Fraser Valley home prices back to pandemic-era levels under weight of economic headwinds and sustained inventory
SURREY, BC – 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 Benchmark price for a typical home in the Fraser Valley dropped one per cent in January to $897,200, down 6.9 per cent year-over-year.
The continued softening of prices was not enough to get buyers off the sidelines, as the Fraser Valley Real Estate Board recorded 619 sales on its Multiple Listing Service® (MLS®) in January. This represents a 33 per cent decrease from December and a 24 per cent decline compared to the same month last year.
New listings increased 128 per cent in January to 3,078, reflecting typical seasonal patterns. Despite this rise, 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. This figure is 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. Condos averaged 53 days, while townhomes took an average of 50 days to sell.
“Affordability challenges facing many households today extend well beyond housing costs alone,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Rising day-to-day expenses, combined with wages that have not kept pace, have created significant financial pressure. As a result, potential buyers are choosing to be more circumspect with respect to purchasing decisions and are working with REALTORS® to develop timing strategies that meet their long-term objectives.”
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,373,100, the Benchmark price for an FVREB single-family detached home decreased 1.1 per cent compared to December 2025 and decreased 7.4 per cent compared to January 2025.
- Townhomes: At $773,100, the Benchmark price for an FVREB townhome decreased one per cent compared to December 2025 and decreased 6.5 per cent compared to January 2025.
- Apartments: At $488,600, the Benchmark price for an FVREB apartment or condo decreased 0.6 per cent compared to December 2025 and decreased 8.2 per cent compared to January 2025.
Source: Fraser Valley Real Estate Board
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