After a quiet start to the spring season, the Fraser Valley housing market showed a modest but notable recovery in May. While sales activity remains well below historical norms, the month brought a hint of renewed momentum — a welcome sign for both buyers and sellers keeping a close eye on market conditions.
According to data from the Fraser Valley Real Estate Board (FVREB), home sales on the Multiple Listing Service® (MLS®) reached 1,183 in May — a 13% increase from April. However, that figure still sits 22% below May 2024 levels and 36% under the 10-year seasonal average. This indicates that while activity is picking up, we're still operating in a slower-than-usual market.
Inventory Levels Continue to Climb
One key trend that continues to shape the landscape is inventory. Active listings rose by 6% month-over-month in May, reaching 10,626 — a 34% increase compared to last year and 54% above the 10-year average for this time of year. Additionally, new listings climbed by 7%, with over 4,000 properties hitting the market last month.
With more homes available, buyers now have more options than they’ve had in years.
But the flip side is that sellers are facing more competition. Homes that are well-priced and aligned with current market conditions are moving — others are sitting, especially if sellers are holding out for stronger pricing.
The sales-to-active listings ratio currently sits at 11%, keeping the Fraser Valley firmly in buyer’s market territory. For context, a balanced market typically has a ratio between 12% and 20%.
What’s Influencing Buyer Behaviour?
Despite the slight uptick in sales, many potential buyers are still taking a cautious approach. Economic uncertainty, concerns around inflation, job security, and the rising cost of living are continuing to impact buyer confidence. Until those pressures ease, market activity may remain subdued.
Benchmark Prices Edge Downward
Home prices across all property types saw a small dip in May. The composite Benchmark price in the Fraser Valley now sits at $963,200, down 1% from April.
Here’s how prices shifted across different housing types:
Single-Family Detached Homes: Now benchmarked at $1,481,900, prices fell 1.6% month-over-month and 3.2% year-over-year.
Townhomes: Averaging $832,800, prices remained relatively flat, slipping just 0.03% from April, but down 2.5% from last year.
Condos/Apartments: Currently at $532,700, prices declined by 0.9% from April and 4.0% compared to May 2024.
Homes Are Still Selling — But It’s Taking Time
For those wondering about how long it’s taking to sell, the average time on market in May was:
34 days for detached homes
33 days for condos
27 days for townhomes
These numbers suggest that while buyers are out there, many are still hesitant to jump in quickly.
What Does This Mean for You?
For Buyers:
With inventory levels high and prices showing slight declines, this could be a strategic time to enter the market — especially if you're looking for options and negotiating power. While some buyers are still holding back, those who are prepared and pre-approved may find great opportunities before competition intensifies again.
For Sellers:
Today’s market is more competitive, and pricing your home accurately is key. The good news? Homes that are well-prepared and priced right are still selling. If you’re not in a rush, you may choose to wait — but if you're ready to list, working with an experienced team can make all the difference.
Every Home. Every Client. Every Goal Is Unique.
At Elevation Real Estate, we don’t believe in a one-size-fits-all approach. Whether you're buying your first home or preparing to sell an investment property, we’ll help you navigate today’s market with clarity and confidence.
Ready to make a move?
Reach out to our team for a personalized market assessment and guidance tailored to your specific goals.