Surrey & Fraser Valley Real Estate Market Report — May 2026

The Fraser Valley Real Estate Board recorded 1,124 sales in May 2026 — up just 0.5% from April and 5% below May 2025. Activity is holding rather than accelerating: the spring bump that showed up in April didn't carry through, as economic uncertainty and affordability pressures kept many buyers cautious.

Active listings climbed to 10,140 — one of the largest inventories the Fraser Valley has seen in recent years. With supply still well above the long-term seasonal norm, buyers continue to hold the leverage.

The composite benchmark price for a typical Fraser Valley home came in at $893,300 in May — down 0.7% from April, giving back April's small gain. Year-over-year, every property type is down roughly 8%, though the month-to-month moves remain small and orderly rather than a sharp drop.

The apartment/condo segment continues to soften the fastest, down 1.5% on the month and 8.8% year-over-year — reflecting the heavy supply of newer condo inventory across Surrey and Langley. Detached and townhouse prices held closer to flat.

With inventory elevated, homes are taking a little longer to move than in a balanced market:

The pattern is consistent with a buyer's market: well-priced, well-presented homes still sell, but anything priced aspirationally tends to sit. The spread between the fastest and slowest segments has stayed narrow.

On June 10, 2026, the Bank of Canada held its overnight rate at 2.25% for the fifth consecutive decision, leaving the prime rate at 4.45%. Most forecasts expect rates to stay roughly flat through the rest of 2026.

For buyers, a stable rate environment removes one big source of uncertainty — you can get pre-approved and shop with a payment you can actually count on. Combined with softer prices and high inventory, financing conditions are about as predictable as they've been in a while.

If You're Buying

This is one of the more favourable buyer's markets the Fraser Valley has seen in years. With 10,140 active listings you have real selection, prices are down roughly 8% from a year ago, and the 11% absorption rate generally gives you time for a proper inspection and financing condition. Use that leverage — compare several options, write your subjects, and negotiate on price and terms.

If You're Selling

Selling into this market is absolutely doable, but pricing strategy matters more than ever. With active listings near multi-year highs and the sales-to-active ratio at 11%, well-priced homes are still moving — while overpriced listings sit. The homes selling fastest are the ones that come to market priced right out of the gate, with strong photography and proper exposure.

If you're a move-up buyer, the softer market can actually work in your favour: you may sell for a little less than a year ago, but you're also buying your next (usually pricier) home into the same market — and the dollar discount on the more expensive purchase is typically larger.

The question heading into summer is whether sales can start outpacing inventory growth. If they do, the sales-to-active ratio will climb toward balanced territory and we'll likely see prices firm up. If inventory keeps building faster than sales, the buyer-favoured conditions will persist through the season.

The June numbers will be posted here next month. If you have questions about what's happening in your specific neighbourhood or want to understand what these numbers mean for your situation, don't hesitate to reach out.