Best Banks in Surrey, BC (2026) — BC Property Transfer Tax, Top Savings Rates

Banking & Property Taxes in Surrey, BC

BC Property Transfer Tax (PTT) — Surrey Rates

1% on the first $200,000
2% on $200,001 to $2,000,000
3% on $2,000,001 to $3,000,000
5% on amounts above $3,000,000

First-Time Buyer Exemption: Full exemption on new home purchases up to $835,000 / resale up to $500,000. Partial exemption: new homes $835,001–$860,000, resale $500,001–$525,000. Must be a Canadian citizen or PR, never owned a principal residence anywhere, and occupy within 92 days of registration. Surrey condos and townhomes — especially in Newton, Fleetwood, and Whalley — frequently fall under $835K and qualify for the full BC first-time buyer PTT exemption.

Surrey PTT Example: On a $900,000 home, the PTT for a general buyer is $16,000. A qualifying first-time buyer: PTT applies in full — $16,000.

Surrey is British Columbia's second-largest city and Metro Vancouver's most populous municipality, with a population exceeding 600,000. A diverse and rapidly urbanizing city, it spans from Newton and Whalley in the north (dense SkyTrain-served urban core) to Cloverdale and South Surrey in the east and south (suburban and estate properties). Simon Fraser University has a satellite campus in Surrey City Centre, adding a significant student population.

Surrey's housing market ranges from condos in the $400K–$600K range (often qualifying for the first-time buyer PTT exemption) to detached homes in South Surrey at $1.5M+. The SkyTrain Expo and Evergreen Lines provide direct access to Vancouver. EQ Bank is popular for down payment savings among Surrey's large first-time buyer population; KOHO is widely used across the city's young and multicultural demographic.

Top 6 Banks for Surrey, BC

EQ Bank

Best High-Interest Savings

3.00%

Savings Plus Account (everyday rate)

Monthly fee: $0

No fees on any account
Free unlimited e-Transfers
GIC rates up to 4.5%
TFSA & RRSP savings accounts
CDIC insured deposits

KOHO

$100 Bonus + 5% Cashback

Cashback on groceries & transit (Extra plan)

Monthly fee: $0–$19

$100 sign-up bonus (code 45ET55JSYA)
No-fee spending account
5% cashback on groceries & transit
Credit building features
Instant virtual card

Get $100 Bonus

Tangerine

Best Promo Savings Rate

5.00%

Promotional savings rate (new clients)

Monthly fee: $0

5% promo rate for new clients
No-fee chequing & savings
Free ATM network (Scotiabank)
Cashback credit cards
CDIC insured

Scotiabank

Branch Banking — Surrey

Scotia

Full-service branch banking

Monthly fee: $11.95–$30.95

Full — All major banks location(s)
Scene+ rewards program
Mortgage specialists on-site
RRSP, TFSA, RESP products
Business banking available

TD Bank

Branch Banking — Surrey

Full-service branch banking

Monthly fee: $10.95–$29.95

Full — All major banks location(s)
First-time buyer mortgage support
TD Direct Investing platform
RESP & RRSP services
24/7 phone & app banking

RBC Royal Bank

Branch Banking — Surrey

RBC

Full-service branch banking

Monthly fee: $11.95–$30.00

Full — All major banks location(s)
Avion travel rewards
Wealth management services
Business banking & lending
RBC InvestEase robo-advisor

Side-by-Side Comparison

Bank	Monthly Fee	Savings Rate	Sign-up Bonus	Branch in Surrey	No-Fee Option
EQ Bank	$0	3.00%	—	Digital only	✓
KOHO	$0–$19	—	$100	Digital only	✓
Tangerine	$0	5.00% promo	Varies	Digital only	✓
Scotiabank	$11.95–$30.95	0.01%	Varies	Full — All major banks	Limited
TD Bank	$10.95–$29.95	0.01%	Varies	Full — All major banks	Limited
RBC Royal Bank	$11.95–$30.00	0.01%	Varies	Full — All major banks	Limited

Frequently Asked Questions

What is the BC Property Transfer Tax in Surrey?

BC charges a Property Transfer Tax (PTT) on all real estate purchases: 1% on the first $200,000, 2% on $200,001–$2,000,000, 3% on $2,000,001–$3,000,000, and 5% above $3,000,000. On a $900,000 home in Surrey, the PTT for a general buyer is $16,000. First-time buyers who qualify receive a full exemption on purchases up to $835,000 (new) or $500,000 (resale) and partial exemption up to $860,000 (new) or $525,000 (resale).

Do I qualify for the BC first-time buyer PTT exemption in Surrey?

To qualify for the BC first-time buyer PTT exemption you must: be a Canadian citizen or permanent resident; have never owned a principal residence anywhere in the world; have lived in BC for at least 12 consecutive months immediately before purchase, OR filed at least 2 BC income tax returns in the last 6 years; purchase a home at fair market value at or below $835,000 (new construction) or $500,000 (resale); and plan to occupy the property as your principal residence within 92 days of registration. A partial exemption applies between $835,001–$860,000 (new) and $500,001–$525,000 (resale).

Is Surrey a good city for first-time homebuyers in Metro Vancouver?

Surrey offers the widest variety of price points in Metro Vancouver, from affordable condos under $500K to luxury estate homes in South Surrey. The city has an extensive range of financial services, including all major bank branches. For Surrey first-time buyers, EQ Bank (3.00% savings for down payment buildup) and KOHO ($100 bonus, cashback on groceries) are the most-recommended digital banking options.

What is the best no-fee bank for Surrey residents?

KOHO is the top no-fee choice for Surrey residents — $0 monthly fee on the basic plan, a $100 sign-up bonus with referral code 45ET55JSYA, and 5% cashback on groceries and transit on the Extra plan ($10/month). For high-interest savings with zero fees, EQ Bank's Savings Plus Account pays 3.00% with no minimums, no monthly fees, and free unlimited e-Transfers.

Best Banks in Surrey, BC

Banking & Property Taxes in Surrey, BC

BC Property Transfer Tax (PTT) — Surrey Rates

Top 6 Banks for Surrey, BC

Side-by-Side Comparison

Surrey BC Property Transfer Tax Calculator

Frequently Asked Questions

Surrey Residents: Get $100 Free with KOHO