Fraser Valley Sees Sharp Decline in Home Sales in 2025

Home sales in the Fraser Valley experienced a significant downturn in 2025, marking the slowest sales year in a quarter-century. The total number of transactions reached just **12,224**, a **16 per cent** decrease from 2024 and **33 per cent** below the ten-year average. This decline reflects broader economic uncertainties and affordability challenges that have kept potential buyers at bay, according to the Fraser Valley Real Estate Board (**FVREB**).

Sales activity was concentrated primarily in **Surrey**, which accounted for **48 per cent** of all transactions. **Langley** followed with **24 per cent**, while **Abbotsford** represented **16 per cent** of the total sales. Despite the slowdown in sales, the region saw a surge in housing supply. The number of new listings rose to **37,963 units**, the highest in over **40 years**, providing buyers with unprecedented options and negotiating power. Yet, this increase did not lead to a corresponding rise in sales volumes.

Market Dynamics and Price Trends

The FVREB covers the eastern and southern areas of Metro Vancouver, including Surrey, Langley, White Rock, North Delta, Abbotsford, and Mission. Other regions are served by Greater Vancouver Realtors (**GVR**), which includes Vancouver and nearby municipalities.

As the market cooled, home prices continued to decline. The Fraser Valley composite Benchmark price closed the year at **$905,900**, down **6 per cent** from the previous year and **24 per cent** below the peak reached in March 2022. “Ample selection and easing prices gave buyers some of the most meaningful opportunities we’ve seen in recent years,” stated **Tore Jacobsen**, chair of the FVREB. He noted that while the market conditions favoured sellers, many buyers remained hesitant, reflecting the overall sentiment across the province and the country.

The slowdown persisted into December 2025, which recorded **919 sales**, a **2.5 per cent** drop from November and **7.5 per cent** lower than December 2024. Seasonal trends resulted in new listings declining sharply, falling **39 per cent** month-over-month to **1,350**. Nevertheless, overall inventory remained high, ending the year with **6,965 active listings**, above typical seasonal levels.

**Baldev Gill**, CEO of FVREB, commented on the factors affecting the market. “The slowdown we saw in 2025 wasn’t just about housing — it reflected broader economic uncertainty felt across the region,” he remarked. He highlighted that households grappled with affordability issues, rising costs, and stricter mortgage requirements, all contributing to a quieter market.

Price Breakdown by Property Type

Within the FVREB’s jurisdiction, the benchmark price for single-family detached houses fell to **$1.388 million**, a **1.2 per cent** decrease from November and a **6.2 per cent** decline from December 2024. Townhouses showed slight resilience, with the benchmark price increasing by **0.3 per cent** to **$780,000**, although this figure remained **5.7 per cent** lower compared to the previous year.

Condominium prices also weakened, with the benchmark price dropping **1 per cent** from November to **$492,000**, marking a **7.5 per cent** decline year-over-year. In Surrey specifically, the benchmark price for single-family homes decreased to **$1.484 million**, down **7.2 per cent** from December 2024 and **1.2 per cent** from November 2025. Townhouse prices in Surrey showed modest month-over-month improvement, reaching **$773,000**, while condominium prices experienced a sharper decline, falling to **$501,000**—an **8.4 per cent** decrease year-over-year.

The trends observed in FVREB’s market closely mirrored those in GVR’s jurisdiction, indicating a widespread impact on housing across the region. As both areas faced significant challenges, the future of the housing market remains uncertain as economic factors continue to influence buyer behavior.