Surrey, Langley, and Fraser Valley lose much of pandemic-era home price gains | Daily Hive

Surrey City Centre skyline. (EB Adventure Photography/Shutterstock)

Home prices continued to decline across the Lower Mainland in October 2026, with the two separate real estate boards representing the nearly all of the overall area still reporting fewer sales than a year earlier.

Within the jurisdiction covered by Greater Vancouver Realtors (GVR), the benchmark price across all residential property types was $1.069 million — down by 0.7 per cent from September 2026 and down by 5.2 per cent from October 2025.

For the Fraser Valley Real Estate Board’s (FVREB) jurisdiction, the equivalent benchmark was $860,000, which is a slight decline of 0.1 per cent from September 2026 and a decline of 6.4 per cent from the same month last year.

GVR’s jurisdiction spans much of Metro Vancouver, including Vancouver, Burnaby, New Westminster, Richmond, Coquitlam, Port Coquitlam, Port Moody, West Vancouver, North Vancouver City, North Vancouver District, Maple Ridge, Pitt Meadows, South Delta, and Bowen Island, along with Squamish, Whistler, and the Sunshine Coast.

FVREB covers a major portion of Metro Vancouver, entailing Surrey, Langley City, Langley Township, White Rock, and North Delta, as well as the Fraser Valley communities of Abbotsford and Mission.

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Prices were lower across all three main housing types in both GVR and FVREB areas, compared with both September 2026 and October 2025.

In GVR’s area, the benchmark price of a single-family detached house was $1.775 million, which is down by 0.5 per cent from September 2026 and down by seven per cent from October 2025.

The townhome benchmark was $1.007 million, which is a decrease of one per cent from September 2026 and a decrease of 5.5 per cent from October 2025. Condominiums had a benchmark price of $673,000, representing a drop of 1.3 per cent from September 2026 and a drop of 5.9 per cent from the same month in 2025.

Within FVREB’s area, the single-family detached house benchmark price was $1.294 million — down by 0.5 per cent from September 2026 and down by 8.5 per cent from October 2025.

The townhome benchmark was $742,000 — down by 0.4 per cent compared to September 2026 and down by 5.5 per cent compared to October 2025. For condominiums, the benchmark was $461,000, which is down by 0.2 per cent from September 2026 and down by 8.1 per cent from October 2025.

Of special note, New Westminster’s overall residential benchmark price fell by 8.8 per cent to $707,000 compared to October 2025, while Richmond’s dropped by 8.3 per cent to $998,000 compared to the same month last year. The declines were smaller in Vancouver, with declines of 4.4 per cent for the Vancouver Eastside and 4.5 per cent for the Vancouver Westside.

Farther east, Mission’s overall benchmark was $788,000, representing a decrease of 11.9 per cent from a year earlier, while Abbotsford’s was $702,800, which is a drop of 9.9 per cent.

Both GVR and FVREB warned that higher borrowing costs could undermine the affordability gains from falling home prices.

Andrew Lis, the chief economist and vice-president of data analytics for GVR, said provincial and municipal election coverage, combined with uncertainty about mortgage rates, had contributed to buyers and sellers stepping back in October 2026.

Following October 2026’s 0.25 per cent policy interest rate increase announcement by the Bank of Canada, Lis said the financial markets were pricing in a slight chance of another 0.25 per cent hike in the next scheduled rate update in December 2026. That could encourage some buyers to act before their existing mortgage rate holds expire.

“Still, it’s a difficult quandary for buyers who’ve watched prices edge lower throughout the year, only to see those affordability gains eroded by higher borrowing costs. Like much of 2026, it’s a continued pattern of one step forward, one step back in nearly all aspects impacting the housing market. Whether we finish 2026 stepping forward rather than back, remains the defining question that will set the tone for the New Year,” said Lis.

Meanwhile, Rock Lefebvre, the CEO of FVREB, pointed to how substantially prices had retreated.

“Much of the pandemic-era price growth in the Fraser Valley has been erased. That brings affordability to its best level in five years, creating a welcome opportunity for buyers,” said Lefebvre. It should be re-emphasized that FVREB’s jurisdiction also includes the very major markets of Surrey and the two Langley municipalities, with all three cities being major drivers for the overall FVREB jurisdiction.

However, Lefebvre also cautioned that prospective homebuyers would need to weigh those opportunities against higher borrowing costs and the possibility of further interest rate increases.

Greater Vancouver Realtors

Fraser Valley Real Estate Board

Within GVR’s area, 2,024 homes changed hands in October 2026, which is down by 10.2 per cent from the 2,255 sales recorded a year earlier. Overall activity was also 22.5 per cent below the 10-year average for October.

Continuing previous trends, condominium sales saw the largest annual decline among the three main housing categories. There were 892 condominium unit sales within GVR’s area, which is down by 16.7 per cent from October 2025, compared with 643 single-family detached house sales, which is down by 7.2 per cent from October 2025. Townhome sales were comparatively more resilient, falling by 1.9 per cent to 468 units compared to October 2025.

GVR recorded 4,805 new listings in October 2026, which is down by 11.6 per cent from a year earlier, although that was still one per cent above the 10-year seasonal average.

There were 15,688 homes of all types listed for sale across GVR’s area. That was 4.3 per cent lower than in October 2025, but still 24 per cent above the usual level for the month, based on the past decade.

Within FVREB’s area, October 2026 brought a month-over-month increase in sales, but activity remained below last year. FVREB recorded 1,051 sales, which is up by 14 per cent from the 922 units sold in September 2026, but down by 6.4 per cent from October 2025.

FVREB’s jurisdiction had 9,164 active listings, which is a drop of 6.1 per cent from September 2026 and a drop of 9.5 per cent from October 2025. Another 2,551 listings entered the market in October 2026, representing a decline of 9.5 per cent from September 2026 and a decline of 14 per cent from October 2025.

Single-family detached houses performed better than condominiums and townhomes when compared with last year’s sales. There were 384 single-family detached house sales in FVREB’s jurisdiction, which is up by 1.6 per cent from October 2025. But townhome sales fell by 17.6 per cent to 258 units, while condominium sales dropped by 20.1 per cent to 238 units.

In GVR’s area, single-family detached houses spent an average of 43 days on the market, compared with 47 days for condominiums and 33 days for townhomes. In contrast, single-family detached houses in FVREB’s area took an average of 50 days to sell, compared with 44 days for condominiums and 37 days for townhomes.

According to a separate report released by Rennie in October 2026, more than 14,000 new condominium units remained unsold across Metro Vancouver at the end of June 2026, including nearly 8,000 units under construction. Just 1,340 new condominiums, across all stages of construction, were sold during the first half of 2026.

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