FRASER VALLEY

Sales resume upward trend seen in first quarter of year; large supply; prices declining.

Fraser Valley home sales in May resumed the rising trend seen in the first quarter of this year, after a dip in the month of April. May’s total sales of 1,183 was a sharp rise of 13% over the preceding month, an optimistic sign that the market rebound that led the opening of 2025 was going to continue. While still underperforming by historical levels – 22% below the same period one year ago, and 36% below the 10-year seasonal average – the Valley’s May total boosted sagging home buyer confidence as Canada’s economy has come under attack from outsized U.S. trade tariffs impacting key sectors in the country. The May sales uptick was also accompanied another lift of 6% in new listings over the preceding April. This brought the Valley’s inventory at the end of May to 10,626 available homes across all property types, an increase of 34% over the same month one year ago, and 54% above the 10-year seasonal average. While many prospective home buyers remain cautiously on the sidelines and uncertainty continues for our export-reliant economy, there are still positives to be seen in the home buying space. Last week, while the Bank of Canada announced it hold steady for the time being with its 2.75% policy rate, the central banks governing council suggested there may be further rates to come as the country navigates through challenging times in the current U.S.-induced trade war. However, commercial mortgage rates are in a manageable range for most buyers now, significantly under 5% for both fixed and variable rates. At the same time, Valley prices remain highly attractive compared to Metro Vancouver comparable properties. Last month the benchmark price for single family detached home decreased 1.6% from the preceding month, and was down 3.2% from one year ago; townhouse benchmarks dropped 0.03% from the preceding month and were down 2.5% from one year ago; and condominiums decreased by 4.0% from the preceding month and were down 4.0% from one year earlier . At the end of May, the overall benchmark price for a residential property in the Fraser Valley was $983,300, a decline of 1.0% from the preceding month.

In my monthly selection below you will find a helpful guide to comparable benchmark prices in different areas of the Fraser Valley. Each benchmark average has clustered on each side of the average the closest prices to comparable properties in different areas. The extremities on each average is provided so you have an idea of the range of prices making up the average. Remember that as averages, these prices may not capture a specific listed price that is attractive to a buyer. The month-over-month price changes are typically fluctuations reflecting the present activity in the market, and do not generally represent long term trends. If you are interested in exploring listings in any particular municipality, please let me know and I can provide the most up-to-date information for you. And if you are thinking of listing your, I can advise you on the optimal asking price in the current market.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of May was $1,481,900, a decrease of 1.7% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,888,900 and Mission at $1,019,100. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,506,800, a decrease of 1.7% from the preceding month; Cloverdale at $1,517,000, a decrease of 0.7% from the preceding month; and Langley at $1,632,100, a decrease of 1.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,451,000, a decrease of 2.2% from the preceding month; North Delta at $1,335,200, a decrease of 4.9% from the preceding month; Abbottsford at $1,202,700, a decrease of 0.7% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of May was $832,800, a decrease of 0.03% from the preceding month. The extremities of this average were South Surrey/White Rock at $956,000 and Abbotsford at $660,600. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $946,800, an increase of 0.1% from the preceding month; Langley at $863,600, an increase of 0.2% from the preceding month; and South Surrey/White Rock at $956,000, an increase of 0.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $826,500, a decrease of 1.2%% from the preceding month; North Surrey at $766,600, an increase of 1.1% from the preceding month; and Mission at $676,100, an increase of 2.1% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of May was $532,700, an increase of 1.0% from the preceding month. The extremities of this average were South Surrey/White Rock at $606,900 and Abbotsford at $453,000. The three municipalities closest to the benchmark on the higher side of the average were Surrey at $554,000, a decrease of 0.7 from the preceding month; North Delta at $565,600, an increase of 0.4% from the preceding month; and South Surrey/White Rock at $606,900, a decrease of 0.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were North Surrey at $470,900, a decrease of 0.8% from the preceding month; Mission at $453,000, an increase of 1.1% from the preceding month; and Abbotsford at $435,000, an increase of 1.1% 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.