π‘ 2025 Fraser Valley housing market slowest in over two decades despite falling prices and decade-high inventory π
SURREY, BC – Decade-high inventory and softer prices failed to spark buyer demand in the Fraser Valley in 2025. Despite favourable conditions and increased negotiating power, many buyers stayed on the sidelines, making it one of the slowest years for sales in decades.
The Fraser Valley Real Estate Board recorded 12,224 sales on its Multiple Listing Service® (MLS®) in 2025, a decline of 16 per cent over 2024 and 33 per cent below the 10-year average. The City of Surrey accounted for the majority of 2025 sales at 48 per cent, with Langley and Abbotsford accounting for 24 per cent and 16 per cent respectively.
On the supply side, buyers had more choice than at any point in the past four decades, as new listings climbed to 37,963.
The composite Benchmark home price in the Fraser Valley closed the year at $905,900, down six per cent year-over-year, and down 24 per cent from the peak in March 2022.
“Ample selection and easing prices gave buyers some of the most meaningful opportunities we’ve seen in recent years,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “While these conditions favoured motivated sellers in 2025, the hesitancy of many buyers to capitalize reflected the general market climate throughout the province and indeed across the country.”
December 2025
The Board recorded 919 sales on its MLS® in December, a decline of 2.5 per cent from November, and 7.5 per cent below sales from December 2024.
In line with seasonal patterns, new listings fell sharply in December, declining 39 per cent month-over-month to 1,350. Overall inventory remained above seasonal norms, ending the year with 6,965 active listings. The pullback in new listings helped lift the sales-to-active listings ratio to 13 per cent in December, bringing the market into balanced territory to close out the year. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.
“The slowdown we saw in 2025 wasn’t just about housing — it reflected broader economic uncertainty felt across the region,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Households were navigating affordability challenges, rising costs and tougher mortgage requirements, all of which contributed to a quieter market.”
The composite Benchmark price for a typical home in the Fraser Valley continued to slide for the ninth straight month, down 0.7 per cent compared to November.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,388,400 the Benchmark price for an FVREB single-family detached home decreased 1.2 per cent compared to November 2025 and decreased 6.2 per cent compared to December 2024.
- Townhomes: At $781,300 the Benchmark price for an FVREB townhome increased 0.3 per cent compared to November 2025 and decreased 5.7 per cent compared to December 2024.
- Apartments: At $491,600 the Benchmark price for an FVREB apartment/condo decreased one per cent compared to November 2025 and decreased 7.5 per cent compared to December 2024.
