The Fraser Valley real estate market began 2026 under continued pressure, with prices declining for the tenth consecutive month and buyer activity slowing significantly.
January reflected a cautious start to the year, as economic uncertainty, affordability challenges, and elevated inventory levels kept many buyers on the sidelines. While new listings increased seasonally, sales fell sharply and the market remained firmly in buyer’s market territory.
Sales, New Listings & Inventory
In January, the Fraser Valley Real Estate Board (FVREB) recorded 619 home sales on its MLS®, marking a 33% decrease from December and 24% fewer sales than January 2025. This represents one of the weakest January starts in recent years, underscoring the lack of buyer momentum despite improving price conditions.
New listings rose sharply to 3,078, up 128% month-over-month, reflecting the typical seasonal surge as sellers returned to the market after the holidays. However, listing activity remained 10% below last year’s levels, suggesting some sellers are still hesitant amid softer market conditions.
Active listings climbed to 7,711, an 11% increase from December and 54% above the 10-year seasonal average, keeping supply well above historical norms and providing buyers with substantial choice.
The sales-to-active listings ratio fell to 8%, down from December, placing the Fraser Valley solidly in buyer’s market territory. A balanced market is typically defined by a ratio between 12% and 20%.
MLS® HPI Benchmark Price Activity
Home prices continued to soften across all major housing categories in January:
-
Detached Homes: $1,373,100 (−1.1% MoM, −7.4% YoY)
-
Townhomes: $773,100 (−1.0% MoM, −6.5% YoY)
-
Apartments: $488,600 (−0.6% MoM, −8.2% YoY)
The composite benchmark price declined 1.0% month-over-month to $897,200, pushing prices below $900,000 for the first time since spring 2021. On a year-over-year basis, the benchmark is down 6.9%, reflecting sustained downward pressure amid high inventory and affordability constraints.
Average Days on Market
Homes took longer to sell in January, consistent with subdued demand:
-
Detached Homes: 55 days on average
-
Townhomes: 50 days on average
-
Apartments: 53 days on average
Longer selling times continue to favour buyers, particularly those willing to negotiate on price and terms.
Regional Highlights
-
Abbotsford: Detached benchmark declined to $1,171,700, showing resilience relative to other regions despite monthly softening.
-
Mission: Detached benchmark eased to $948,500, remaining comparatively affordable within the Fraser Valley.
-
City of Surrey (combined): Detached benchmark dropped to $1,468,500, continuing a clear year-over-year downward trend.
-
Langley: Detached benchmark settled at $1,505,900, reflecting gradual but ongoing price moderation.
-
South Surrey / White Rock: Detached benchmark softened to $1,728,000, still among the highest-priced areas despite continued annual declines.
-
North Delta: Detached benchmark held near $1,269,100, reinforcing strong buyer negotiating power in the area.
Market Outlook
FVREB Chair Tore Jacobsen noted that January opened with very little momentum, as weakening prices and abundant selection were not enough to overcome buyer hesitation. Despite conditions that would typically attract buyers, uncertainty continues to weigh heavily on confidence.
CEO Baldev Gill emphasized that affordability challenges extend beyond housing alone. Rising everyday costs and wage pressures are leading buyers to take a more cautious, strategic approach, often working closely with REALTORS® to time purchases in alignment with long-term goals.
As 2026 unfolds:
-
For buyers: Inventory remains high, providing excellent selection and leverage—particularly for well-researched, patient purchasers.
-
For sellers: Realistic pricing, strong marketing, and flexibility will be essential to achieve successful outcomes in a competitive buyer’s market.