The Fraser Valley real estate market is showing early signs of a spring recovery, with February sales increasing compared to January. However, overall sales volumes remain below typical seasonal averages, and benchmark prices for single-detached homes, townhouses, and condos in North Delta and Surrey have seen a year-over-year decline.
Key Takeaways
- February sales in the Fraser Valley increased from January but are still 38% below the 10-year seasonal average.
- New listings decreased by 9% in February, indicating sellers may be waiting for the peak spring market.
- Buyer-friendly conditions persist with ample inventory, which is up 8% from January and 51% above the 10-year seasonal average.
- Benchmark prices for single-detached homes in North Delta and Surrey are down nearly 10% compared to February 2025.
Market Performance
The Fraser Valley Real Estate Board (FVRB) reported that while February saw a welcome increase in sales over January, they continue to trail typical levels for this time of year. Sales on the MLS were 38% below the 10-year seasonal average. New listings saw a decline of 9% in February, suggesting that some sellers are holding back, potentially positioning their properties for the upcoming spring market peak.
Buyer Opportunities Amidst Inventory
Tore Jacobsen, chair of the FVRB, described the current market as "buyer-friendly." He noted that with ample inventory and soft prices, this period could represent a significant buying opportunity, especially as prices stabilize. The FVRB is hopeful that improved economic stability will encourage more buyers to re-enter the market as spring progresses.
Overall inventory levels remain elevated, with active listings up 8% from January and a substantial 51% above the 10-year seasonal average.
Price Trends in North Delta and Surrey
In North Delta, the benchmark price for a single-detached house in February 2026 was $1,277,500, showing little change from the previous month but a decrease of nearly 10% compared to February 2025. Townhouses and condos in North Delta were priced at $873,600 and $510,000 respectively, both also lower than the previous year.
Surrey's combined benchmark price for a single-detached house stood at $1,461,300 last month, down approximately 10% from February 2025. Areas like Surrey-Central, Surrey-Cloverdale, and Surrey-North experienced similar price drops. The benchmark price for townhouses and condos in Surrey was $789,800 and $479,100, respectively, also showing a decrease compared to the previous year.
