Sales decline; buyer’s market continues; inventory remains strong

Home sales in the Fraser Valley in July posted a month-over-month decline of 5% with a total of 1,089 properties sold in the month. The market’s current reduced demand is seen more clearly in historical comparison:  July’s sales total was 10% below the same period last year, and 19% below the 10-year seasonal average. Buyers are choosing to remain on the sidelines as persistent economic uncertainty, both domestic and global, continues to influence major purchase decisions. Yet, this conundrum for some prospective buyers is presenting an opportunity for others. The Fraser Valley remains a buyer’s market during this sales downturn, offering opportunities that should not be ignored. The Valley’s inventory of available homes is at a healthy level with 10,044 active listings at the end of July. Despite a recent decline in new listings – 14% down from the preceding month – the current supply is still over 30% higher than the 10-year seasonal average. The provides a great variety of choices across all property types. At the same time, mortgage rates are still in a range for generally affordable payments. The best five-year variable mortgage posted on True North Mortgage at the time of this writing is 3.49%, while a five-year fixed rate mortgage has recently inched up to 4.14%. The latter’s increase has been predictable with bond markets reflecting global economic disruption, largely from the war in the Middle East. However, the Bank of Canada held its key policy rate this past July 15 to 2.25% for the seventh consecutive announcement since October 2025. This reflects the central bank’s confidence that Canada’s inflation rate, while currently seeing a slight rise. According the the Bank’s July economic forecast, inflation will edge down to roughly 2.5% in the second half of 2026 after facing upward pressure from energy shocks, before returning and hovering close to the 2% target midpoint through 2027. It also noted that Canada’s GDP growth is projected to be slightly stronger in 2027 and 2028. Fraser Valley home prices also offer an incentive for buyers at this time. Prices have continued their overall decline. The combined benchmark price for residential property in the Fraser Valley at the end of July ws $877,600, a 0.8% decrease from the previous month.  

Please consult my monthly guide below to comparative benchmark prices. It provides the overall benchmark for each property type in my selection of areas across the Valley. You will see a cluster of the three closest benchmark prices on each side the overall average in different geographical areas. Monthly price fluctuations are provided  to show the area’s relative sales activity. Remember that benchmarks are averages. If you would like the most up-to-date price listings for any neighbourhood, please give me call.  And if you are considering listing your home for sale, I can prepare a Customized Market Analysis and advise you on the optimal listing price in the current market conditions. Across the Fraser Valley in July, the average number of days to sell a single-family detached home was 40 days; for townhomes, it was also 40 days; condominiums, sold on an average of 46 days.  

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of July was $1,335,200, a decrease of 1.1% from the preceding month. The range of the average extended from $1,354,400 in South Surrey/White Rock to $934,800 in Mission. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $1,354,400, no change from the preceding month; Langley at $1,500,900, a decrease of 0.4% from the preceding month; and South Surrey/White Rock at $1,647,200, a decrease of 2.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $1,325,900, a decrease of 1.0% from the preceding month; North Surrey at $1,264.900, a decrease of 0.1% from the preceding month; and North Delta at $1,213,000, an increase of 1.6% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of July  was $757,300, a decrease of 0.9% from the preceding month. The range of this average extended from $834,900 in South Surrey/White Rock to $630,500 in Mission. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $768,100, an increase of 0.3% from the preceding month; Langley at $813,200, a decrease of 0.5% from the preceding month; and South Surrey/White Rock at $853,400, a decrease of 1.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $753,000, a decrease of 0.7 from the preceding month; North Surrey at $686,100, a decrease of 0.9% from the preceding month; and Mission at $630,500, a decrease of 2.3% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of July was $469,500, a decrease of 1.5% from the preceding month. The range of the average was from $546,900 in South Surrey/White Rock to $380,900 in Abbotsford. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $474,1000, a decrease of 1.6% from the preceding month; North Delta at $496,100, a decrease of 1.8% from the preceding month; and Cloverdale at $506,700, a decrease of 2.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Mission at $425,800, a decrease of 0.7% from the preceding month; North Surrey at $408,300, a decrease of 0.2% from the preceding month; and Abbottsford at $380,900, an increase of 2.4% from the preceding month.

I can help

There are many ways I can help you with your real estate transactions. Please let me know how I can help in these challenging times. You may need help in managing your home ownership plans, or in adjusting your financial strategy for a home purchase. Perhaps you are thinking of listing your home for sale and want to understand the market to set your asking price. Let me help. I have a post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.