The Fraser Valley real estate market experienced a sluggish start to spring 2025, with economic uncertainty and U.S. tariffs weighing on activity. Home sales reached 1,036 in March, up 13% from February but still 26% below March 2024, marking the slowest March in over 15 years.
New Listings & Inventory
March saw a 22% month-over-month increase in new listings, totaling 3,800. However, sales struggled to keep pace, pushing active inventory to 9,219 — a decade-high and 49% above the same time last year. This surge in inventory gives buyers a stronger hand, as reflected in the sales-to-active listings ratio of 11%, placing the market firmly in buyer’s territory.
MLS® HPI Benchmark Price Activity
Prices showed modest month-over-month gains across all property types but remain below last year’s levels:
- Detached Homes: Benchmark price rose to $1,505,500, up 0.4% from February, but down 1.2% annually.
- Townhomes: Increased 0.5% to $833,700, though still 1.7% below March 2024.
- Apartments: Reached $540,900, a 0.5% monthly gain but down 2.6% year-over-year.
Average Days on Market
Homes are moving quicker in March than in previous months:
- Detached Homes: Sold in 31 days on average.
- Townhomes: Faster at 27 days.
- Condos: Slightly slower at 33 days, though still improved from earlier months.
Regional Highlights
- Abbotsford: Detached benchmark price edged up to $1,225,500, a 0.8% increase from February but down 1.2% annually.
- Mission: Detached home prices remained stable at $1,064,400, up 0.2% year-over-year.
- North Surrey: Benchmark for detached homes rose to $1,506,400, a 0.4% monthly increase
Market Outlook
Persistent economic headwinds and rising tariffs have muted what is typically a robust spring season. While buyers benefit from abundant supply and slower price growth, sellers face challenges with downward pricing pressure and longer decision cycles.
Should interest rates soften later in the year, the Fraser Valley market may see renewed buyer engagement. Until then, buyers appear to be calling the shots.
Source: Fraser Valley Real Estate Board