Surrey and Fraser Valley in 2025 recorded the slowest home sales in 25 years | Daily Hive

Towers under construction in the Surrey City Centre skyline. (Imagenet/Shutterstock)

Home sales in the Fraser Valley fell sharply in 2025 as economic uncertainty and affordability pressures kept many would-be buyers on the sidelines.

Today, the Fraser Valley Real Estate Board (FVREB) reported a total of 12,224 home sales in 2025, representing a drop of 16 per cent from 2024 and 33 per cent below the 10-year average.

This was the slowest sales year since 2000, and it was also the first full-year buyer’s market in 25 years.

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Sales activity was concentrated largely in Surrey, which accounted for 48 per cent of all transactions. Langley followed with 24 per cent, while Abbotsford represented 16 per cent of total sales.

At the same time, supply surged. The number of new listings over the year climbed to 37,963 units — the highest level seen in more than 40 years — giving buyers unprecedented choice and increased negotiating power. Yet that leverage failed to translate into higher sales volumes.

FVREB’s jurisdiction spans the eastern and southern areas of Metro Vancouver and the western areas of the Fraser Valley, encompassing Surrey, Langley, White Rock, and North Delta, as well as Abbotsford and Mission. Other areas of Metro Vancouver are under the separate jurisdiction of Greater Vancouver Realtors (GVR), including Vancouver, Burnaby, Coquitlam, Port Coquitlam, Port Moody, New Westminster, North Vancouver, West Vancouver, Richmond, South Delta, Maple Ridge, Pitt Meadows, and Bowen Island, as well as the Sunshine Coast, Squamish, and Whistler.

Home prices continued to soften throughout the year. The Fraser Valley composite Benchmark price closed 2025 at $905,900, down six per cent year-over-year and 24 per cent below the market peak reached in March 2022.

“Ample selection and easing prices gave buyers some of the most meaningful opportunities we’ve seen in recent years,” said Tore Jacobsen, chair of the FVREB, in a statement. “While these conditions favoured motivated sellers in 2025, the hesitancy of many buyers to capitalize reflected the general market climate throughout the province and indeed across the country.”

Residential towers in Surrey City Centre. (Elena Alex Ferns/Shutterstock)

The slowdown continued into the final month of the year. December 2025 recorded 919 sales, down 2.5 per cent from November 2025 and 7.5 per cent below December 2024.

Seasonal trends drove new listings sharply lower, falling 39 per cent month-over-month to 1,350. Even with that pullback, overall inventory remained elevated, ending 2025 with 6,965 active listings — still above typical seasonal levels.

“The slowdown we saw in 2025 wasn’t just about housing — it reflected broader economic uncertainty felt across the region,” said Baldev Gill, CEO of FVREB. “Households were navigating affordability challenges, rising costs and tougher mortgage requirements, all of which contributed to a quieter market.”

Within FVREB’s jurisdiction, the benchmark price for single-family detached houses declined to $1.388 million, representing a 1.2 per cent decrease from November 2025 and a 6.2 per cent drop compared with December 2024. Townhouses showed modest month-over-month resilience, with the benchmark price edging up 0.3 per cent to $0.78 million, although values remained 5.7 per cent lower than a year earlier.

Condominium home prices across FVREB continued to weaken, with the benchmark price falling one per cent from November 2025 to $0.492 million, marking a 7.5 per cent year-over-year decline.

In Surrey, benchmark home prices continued to trend lower by the end of December 2025. The benchmark price for single-family homes stood at $1.484 million, down 7.2 per cent from December 2024 and 1.2 per cent lower than in November 2025. Townhouse prices showed modest month-over-month improvement, with the benchmark reaching $773,000, up 0.7 per cent from November, though still 6.7 per cent below year-ago levels.

Surrey’s condominium home prices experienced the steepest declines, with the benchmark price falling to $501,000 — an 8.4 per cent decrease year-over-year and down 1.6 per cent compared with November 2025.

The home sale volume and listings trends recorded within FVREB generally align with what was also experienced within GVR’s jurisdiction, which also saw decades-old records broken.

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