.
Pre-approval · Surrey
What does a mortgage pre-approval in Surrey actually ask for?
The median asking price in Surrey is $1,048,000. At that price the minimum down payment is $79,800, and a lender would test the balance at the federal qualifying rate rather than the rate you would pay. Here is what that works out to, and what a lender checks before any of it applies.
Median asking price
$1,048,000
Minimum down payment
$79,800
Qualifying payment
$6,479/mo
Estimated range · question 1 of 3
What is your gross household income?
Choose a range to start. Two more answers shape the estimate before any lender or credit check.
No credit check · About 1 minute See what you could qualify for
What the numbers ask of a Surrey buyer
A $1,048,000 asking price puts the minimum down payment at $79,800 under the federal rules, and twenty percent at $209,600. Financing the remaining $968,200 and testing it at the qualifying rate of 6.49%, which is higher than the illustrative contract rate of 4.49%, produces a payment of $6,479 a month over 25 years. On a thirty-nine percent gross debt service ratio, that payment implies a household income near $199,354. The census median household income in Surrey is $98,000, which is about $101,354 short of the figure the payment implies.
A price at or below $1,500,000 can carry mortgage default insurance, which is what makes the $79,800 minimum possible. The premium is added to the mortgage.
Whether your own numbers clear that bar is a lender’s call, and it is a short conversation when your file is ready. See your estimated mortgage range and walk in with it assembled.
Minimum down payment on a Surrey home
| Median asking price | $1,048,000 |
| Minimum down payment | $79,800 |
| Twenty percent down | $209,600 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $6,479 per month |
The minimum is five percent of the first $500,000, ten percent of any portion between $500,000 and $1,500,000, and twenty percent on anything above $1,500,000. The qualifying payment is arithmetic at an illustrative rate, not a quote.
What a lender is testing before any of this applies
- Income you can document. Pay stubs, a letter of employment, and two years of Notices of Assessment. Self-employed files need two years of T1 Generals.
- Debt you already carry. Balances, minimum payments, and limits, including the limit on a card you never use.
- A down payment with ninety days of history. Any large deposit inside that window needs a paper trail, and a gift needs a signed letter.
- Credit. A hard check, read alongside how long your history runs.
The full document list is on how to get pre-approved for a mortgage in BC.
Homes on the market in Surrey
These are the active listings the figures above describe. Asking prices move, and the payment moves with them.
Active listings in Surrey
22
$488,000
#47 – 15020 66A Avenue
Surrey · Residential
2 bd
2 ba
1,236 sqft
$395/sqft
Built 1994
MLS® R3157920
HonestDoor Inc.
14
$1,326,000
6550 128 Street
Surrey · Residential
10 bd
7 ba
4,146 sqft
$320/sqft
Built 1997
MLS® R3146251
LPT Realty ULC
31
$895,000
#31 – 6971 122 Street
Surrey · Residential
4 bd
4 ba
1,819 sqft
$492/sqft
Built 2015
MLS® R3154050
Macdonald Realty (Delta)
New
Open House on Sun, 3pm–5pm
30
$449,000
#118 – 13963 105 Boulevard
Surrey · Residential
1 bd
1 ba
771 sqft
$582/sqft
Built 2020
MLS® R3158401
Real Broker
New
$525,000
#313 – 10756 138 Street
Surrey · Residential
2 bd
2 ba
1,034 sqft
$508/sqft
Built 1990
MLS® R3158088
Macdonald Realty (Delta)
19
$789,000
#26 – 6885 184TH Street
Surrey · Residential
2 bd
2 ba
1,402 sqft
$563/sqft
Built 2000
MLS® R3158168
Royal LePage Regency Realty
40
$798,000
#55 – 3009 156 Street
Surrey · Residential
3 bd
3 ba
1,459 sqft
$547/sqft
Built 2011
MLS® R3157877
RE/MAX Crest Realty
31
$459,800
#3105 – 13618 100 Avenue
Surrey · Residential
2 bd
2 ba
774 sqft
$594/sqft
Built 2008
MLS® R3145685
Oakwyn Realty Encore
33
$860,000
#6 – 1725 Southmere Crescent
Surrey · Residential
3 bd
3 ba
2,406 sqft
$357/sqft
Built 1983
MLS® R3139940
RE/MAX 2000 Realty
Open House on Sun, 2pm–4pm
40
$762,000
#29 – 1828 Lilac Drive
Surrey · Residential
3 bd
3 ba
1,653 sqft
$461/sqft
Built 1996
MLS® R3148885
Parallel 49 Realty Inc.
27
$385,000
#304 – 12130 80 Avenue
Surrey · Residential
1 bd
1 ba
831 sqft
$463/sqft
Built 1994
MLS® R3147713
RE/MAX Performance Realty
See all Surrey listings (5,617 active listings)
Pre-approval in cities near Surrey
Mortgage pre-approval in Vancouver
$1,398,000 median asking price
Mortgage pre-approval in Richmond
$1,019,000 median asking price
Mortgage pre-approval in Burnaby
$890,000 median asking price
Mortgage pre-approval in Kelowna
$799,000 median asking price
Mortgage pre-approval in Langley
$949,900 median asking price
Mortgage pre-approval in Abbotsford
$824,900 median asking price
Mortgage pre-approval in Coquitlam
$952,450 median asking price
Mortgage pre-approval in Chilliwack
$729,000 median asking price
Pre-approval questions in Surrey
What income does a lender test a median-priced Surrey purchase against?
A $1,048,000 purchase with $79,800 down leaves $968,200 to finance. At the qualifying rate of 6.49% over 25 years the payment is $6,479 a month, which on a thirty-nine percent gross debt service ratio implies a household income near $199,354. The census median household income in Surrey is $98,000. Your own number will differ with your debts, your down payment, and your property taxes.
How much do I need for a down payment in Surrey?
At the $1,048,000 median asking price, the federal minimum is $79,800, and twenty percent is $209,600. A price at or below $1,500,000 can carry mortgage default insurance, which is what makes the $79,800 minimum possible. The premium is added to the mortgage. Closing costs sit on top of the down payment.
Does a pre-approval mean the mortgage is approved?
No. A pre-approval is a lender’s conditional statement about you. Final approval also depends on the specific property, which the lender appraises and, for a condo, reviews the strata documents on.
Can I get pre-approved before I choose a city?
Yes, and it is the usual order. A pre-approval is based on your income, debts, and credit rather than on a particular home, so the amount travels with you across BC. The down payment minimum changes with the price, not with the city.
Surrey homes for saleNarrow Surrey homes by featureSurrey market reportNew listings in SurreySurrey price dropsHome affordability in BCMortgage stress test
Listing data provided by the Greater Vancouver REALTORS® and partner boards under MLS® Reciprocity. Deemed reliable but not guaranteed accurate. MLS® and REALTOR® are trademarks of CREA. Asking prices come from the live MLS® feed through board reciprocity. Household income is the Statistics Canada census median for the city. Payment figures use an illustrative rate over a 25-year amortization and the federal qualifying rate. They are arithmetic, not a quote, and not an offer of credit. Ray Rasouli is a licensed REALTOR® with Real Broker B.C. Ltd. and is not a mortgage broker or a lender. Nothing on this page is financial advice, a rate quote, or an offer of credit.