Trevor Miller

The Fraser Valley market showed early signs of a spring thaw in February with sales increasing over January but continuing to trail typical levels for this time of year. It remains a buyer’s market with the average number of days to sell a single family detached home at 47 days. While for a condo it was 45 days and townhomes taking on average 39 days to sell. The composite benchmark price for a typical home in the Fraser Valley decreased 0.2% in February to $895,100.

Navigating this current market can be challenging for both buyers and sellers, but it doesn’t have to be. With over a decade of local experience, I take pride in helping my clients “make the right move”.

Contact me anytime to discuss your options and move with confidence!

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Home prices in the Fraser Valley fell for the tenth consecutive month in January, pushing the Benchmark price below $900,000 for the first time since spring 2021.

The latest stats from the Fraser Valley Real Estate Board show the Benchmark price for a typical home dropped one per cent in January to $897,200, down 6.9 per cent year-over-year.

The continued softening of prices wasn’t enough to get buyers off the sidelines, as the FVREB recorded 619 sales on its Multiple Listing Service® (MLS®) in January, a 33 per cent decrease from December, and 24 per cent below sales from the same month last year. New listings increased 128 per cent in January to 3,078, reflecting the typical seasonal patterns; however, activity remained 10 per cent below last year’s levels.

“January opened the year with negligible momentum,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “Prices continued to weaken while at the same time selection remains high. Under normal market dynamics, these would be considered highly favourable conditions for buyers, however the uncertainty of the past year or so continues to loom large, subduing buyer confidence and muting overall market activity.”

Overall inventory remains above seasonal norms for the Fraser Valley, with 7,711 active listings, up 11 per cent from December and 54 per cent above the 10-year seasonal average.

The Fraser Valley remains firmly in a buyer’s market, with an overall sales-to-active listings ratio of eight per cent in January, down five per cent from December. A balanced market is typically defined by a ratio between 12 and 20 per cent.

Across the Fraser Valley in January, the average number of days to sell a single-family detached home was 55 days, while for a condo it was 53 days. Townhomes took, on average, 50 days to sell.

Navigating this current market can be challenging for both buyers and sellers, but it doesn’t have to be. With over a decade of local experience I take pride in helping my clients make “the right move”. Contact me anytime at info@trevormillerhomes.com to discuss your options and move with confidence!

Decade-high inventory and softer prices failed to spark buyer demand in the Fraser Valley in 2025. Despite favourable conditions and increased negotiating power, many buyers stayed on the sidelines, making it one of the slowest years for sales in decades.

The Fraser Valley Real Estate Board recorded 12,224 sales on its Multiple Listing Service® (MLS®) in 2025, a decline of 16 per cent over 2024 and 33 per cent below the 10-year average. The City of Surrey accounted for the majority of 2025 sales at 48 per cent, with Langley and Abbotsford accounting for 24 per cent and 16 per cent respectively.

On the supply side, buyers had more choice than at any point in the past four decades, as new listings climbed to 37,963.

The composite Benchmark home price in the Fraser Valley closed the year at $905,900, down six per cent year-over-year, and down 24 per cent from the peak in March 2022.

In December, sales declined 2.5 per cent from November, and were 7.5 per cent below sales from December 2024.

In line with seasonal patterns, new listings fell sharply in December, declining 39 per cent month-over-month to 1,350. Overall inventory remained above seasonal norms, ending the year with 6,965 active listings. The pullback in new listings helped lift the sales-to-active listings ratio to 13 per cent in December, bringing the market into balanced territory to close out the year. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“The slowdown we saw in 2025 wasn’t just about housing — it reflected broader economic uncertainty felt across the region,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Households were navigating affordability challenges, rising costs and tougher mortgage requirements, all of which contributed to a quieter market.”

Will 2026 see the Fraser Valley market rebound?

If you are planning to take advantage of the increased inventory and lower prices in 2026, I would love to hear from you!

Easing prices and abundant inventory weren’t enough to entice buyers to the Fraser Valley market in November, as sales declined in line with seasonal buying patterns.

The Fraser Valley Real Estate Board recorded 943 sales on its Multiple Listing Service® (MLS®) in November, a 16 per cent decrease from October, and 17 per cent below sales from the same month last year.

New listings slowed again in November, down 26 per cent month-over-month and seven per cent year-over-year, to 2,210. Overall inventory remains well above seasonal norms for the Fraser Valley, with 9,201 active listings, down nine per cent from October and 47 per cent above the 10-year seasonal average.

“Affordability concerns and economic pressures are weighing heavily on many Fraser Valley households,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “Our REALTORS® understand how personal and complex these decisions are. But there are encouraging signs for buyers. Composite prices are closer to early-2023 levels, inventory has improved, and there is more space to negotiate than we’ve had in recent years.”

The Fraser Valley remains firmly in a buyer’s market, with an overall sales-to-active listings ratio of 10 per cent in November, down one per cent from October. A balanced market is typically defined by a ratio between 12 and 20 per cent.

Across the Fraser Valley in November, the average number of days to sell a single-family detached home was 52 days, while for a condo it was 41 days. Townhomes took, on average, 37 days to sell.

Need help navigating this market? Let’s talk.

