In 2025, the Fraser Valley housing market — which includes key communities such as Surrey, Langley and Abbotsford — experienced one of its slowest sales years in decades. Despite abundant listings and easing prices, buyer demand remained subdued, according to regional market data.

Sales Activity Declines Significantly

Data from the Fraser Valley Real Estate Board (FVREB) shows that a total of 12,224 residential sales were processed through the Multiple Listing Service (MLS®) in 2025. This figure represents a 16 % drop compared with 2024 and sits 33 % below the 10-year average, highlighting how far sales activity has slowed relative to recent years.

Surrey, the region’s largest city by population, accounted for nearly half of all Fraser Valley sales, underscoring its importance in the regional housing picture. Langley and Abbotsford followed with significant but smaller shares of total activity.

Inventory at Multi-Decade Highs

One of the defining features of the 2025 market was the high number of homes on the market. New listings climbed to 37,963 units, providing buyers with a level of choice not seen in decades. This expanding inventory has contributed to a buyer’s market, where sellers face more competition and homes typically stay listed longer.

As a result, the sales-to-active listings ratio — a key gauge of market balance — hovered near the threshold that separates a buyer’s market from a balanced market. Lower ratios generally indicate weaker demand relative to available supply.

Prices Trend Lower, But Variation Remains

Benchmark prices across property types also reflected the market slowdown:

1. The composite benchmark home price for the Fraser Valley closed 2025 at about $905,900, down around 6 % from the prior year and approximately 24 % below the market peak in early 2022.
2. Detached homes, townhomes and apartments all saw varying price changes — overall, the trend pointed toward mild softening, though specific segments experienced different movements within the year.

Monthly Trends Show Seasonal Patterns

Monthly statistics from late 2025 reveal ongoing moderation in activity:

1. In December 2025, the board recorded 919 sales, slightly lower than the previous month and also below figures from December 2024 — a pattern consistent with both seasonal slowdown and broader market caution among buyers.
2. In November, easing prices and abundant inventory failed to spur a notable rebound in demand, with sales down year-over-year and listings well above historical norms.

Buyer Opportunity and Cautious Activity

Market conditions in 2025 offered more options for buyers than in recent seller-dominant years. In several months over the summer and fall, analysts noted that:

1. Inventory levels remained elevated, giving buyers greater negotiation power.
2. Some declines in sales were attributed to economic uncertainty and affordability concerns, rather than lack of choice.

With a larger selection of homes and softer pricing, some prospective buyers had what agents called “good opportunities”, particularly if they were flexible on timing or housing type.

What This Means for Surrey and Regional Buyers

For those watching the Surrey and Fraser Valley markets in 2025, several clear themes emerge:

1. Buyer’s Market Conditions — High inventory and lower sales activity created a market where buyers could negotiate with more leverage than in previous years.
2. Prices Moderating — While not plunging, prices eased modestly across most segments, making it a more accessible environment for some purchasers.
3. Cautious Buyer Sentiment — Despite favorable listing conditions, many buyers remained hesitant, reflecting broader economic and affordability challenges beyond local real estate dynamics.
4. Seasonal and Economic Effects — Fall and winter months followed normal seasonal patterns, but also reinforced the slower overall pace of sales.

Looking Ahead: 2026 Market Outlook

Early indicators suggest that 2026 may continue to feature a balance-oriented housing market, with buyers benefitting from choice and sellers adjusting expectations based on recent trends. Broader economic conditions — including mortgage rates, employment growth and demographic shifts — will play a key role in shaping how the market evolves.

Professional analysts and real estate boards continue to advise both buyers and sellers to stay informed of regional data, compare multi-month trends rather than single-month snapshots, and consult licensed REALTORS® when making purchase or sale decisions.