February 2026 Market Update

An Early Spring Lift

February brought a noticeable increase in sales activity across the Fraser Valley compared to January, signaling an early hint of the spring market. That said, overall market conditions remain firmly in buyers’ territory, with inventory levels staying elevated and benchmark prices continuing to trend slightly downward.

For well-prepared buyers, this continues to present opportunity. For sellers, pricing strategy and presentation remain critical.

Across the Fraser Valley

The Fraser Valley Real Estate Board recorded 843 MLS® sales in February, a 36% increase from January, but still below typical seasonal levels.

New listings declined to 2,796, down 9% from January, while total active inventory rose to 8,344 homes - up 8% month-over-month and sitting 51% above the 10-year seasonal average

With a sales-to-active listings ratio of 10%, the Fraser Valley remains in a buyer’s market (a balanced market is typically between 12%–20%)

The composite benchmark price for the Fraser Valley dipped 0.2% month-over-month to $895,100, reflecting continued softening across most property types

 Average days on market in February:
• Detached homes: 47 days
• Townhomes: 39 days
• Condos: 45 days

A Closer Look at Surrey

Detached benchmark prices declined 0.5% month-over-month to $1,461,300, down 9.7% year-over-year

Townhome benchmark prices edged up slightly month-over-month to $789,800, but remain down 7.6% year-over-year

Apartment benchmark prices decreased 0.4% month-over-month to $479,100, down 8.9% year-over-year

While pricing has softened compared to last year, February’s jump in sales suggests that buyers are beginning to re-engage — particularly in well-priced townhomes and entry-level detached homes across Surrey.