October’s Fraser Valley housing data offers brokers a nuanced read on where the market is heading
The Fraser Valley’s residential market posted a 14% month-over-month increase in October, but conditions continue to weigh against sellers.
The Fraser Valley Real Estate Board (FVREB) in Surrey, British Columbia, recorded 1,051 sales on its Multiple Listing Service (MLS), still 6% below the same month a year earlier.
The sales-to-active listings ratio of 11% left the region well short of the 12% floor that defines a balanced market.
Read more: GTA home sales stumble in October as buyers seek economic clarity
Detached homes find buyers as prices correct
Detached properties outperformed both townhomes and apartments during the month, with the sustained price correction in that segment drawing out buyers who had remained on the sidelines.
The composite benchmark price for a typical Fraser Valley home fell 0.1% in October to $860,000, down 6.4% year-over-year.
Detached home values declined 8.5% from October 2025 to $1,293,800, while townhomes slipped 5.5% year-over-year to $742,300 and apartments dropped 8.1% to $460,800.
Detached homes averaged 50 days to sell in October, compared with 44 days for condos and 37 days for townhomes, figures that point to a market in which the buyer’s market conditions that persisted in Fraser Valley through mid-2026 remain largely unchanged.
Read more: Rate hike and election drag Vancouver home sales down
“Detached homes continued to lead sales activity in October, significantly outpacing both townhomes and apartments,” said Ishaq Ismail, Chair of the Fraser Valley Real Estate Board.
“This is a trend we’ve been watching in recent months, and improving affordability in the detached segment may be helping sustain that demand. The substantial price correction appears to be bringing detached homes within reach for more buyers.”
Inventory declined in keeping with seasonal patterns. Total new listings dropped 10% from September to 2,551, while active inventory fell 6% month-over-month and 10% from October 2025 to 9,164 listings.
Rate hike adds a new headwind for buyers
The Bank of Canada’s decision on October 28 to raise its overnight lending rate by 25 basis points to 2.5%, its first increase since July 2023, arrived the same week as the FVREB’s October data release, adding a new and immediate variable for brokers advising clients in British Columbia.
For mortgage professionals who have been tracking BC unit sales slipping amid economic headwinds that suppress buyer demand, the rate decision deepens an already complex picture.
Rock Lefebvre, CEO of the Fraser Valley Real Estate Board in Surrey, British Columbia, struck a measured tone.
“Much of the pandemic-era price growth in the Fraser Valley has been erased,” he said.
“That brings affordability to its best level in five years, creating a welcome opportunity for buyers. However, with interest rates recently moving higher and the possibility of further increases, buyers will need to consider how borrowing costs factor into their purchasing decisions.”
Make sure to get all the latest news to your inbox on Canada’s mortgage and housing markets by signing up for our free daily newsletter here.
