Fraser Valley Real Estate Market Update — August 2026

The Fraser Valley Real Estate Board's August 2026 statistics are out, and the theme is clear: this is a deepening buyer's market, with sellers increasingly feeling the pressure to negotiate. Sales slowed over the summer, inventory remains well above normal, and prices continued their gradual slide. Here's the full breakdown of what happened last month and what it means if you're buying or selling in the Fraser Valley.

The Big Picture

The Fraser Valley recorded 941 sales on MLS in August — down 14 per cent from July, but up 1 per cent from August 2025. That year-over-year gain is worth noting: it's only the second annual sales increase since the start of 2025, a small bright spot in a market where overall demand remains soft.

New listings came in at 2,373, a 16 per cent drop from July and 15 per cent below the same month last year, as some sellers held off on listing during the summer slowdown. Active inventory edged down to 9,787 homes — a 3 per cent decline from July, but still sitting 33 per cent above the 10-year seasonal average. In other words, buyers still have an unusually large amount of choice.

The sales-to-active listings ratio dropped to just 10 per cent in August, down from 11 per cent in June. For context, a balanced market runs between 12 and 20 per cent. At 10 per cent, the Fraser Valley is now deeper into buyer's-market territory than it was earlier this summer.

Year to date, 7,844 sales have been recorded across the Fraser Valley, down 5.4 per cent from the same period in 2025. New listings year-to-date are down 12.2 per cent.

Benchmark Prices by Property Type

The composite benchmark price for a typical Fraser Valley home declined 0.9 per cent in August to $869,900 — a 7 per cent decrease compared to August 2025. Interim CEO Anthony Boone noted that prices are now as much as 15 per cent lower than they were three years ago.

By property type:

Single-family detached homes benchmark at $1,319,600, down 1.2 per cent from July and 8.4 per cent from August 2025.

Townhomes benchmark at $750,600, down 0.9 per cent from July and 7.1 per cent from August 2025.

Apartments and condos benchmark at $466,100, down 0.7 per cent from July and 8.9 per cent from August 2025.

How Long Are Homes Sitting?

In August, both single-family detached homes and condos took an average of 45 days to sell — a noticeable slowdown from earlier in the summer, when detached homes were moving in 37 days. Townhomes remained the fastest-moving segment at 37 days on average.

Community-by-Community Breakdown

Langley detached homes benchmark at $1,479,400, down 7.1 per cent year-over-year. Townhomes sit at $806,400 (down 5 per cent) and apartments at $534,000 (down 8.8 per cent). Langley saw 69 detached sales, 62 townhome sales, and 65 apartment sales in August — with condo sales up a notable 35.4 per cent from a year earlier.

Surrey (combined) detached homes benchmark at $1,407,800, down 8.3 per cent year-over-year. Townhomes sit at $764,900 (down 7.8 per cent) and apartments at $450,800 (down 9.5 per cent). Surrey recorded 152 detached, 124 townhome, and 107 apartment sales.

Abbotsford remains one of the more affordable entry points in the region. Detached homes benchmark at $1,117,700 (down 7.9 per cent year-over-year), townhomes at $596,600 (down 8.4 per cent), and apartments at $374,600 (down 10.9 per cent) — the lowest apartment benchmark in the Fraser Valley. Notably, Abbotsford detached sales were up 12 per cent year-over-year.

White Rock / South Surrey remains the premium detached market, with a benchmark of $1,649,200 for a single-family home, down 7.5 per cent year-over-year. Townhomes sit at $820,300 (down 11.1 per cent) and apartments at $550,800 (down 6.2 per cent). Detached sales jumped 33.3 per cent from a year earlier.

Mission continues to offer relative value, with detached homes at $892,700 (down 11.8 per cent year-over-year), townhomes at $621,700 (down 4.4 per cent), and apartments at $414,600 (down 4.7 per cent). Mission's detached benchmark saw one of the sharpest monthly drops in the region, down 4.5 per cent from July alone.

What the Board Is Saying

Ishaq Ismail, Chair of the FVREB, described the current environment as a tug-of-war between buyers and sellers. "Some buyers are seeing an opportunity to negotiate below asking price, while sellers who need to sell are more likely to accept lower offers. That dynamic is contributing to the gradual decline in home prices we are seeing across the Fraser Valley, which ultimately creates more opportunities for those looking to get into the market."

Interim CEO Anthony Boone struck a similar note, pointing to opportunity despite cautious buyer sentiment. "While some buyers remain on the sidelines amid headlines about tariffs and high gas prices, the Fraser Valley housing market continues to offer some compelling choices hiding in plain sight. Prices are now as much as 15 per cent lower than they were three years ago, and these conditions are expected to continue to favour buyers for the foreseeable future."

What This Means for Buyers

If you've been waiting for leverage, August's numbers show it's firmly in your hands. A 10 per cent sales-to-active ratio, inventory 33 per cent above the seasonal norm, prices down 7 per cent year-over-year and up to 15 per cent below their 2022 peak, and longer selling times all point to a market where buyers can take their time, negotiate below asking, and buy without the pressure of competing offers. With the Bank of Canada holding rates steady (as covered in recent posts), borrowing costs are stable while these buyer-friendly conditions persist.

It's also worth keeping the longer view in mind: as we've written about recently, new construction has slowed dramatically, which points to a tighter supply picture down the road. Today's abundant choice may not last indefinitely.

What This Means for Sellers

The reality is direct: with a 10 per cent sales ratio, this is a market where buyers are in control. Homes that are priced accurately and presented well are still selling — in 37 to 45 days on average — but sellers who need to move are increasingly having to accept offers below asking. Pricing to today's market, not to 2022 or even early-2025 comparables, is essential. The sellers succeeding right now are the ones meeting the market where it actually is.

If you'd like a current market evaluation for your home, or want to talk through what these numbers mean for a purchase you're considering in Langley, Surrey, Abbotsford, or anywhere in the Fraser Valley, reach out — I'm happy to walk through it with you