BC's Presale Condo Market Is Slowing Down in 2026 — Here's What That Means for Surrey Buyers

The headlines have been hard to ignore. "Metro Vancouver Presale Condo Sales Have Collapsed." "Surrey Developers Press Pause as Condo Slump Deepens." "BC Real Estate Crisis Deepens as Presales Collapse." If you've been watching the BC real estate market, you know something has shifted. Presale absorption rates — the percentage of units sold at launch — have dropped dramatically across Metro Vancouver and the Fraser Valley. Several projects that launched in 2025 sat unsold. At least one high-profile luxury presale was cancelled outright in the third quarter of 2025. So what's actually happening — and what does it mean if you're a buyer looking at presale condos in Surrey right now? Let's get into the real picture. --- What's Actually Causing the Slowdown? This isn't one thing. It's several factors hitting at once. Interest Rates and Borrowing Power The Bank of Canada's aggressive rate hikes in 2022–2024 hit presale demand hard. For buyers who signed presales in 2021 at sub-2% rates, qualifying at completion with rates near 5% was a rude awakening — borrowing power dropped by 20%+ for many buyers. While rates have since come down Bank of Canada Prime rate now sits near 4.45%, with 5-year fixed rates in the 4.4–4.8% range , the damage to buyer confidence was real and lasting. Investor Pullback Investor buyers — who drove a significant portion of presale demand in Surrey and Metro Vancouver through 2020–2022 — have largely stepped back. Rental yields have compressed, the new BC Home Flipping Tax changed the math on assignments, and uncertainty about where values go from here has made investors cautious. Developer Costs Are Up Construction costs, labour, and financing haven't come down in line with demand. For developers, launching a presale that doesn't hit absorption targets means either cancelling the project or waiting for conditions to improve. Many have chosen to wait. Buyer Confidence Took a Hit When buyers see headlines about developer cancellations — including a well-publicised Surrey case where a developer cancelled contracts and kept a buyer's $82,000 deposit — it shakes confidence in the whole category. --- What's Actually Happening in Surrey Specifically? Surrey has felt the slowdown acutely, but it's more nuanced than the headlines suggest. Larger high-rise condo projects in Surrey City Centre Whalley have seen slower absorption. These…

This article is part of the PresaleProperties.com BC real estate guide library. It is intended for buyers comparing presale condos, townhomes, assignments, deposits, completion timelines, neighbourhoods and developer incentives across Metro Vancouver and the Fraser Valley.

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