Market Report

Fraser Valley Real Estate Market Report

Benchmark prices, sales, inventory and what it means for buyers and sellers across Surrey, Langley, Abbotsford and the Fraser Valley.

Data as of the FVREB October 2026 report (released November 3, 2026). Refreshed monthly.

The Fraser Valley housing market in fall 2026 is a buyer’s market that has become a lot more affordable than it was a few years ago. According to the FVREB October 2026 report, the composite benchmark price for a typical home was $860,000, down 0.1 percent from September and 6.4 percent year over year. It also sits 14.7 percent below where it stood three years ago on the board’s own index, which is the single biggest number to keep in mind if you have been waiting on the sidelines.

The Fraser Valley board covers Surrey, North Delta, White Rock, Langley, Abbotsford and Mission. All figures below are dated to October 2026 and refreshed each month when the new FVREB package lands.

Market snapshot: where the Fraser Valley stands

On the activity side, the board recorded 1,051 sales in October 2026, up 14 percent from September with the usual fall bump but 6.4 percent below October 2025. New listings came in at 2,551, down 14.0 percent year over year, and there were 9,164 active listings at month end, 9.5 percent fewer than a year earlier.

Put sales against inventory and you get the sales-to-active-listings ratio, which was 11 percent in October 2026. Under 12 percent is a buyer’s market, 12 to 20 percent is balanced, and above 20 percent is a seller’s market. At 11 percent the Fraser Valley still favours buyers, and homes are taking their time to sell, averaging 50 days for detached, 37 for townhomes and 44 for condos.

Composite benchmark$860,000, down 6.4 percent year over year, 14.7 percent below three years ago

Detached$1,293,800, down 8.5 percent year over year

Townhome$742,300, down 5.5 percent year over year

Apartment / condo$460,800, down 8.1 percent year over year

Recent trends and what is driving them

The clearest trend is soft, gently declining prices paired with a large pool of listings that has started to shrink. This is not a crash. Prices have eased for months while the market absorbs inventory, and in October active listings fell from September while sales picked up.

Detached homes led the activity. Board chair Ishaq Ismail said detached homes continued to lead sales in October, and that the substantial price correction appears to be bringing them within reach for more buyers. Board wide, detached sales were up 1.6 percent year over year while townhome sales fell 17.6 percent and apartment sales 20.1 percent.

Borrowing costs just turned. The Bank of Canada raised its policy rate by a quarter point to 2.50 percent on October 28, 2026, its first increase after a year of holds at 2.25 percent. The board’s chief executive, Rock Lefebvre, said affordability is at its best level in five years, but that with rates moving higher, buyers need to factor borrowing costs into their decisions. Variable rate mortgages are priced off prime, which follows the policy rate, so a pre-approval from the summer is worth refreshing.

A read on each sub-area

The Fraser Valley is not one market. Using October 2026 benchmark figures (detached unless noted):

Surrey

The board reports Surrey as four areas. In October 2026 detached benchmarks ran $1,254,500 in North Surrey, $1,288,000 in Surrey Central and $1,326,400 in Cloverdale, with Surrey Central townhomes at $744,300. Surrey is the volume engine of the region, with the widest range of price points and strong transit investment, where first time buyers and investors both spend the most time looking.

South Surrey and White Rock

The premium pocket, with detached at $1,606,500 and townhomes at $800,900. You pay up for ocean proximity, larger lots and established neighbourhoods, and even this segment has softened.

Langley

Detached at $1,448,100 and townhomes at $800,600. On the all types benchmark Langley is down 5.7 percent year over year against 7.0 percent for Surrey, so it has held up slightly better. Still popular with families for its newer construction and schools.

Abbotsford and Mission

The affordability leaders, with Abbotsford detached at $1,090,500 and Mission at $883,300. Both also had the steepest detached declines in the board, down 13.1 percent year over year, and they consistently offer the most house for the money for buyers priced out of Surrey and Langley.

