Improving affordability continues to outpace buyer demand

SURREY, BC – Fraser Valley home prices continued to edge downward in July, with the composite Benchmark price down 0.8 per cent from June and down seven per cent year-over-year. Despite improving affordability, buyers remained cautious, keeping sales well below typical seasonal levels.

The Fraser Valley Real Estate Board recorded 1,089 sales on its Multiple Listing Service® (MLS®) in July, a five per cent decrease from June and nine per cent below the same month last year.

"Buyer urgency has been notably absent from the Fraser Valley market for some time now," said Ishaq Ismail, Chair of the Fraser Valley Real Estate Board. "With inventory remaining high and competition subdued, buyers know they don't have to rush. They can take their time evaluating their options, knowing they can return to a market that continues to offer plenty of choice."

Seller activity slowed in July, with 2,836 new listings coming to market—a 14 per cent decline from June and 18 per cent below the same month last year. Overall inventory also edged down in July, with 10,044 active listings on the market, a three per cent decline from June, but still 32 per cent above the 10-year seasonal average.

The Fraser Valley remains in a buyer’s market with a sales-to-active listings ratio of 11 per cent in July. A balanced market is typically defined by a ratio between 12 and 20 per cent.

"Economic uncertainty continues to influence buying decisions, but the Fraser Valley has remained one of the Lower Mainland’s brightest spots for improving affordability," said Anthony Boone, Interim CEO of the Fraser Valley Real Estate Board. "As home prices continue to ease, qualified buyers are finding opportunities that simply weren't available a few years ago, particularly those looking to enter the market or downsize."

Across the Fraser Valley in July, the average number of days to sell both a single-family detached home and a townhome was 40 days. Condos took, on average, 46 days to sell.

The composite Benchmark price for a typical Fraser Valley home in July was $877,600.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,335,200 the Benchmark price for an FVREB single-family detached home decreased 1.1 per cent compared to June 2026 and decreased 8.3 per cent compared to July 2025.
• Townhomes: At $757,300 the Benchmark price for an FVREB townhome decreased 0.9 per cent compared to June 2026 and decreased 7.1 per cent compared to July 2025.
• Apartments: At $469,500 the Benchmark price for an FVREB apartment/condo decreased 1.4 per cent compared to June 2026 and decreased 9.1 per cent compared to July 2025.