According to the Fraser Valley Real Estate Board:

The Fraser Valley remains firmly in a buyer’s market as fall begins, with inventory levels holding at decade-high levels and prices continuing their downward trend.
Sales activity showed a slight improvement in September, edging up three per cent month-over-month. However, transactions remain subdued, down two per cent year-over-year and 28 per cent below the 10-year seasonal average.

Inventory levels remain elevated, with 10,583 active listings, up one per cent month-over-month and 17 per cent year-over-year. New listings rose 23 per cent in September to 3,447, up three per cent compared to the same month last year.

These dynamics combined to keep the overall sales-to-active listings ratio at nine per cent in September, firmly in buyer’s market territory. The market is considered balanced when this ratio is between 12 and 20 per cent.

Sales-to-Active Ratio
Detached: 9% (no change from August)
Townhouses: 13% (down 1% from August)
Apartments: 10% (no change from August)

Benchmark Prices
The composite Benchmark price in the Fraser Valley declined for the sixth straight month, down one per cent to $926,300.

Change in price: month-to-month
Detached: $1,420,000 –1.2%
Townhouse: $795,600 –1.5%
Apartments: $510,400 –0.7%

Days on Market
Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 37 days; for a townhome it was 38 days; and for a condo, 39 days.

The Fraser Valley real estate market still heavily favours buyers, however the gap between buyers’ and sellers’ price expectations continues to curb sales in the region.

According the Fraser Valley Real Estate Board’s latest statistics, there were 1,190 sales on its Multiple Listing Service® (MLS®) in July, down half a per cent from June and down three per cent year-over-year. July sales were 23 per cent below the 10-year average. The supply of homes for sale dipped slightly in July, down two per cent from June to 10,650, nearly 50 per cent above the 10-year seasonal average. New listings declined five per cent over June to 3,453.

The overall sales-to-active listings ratio of 11 per cent; the market is considered balanced when the ratio is between 12 per cent and 20 per cent, so again, buyers are in the driver’s seat.

“Home sellers are having to work harder than they did a year or two ago,” said FVREB Chair, Tore Jacobsen. “In a market where buyers are cautious and have ample choice, successful sellers are going the extra mile to meet buyers where they’re at—staging their home, handling repairs up front, and most importantly, pricing their homes realistically for the current market conditions.”

Across the Fraser Valley in July, the average number of days to sell both a single-family detached home and a condo was 38 days. Townhomes took, on average, 35 days to sell.

“The housing market, like other sectors, continues to process the effects of the ongoing tariff threats,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “The slowdown in home sales this spring and summer has largely been driven by uncertainty and fear. Buyers and sellers are taking measures to offset the anticipated impacts, knowing that the economic effects of tariffs will likely take some time to be fully realized throughout the system.”

Fraser Valley remains in a buyer’s market when it comes to real estate, with a sales-to-active listings ratio of 11 per cent (12-20% is considered a “balanced market”).

“High inventory in the Fraser Valley is giving buyers more choice, but it also means sellers are facing more competition,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “We’re seeing that homes priced appropriately for today’s market are selling, while sellers who aren’t in a rush are choosing to hold off or stand firm on pricing and wait for more favourable conditions.”

I can confirm this with my own experience, having just sold a 6-BR detached house in South Surrey for 98% of asking price in just 2 weeks and with just 2 open houses (more than 40 groups through!). This is because my seller clients understood the market and we priced their home accordingly — not undervalued, but fairly. So, if you’re thinking of selling, you don’t necessarily have to wait for “prices to go up”, especially if you’re planning to buy in the same market. Your competitively priced home will sell quickly. You can then take advantage of this same competitive pricing on your next property purchase!

Across the Fraser Valley in May, the average number of days to sell a single-family detached home was 34, while for a condo it was 33 days. Townhomes took, on average, 27 days to sell. The average benchmark price in May was $963,200.

The Bank of Canada has cut its overnight lending rate by 25 basis points to 2.75 per cent, it announced today, as an ongoing trade war with the U.S. begins to strain the Canadian economy.

How will this new cut affect our housing market?

The hope is that by making borrowing cheaper, it will encourage more people to take out mortgages. As a result, demand for homes could rise, potentially driving up home prices. Lower rates could also benefit current homeowners looking to refinance their mortgages or purchase additional properties.

However, the actual impact will depend on other factors like consumer confidence, housing inventory, and economic conditions. If the rate cut stimulates economic growth, it could further boost the housing market.

Want to talk real estate? It’s my favourite subject, so feel free to get in touch with me!

In 2024, the Bank of Canada cut interest rates, but it didn’t really help home buyers in the Fraser Valley. They faced the lowest sales in ten years! The Fraser Valley Real Estate Board logged a whopping 35,698 new listings but only managed to sell 14,570 homes. That’s a 1% drop from 2023 and a big 24% under the 10-year average. Surrey was the star of the show, making up 51% of the sales, followed by Langley and Abbotsford. Even though prices dipped a bit, buying a home was still a tough gig. By the end of the year, the average Benchmark home price was sitting at $965,000, which was 2% lower than last year and 4% off its peak back in March.

“While the Fraser Valley saw overall balanced market conditions for most of 2024, the low levels of buying and selling activity reflected a challenging year for many as would-be buyers waited for affordability to improve,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Interest rate cuts by the Bank of Canada along with recent government policies aimed at boosting overall housing supply and improving affordability, should help to increase market conditions in 2025.”