What this means for buyers

Fall 2026 is one of the more favourable Fraser Valley markets in recent memory. With a sales-to-active ratio of 11 percent and homes averaging 37 to 50 days on market, you are usually not competing in a bidding war. You can take time to view a home twice, make an offer below asking, and include real conditions such as financing and inspection.

Prices are 14.7 percent below where they stood three years ago on the board’s index, which resets what your budget can buy. The October rate rise works the other way, so get a fresh pre-approval at today’s rate before you shop. The honest caution is that no one can promise prices have bottomed, so the better question is whether a specific home fits your life and your budget at today’s price and rate. If it does, the negotiating conditions right now are on your side.

What this means for sellers

The market is workable but it does not forgive mistakes. In a buyer’s market, the two things that sell a home are pricing and presentation, in that order.

Price to the current market, not to last year and not to your neighbour’s 2022 sale. Buyers today have more than 9,000 active listings to compare against and they are patient. The homes that move in 37 to 50 days are the ones priced correctly from day one against recent comparable sales in your specific pocket. Clean, decluttered, well photographed homes win the limited buyer attention that is out there.

How to read the market

A few concepts let you read the market yourself, no matter what the numbers say in any given month.

Benchmark price

Trust this over average or median. The benchmark tracks the price of a typical, representative home of each type, so it strips out the distortion a few luxury sales can create.

Sales-to-active ratio

The single most useful gauge of who has the upper hand. Under roughly 12 percent is a buyer’s market, 12 to 20 percent is balanced, above 20 percent is a seller’s market. If you track one number, track this one.

Days on market and seasonality

Rising days on market signals a cooling, patient market. And the Valley follows a rhythm: spring is busiest, summer slows, fall gives a smaller bump, December and January are quiet. Always compare a month to the same month last year.

Frequently asked questions

Is it a buyer’s market or a seller’s market in the Fraser Valley right now?

As of the October 2026 FVREB report, it is a buyer’s market. The sales-to-active-listings ratio was 11 percent, just below the balanced range of roughly 12 to 20 percent. With 9,164 active listings and homes taking 37 to 50 days on average to sell, buyers generally have choice and negotiating room. This can shift month to month.

What is the average home price in the Fraser Valley in 2026?

The composite benchmark price for a typical home was $860,000 as of October 2026, per FVREB. By type, the benchmark was $1,293,800 for detached, $742,300 for townhomes and $460,800 for apartments. The benchmark reflects a typical home, so it is more reliable than a simple average.

Are Fraser Valley home prices going up or down?

They have been softening. As of October 2026 the composite benchmark was down 0.1 percent from the prior month and 6.4 percent year over year, with detached down 8.5 percent, townhomes 5.5 percent and apartments 8.1 percent, and it sits 14.7 percent below where it stood three years ago on the board’s own index. No one can guarantee where prices go next, and higher borrowing costs after the October rate rise could weigh on demand.

Which Fraser Valley city has the most affordable homes?

For detached houses, Mission and Abbotsford are the most affordable in the board. In October 2026 the detached benchmark was $883,300 in Mission and $1,090,500 in Abbotsford, well below Surrey, Langley and South Surrey. If you want the most house for your budget, those markets are the usual starting point.

Is now a good time to buy in the Fraser Valley?

For many buyers, conditions are favourable. Prices are down meaningfully from the peak and the buyer’s market gives you room to negotiate price and conditions. The one thing moving against buyers is rates: the Bank of Canada raised its policy rate to 2.50 percent on October 28, 2026, so lock in a pre-approval before you shop. The right move depends on your finances and how long you plan to stay, not on perfectly timing the bottom.

What is a benchmark price and why does it matter?

The benchmark price tracks the value of a typical, representative home rather than averaging all the sales in a month. A few unusually expensive or cheap sales can distort an average, so the benchmark gives a cleaner, more comparable read of what a normal home in a given area and type is worth.