Fraser Valley and Surrey Housing Market: “Encouraging Uptick” in May

The Fraser Valley residential real estate market, centred around key cities such as Surrey, Langley, and Abbotsford, experienced a modest positive shift in May, according to the Fraser Valley Real Estate Board.

This slight rebound in monthly activity follows a sluggish April. There were 1,183 sales across its MLS® system in May, for a 13% increase month-over-month. However, that uptick belies broader weakness: sales were down 22% from May 2024 and stood 36% below the ten-year seasonal average.

Source: FVREB

The composite Benchmark Price declined 1% month-over-month to $963,200, and all major home types posted similar monthly decreases: detached homes were down 1.6% to $1,481,900, condos dipped 0.9% to $532,700, and townhomes held nearly flat at $832,800. 

Listings continued to rise. May saw 4,007 new listings, a 7% increase over April and 6.6% higher than a year ago. This brought total active listings to 10,626, a level not seen since 2019 and 54% above the ten-year seasonal average. The sales-to-active listings ratio now sits at 11%, formally pushing the Fraser Valley into buyer’s market territory (anything below 12%).

Fraser Valley’s housing dynamics have been shifting over the past two years. In May 2023, the region was still grappling with supply constraints and rebounding buyer demand, with the sales-to-active listings ratio at a strong 30.8%, well into seller’s market territory. Benchmark prices had just rebounded past the $1 million mark, and listings, while improving, remained relatively scarce.

Fast forward to May 2025, and conditions have reversed. Inventory has nearly doubled since May 2023 (up 91%), while sales have fallen by over 30%. This trend highlights a prolonged rebalancing of the market, driven by macroeconomic factors and shifting buyer sentiment. The composite Benchmark Price has been dropping; for detached homes, the decline was 3.2%; townhomes, 2.5%; and condos, 4.0%.

Surrey’s Pivotal Role in Regional Trends

As the largest and most active market in the Fraser Valley, Surrey significantly shapes the region’s trajectory. In 2024, Surrey accounted for 51% of all FVREB sales, followed by Langley at 24% and Abbotsford at 15%. These proportions are consistent with historical norms and highlight Surrey’s influence on regional price trends and inventory dynamics.

Year-end data from 2024 confirms the broader slowdown already in motion before the current spring season. FVREB recorded 14,570 sales across the year, for a 1% decline from 2023 and the lowest total in a decade. This drop came despite a surge in new listings, which reached a 10-year high of 35,698 (up 20.6% from 2023). That disparity between listings and sales set the stage for the elevated inventory observed in early 2025. 

Surrey’s scale and rapid development ensure it remains a bellwether for the broader Fraser Valley. 

A Market in Transition

Looking ahead, the Fraser Valley market is poised to remain in a state of cautious equilibrium. The return of seasonal activity in May is encouraging, but without a sustained recovery in affordability, demand is unlikely to return to peak levels. The combination of high inventory, falling benchmark prices, and extended time on market points to a slow and potentially prolonged adjustment.

For buyers, the current conditions offer more leverage than at any point since 2019. For sellers, particularly those listing single-family homes, pricing strategy and timing will be critical.