Home prices in the Fraser Valley have been on a steady decline for the past 10 months, with January marking a significant milestone as the benchmark price fell below $900,000 for the first time since spring of 2021.
According to the Fraser Valley Real Estate Board (FVREB), the benchmark price for a typical home dropped by one percent to $897,200, showcasing a 6.9 percent year-over-year decrease.
Despite these price decreases, buyer activity remained subdued, with only 619 sales recorded in January, marking a 33 percent decrease from December and a 24 percent drop compared to the same month in 2025. However, new listings surged by 128 percent to 3,078 properties.
Tore Jacobsen, the chair of FVRB, noted that January started with minimal momentum, leading to weakening prices and an abundance of available properties. While this situation would traditionally favor buyers, ongoing uncertainties have dampened buyer confidence and overall market activity.
The average time to sell properties also varied, with single-family detached homes taking an average of 55 days, condos 53 days, and townhomes 50 days to sell.
Baldev Gill, CEO of FVRB, highlighted that affordability challenges extend beyond housing costs for many households, as rising daily expenses outpace wage growth, creating significant financial strain. As a result, potential buyers are becoming more cautious when making purchasing decisions.