May 2026 Market Update

A Market Creating Opportunity

The Fraser Valley housing market remained firmly in buyers' market territory throughout May, creating opportunities for those looking to make a move. While economic uncertainty continues to keep many buyers on the sidelines, those who are financially prepared are benefiting from increased selection and softer pricing.

The Fraser Valley saw 1,124 sales in May, virtually unchanged from April and down 5.0% compared to May 2025. At the same time, active inventory climbed to 10,140 homes, giving buyers considerably more choice than we've seen in recent years.

After two months of gain, benchmark prices across all property types declined 0.7% month-over-month to $893,300, marking a continuation of the softer pricing environment we've experienced throughout much of 2026.

With a sales-to-active listings ratio of 11 per cent in May, the Fraser Valley remains in buyer’s market territory. A balanced market is typically defined by a ratio between 12 and 20 per cent.

 Average days on Market in May (Across the Fraser Valley):

Detached: 35

Townhomes: 37

Condos: 40

A Closer Look at Surrey

Surrey's market continues to provide buyers with significant negotiating power.

In May, detached home sales increased slightly by 1.1% year-over-year, while townhome sales rose 8.1%. Condo sales, however, declined by 30.6% compared to May 2025.

 Benchmark prices in Surrey were:

Detached Homes: $1,448,300 (-9.4% year-over-year)

Townhomes: $786,600 (-8.5% year-over-year)

Condos: $467,500 (-9.6% year-over-year)

Looking deeper into Surrey's submarkets:

Surrey Central detached benchmark price: $1,356,500 (-9.9% year-over-year)

Cloverdale detached benchmark price: $1,378,100 (-8.3% year-over-year)

North Surrey detached benchmark price: $1,270,000 (-12.7% year-over-year)

Inventory remains elevated throughout Surrey, providing buyers with more options and reducing the urgency that characterized the market just a few years ago.