Market Overview
The Fraser Valley real estate market continued to evolve in June, shaped by economic uncertainty, increasing inventory, and shifting buyer sentiment. While total sales across the region remained mostly flat, inventory reached its highest levels in over five years, providing buyers with greater choice and leverage.
In Surrey specifically, we remain in a buyer’s market, with home values continuing to soften across all property types. The Sales-to-Active Listings Ratio for the Fraser Valley held at 11 percent, well below the 12 to 20 percent range that defines a balanced market.
Surrey Housing Market – Key Figures
Apartments have seen the sharpest annual decline, falling 5.8 percent since June of last year, followed by detached homes at 5.4 percent, and townhomes at 3.6 percent.
Submarket Breakdown – Surrey Neighbourhoods
Central Surrey
Detached Benchmark: $1,480,200 (-1.8% from May)
Townhouse Benchmark: $824,200 (-0.3%)
Apartment Benchmark: $547,800 (-1.1%)
Detached sales declined 18.7 percent year-over-year. Active detached listings increased 26.9 percent from June 2024.
Cloverdale
Detached Benchmark: $1,462,500 (-3.6% from May)
Townhouse Benchmark: $841,500 (-0.6%)
Apartment Benchmark: $575,000 (-1.8%)
Detached sales dropped 34.7 percent compared to June 2024.
North Surrey
Detached Benchmark: $1,447,600 (-0.2% from May)
Townhouse Benchmark: $762,300 (-0.6%)
Apartment Benchmark: $463,400 (-1.6%)
Detached sales increased 44.1 percent from May, one of the few bright spots in an otherwise subdued market.
Fraser Valley Regional Snapshot
Detached Benchmark (FVREB): $1,458,600 (-1.6% from May)
Townhouse Benchmark (FVREB): $824,400 (-1.0%)
Apartment Benchmark (FVREB): $526,500 (-1.2%)
Average days on market:
Detached: 35 days
Townhouse: 30 days
Apartment: 39 days
Active listings reached 10,842, a 30% increase over this time last year. Total sales across all property types rose one percent month-over-month but remain nine percent below June 2024 and 33 percent under the 10-year average.
What This Means for Buyers and Sellers
For Buyers
This market presents rare opportunities. With increased supply and reduced prices, buyers have more room to negotiate. Detached home prices in Surrey are down over five percent compared to last year, and townhouse and condo values have followed suit. Serious, well-prepared buyers can secure favourable terms and properties that may have been out of reach 18 months ago.
For Sellers
Homes are still selling, but the days of aspirational pricing are behind us. Buyers are cautious and value-driven. Properties that are well-priced, professionally marketed, and properly presented are still moving, while overpriced listings risk sitting on the market. Strategic pricing and strong marketing execution are essential in this environment.
Final Thoughts
Market conditions continue to favour buyers, with price softness and growing inventory creating opportunities for those in a position to act. Sellers can succeed with an accurate market-read and a strategic plan. The key for both groups is understanding the hyperlocal nuances of Surrey’s submarkets and timing moves accordingly.
If you’re considering a purchase, sale, or would like an updated evaluation of your property in today’s market, I’d be happy to help. I provide straightforward, professional advice based on data and experience, backed by a lifetime of working and living here in Surrey.
