Fraser Valley Housing Market Report – May 2026

The Fraser Valley real estate market remained relatively steady in May 2026, with sales posting a modest increase from April levels. While buyer activity continues to be cautious due to ongoing economic uncertainty, the market remains active, particularly among move-up buyers taking advantage of softer detached home prices. Inventory continued to climb, providing buyers with abundant choice and keeping overall conditions firmly in buyer-friendly territory.

May reflected a balanced but cautious market environment. While affordability challenges and concerns about the broader economy continue to impact consumer confidence, buyers who are financially prepared are finding some of the most favourable purchasing conditions seen in recent years.

Sales, New Listings & Inventory

In May, the Fraser Valley Real Estate Board (FVREB) recorded 1,124 home sales on its MLS®, representing a 0.5% increase compared to April, but 5% fewer sales than May 2025. Sales activity remained modest, although detached homes continued to be the strongest-performing property segment across the region.

New listings declined as some sellers appeared to pause their plans while waiting for stronger market conditions. The Board recorded 3,300 new listings, down 7% from April and 17.6% lower than May 2025.

Active listings continued to rise, reaching 10,140 homes available for sale, a 3.3% increase from April. Inventory levels remain well above historical norms, providing buyers with significant selection and negotiating power.

The overall sales-to-active listings ratio stood at 11%, keeping the Fraser Valley in buyer’s market territory. A balanced market is typically between 12% and 20%, indicating that supply continues to outweigh demand across much of the region.

MLS® HPI Benchmark Price Activity

After two consecutive months of gains, benchmark prices softened slightly in May as the market adjusted to elevated inventory levels.

The composite benchmark price for all property types declined 0.7% month-over-month to $893,300.

Major housing categories performed as follows:

Detached Homes: $1,366,500

Down 0.6% month-over-month and 7.9% year-over-year.

Townhomes: $769,500

Down 0.3% month-over-month and 7.6% year-over-year.

Apartments/Condos: $483,800

Down 1.5% month-over-month and 8.8% year-over-year.

While prices remain below last year’s levels, the relatively modest monthly changes suggest that values are continuing to stabilize compared with the sharper corrections seen earlier in the market cycle.

Average Days on Market

Homes continued to take several weeks to sell in May, although selling timelines improved slightly compared with earlier months.

• Detached Homes: 35 days on average

• Townhomes: 37 days on average

• Apartments/Condos: 40 days on average

These timelines indicate that buyers remain active, but they continue to take time to evaluate options and negotiate before making purchasing decisions.

Regional Highlights

Across Fraser Valley communities, benchmark prices showed mixed month-to-month movement while continuing to record year-over-year declines.

Abbotsford: Detached benchmark price was approximately $1,175,000, down 1.0% from April but only 5.1% below May 2025 levels.

Mission: Detached benchmark price increased to approximately $940,900, up 1.2% month-over-month while remaining 6.5% below last year.

City of Surrey (combined): Detached benchmark price reached approximately $1,448,300, down 0.9% from April and 9.4% year-over-year.

Langley: Detached benchmark price was approximately $1,522,700, down 0.2% month-over-month but still showing relative resilience compared with many surrounding markets.

South Surrey / White Rock: Detached benchmark price was approximately $1,727,000, down 0.8% from April while remaining among the highest-priced markets in the Fraser Valley.

North Delta: Detached benchmark price increased to approximately $1,255,900, up 1.3% month-over-month and showing modest resilience compared with other areas.

Market Outlook

According to FVREB Chair Ishaq Ismail, much of the current market activity is being driven by homeowners looking to move up rather than first-time buyers. As detached home prices become more attainable, buyers with existing equity are finding opportunities to purchase larger homes and move into market segments that were previously out of reach.

FVREB CEO Baldev Gill noted that many households remain cautious due to economic uncertainty, job security concerns, and the continued impact of higher everyday living costs. However, financially prepared buyers are benefiting from elevated inventory levels and favourable market conditions.

As 2026 Progresses

For Buyers:

Inventory remains elevated, creating strong selection and negotiating opportunities. Buyers who are financially prepared continue to benefit from favourable conditions, particularly in the detached home segment where prices have become more accessible.

For Sellers:

Pricing strategy remains critical. With buyers having plenty of alternatives, sellers need competitive pricing, effective marketing, and realistic expectations to attract serious interest and achieve successful sales.

Source: Fraser Valley Real Estate Board