Comprehensive Analysis Five Year Fraser Valley Real Estate Market Trends
Five-Year Fraser Valley Real Estate Trend Analysis: What the Data Reveals About 2019–2025
The Fraser Valley real estate market has undergone a remarkable transformation over the past six years—from the steady pre-pandemic growth of 2019, through the extraordinary boom of 2021, to the significant correction that's defined 2024-2025. This comprehensive analysis examines what the data tells us about where we've been, where we are now, and what it means for Fraser Valley homeowners and prospective buyers.
Five-Year Market Snapshot: Fraser Valley at a Glance
The Five-Year Market Cycle: A Visual Timeline
Fraser Valley Market Phases: 2019–2025
2019 – Pre-Pandemic Stability: Detached benchmark around $970,000; balanced market conditions with steady 18% sales ratios.
2020 – Pandemic Pause, Then Surge: Brief slowdown followed by unprecedented buyer activity; sales ratios climbed to 31-39% by year-end.
2021 – Peak Frenzy: Record prices reached as detached benchmarks exceeded $1,500,000; sales ratios hit 82-94% in some markets—extreme seller's territory.
2022 – The Turning Point: Interest rate hikes began cooling the market; prices peaked mid-year, then started declining.
2023 – Correction Begins: Prices stabilized below peaks; inventory grew; market shifted toward balance.
2024-2025 – Buyer's Market Reality: Prices down 5-7% year-over-year; inventory at 10-year highs; sales ratios between 10-11%.
Fraser Valley Benchmark Price Trends: 2019–2025
| Year | Detached | Townhouse | Apartment | Composite |
|---|---|---|---|---|
| 2019 | $968,300 | $519,800 | $408,200 | $780,500 |
| 2020 | $1,042,100 | $557,600 | $432,800 | $833,200 |
| 2021 | $1,366,900 | $678,500 | $515,600 | $1,028,400 |
| 2022 (Peak) | $1,571,700 | $814,300 | $553,900 | $1,099,400 |
| 2023 | $1,481,700 | $835,300 | $547,500 | $980,600 |
| 2024 | $1,485,000 | $835,200 | $533,500 | $965,000 |
| Nov 2025 | $1,405,500 | $778,700 | $496,500 | $912,400 |
| 5-Year Change | +45.2% | +49.8% | +21.6% | +16.9% |
| Peak to Nov 2025 | −10.6% | −4.4% | −10.4% | −17.0% |
Historical Perspective
Despite the correction, current prices remain significantly above pre-pandemic levels. A detached home at $1,405,500 is still 45% higher than the 2019 benchmark of $968,300. The correction has moderated extreme gains but hasn't returned affordability to historical norms—a critical consideration for both buyers hoping for deeper discounts and sellers worried about further declines.
Sales Volume and Inventory: The Shifting Balance
One of the clearest indicators of market health is the relationship between sales volume, new listings, and active inventory. The five-year data reveals dramatic shifts in supply-demand dynamics.
| Year | Total Sales | New Listings | Active Listings (Dec) | Sales Ratio |
|---|---|---|---|---|
| 2019 | 15,487 | 35,127 | 5,800 | 18% |
| 2020 | 18,921 | 32,849 | 4,200 | 31% |
| 2021 | 26,328 | 38,442 | 2,900 | 73% |
| 2022 | 15,267 | 33,847 | 6,100 | 28% |
| 2023 | 14,389 | 33,614 | 6,900 | 21% |
| 2024 | 13,581 | 34,410 | 8,125 | 16% |
| 2025 YTD (Nov) | 11,310 | 36,614 | 9,201 | 10% |
Reality Check: What Sales Ratios Mean
Under 12%: Buyer's market—buyers have leverage, prices typically decline.
12-20%: Balanced market—neither party has a significant advantage.
Over 20%: Seller's market—sellers have leverage, prices typically rise.
The current 10% sales ratio signals clear buyer's market conditions. During the 2021 peak, ratios exceeded 70% region-wide and topped 90% in some neighbourhoods—nearly every listed home was selling, often above asking price.
City-by-City Five-Year Trend Analysis
Surrey: The Region's Largest Market
As the Fraser Valley's largest municipality, Surrey's market movements often reflect broader regional trends while maintaining distinct neighbourhood-level variations.
| Property Type | 2019 | 2021 Peak | Nov 2025 | Peak to Current |
|---|---|---|---|---|
| Detached | $983,783 | $1,427,937 | $1,413,300 | −1.0% |
| Attached | $443,500 | $539,158 | $600,250 (Oct) | +11.3% |
Surrey detached homes have corrected only modestly from their 2021-2022 peaks, suggesting the initial surge was more sustainable than in other markets. The attached segment (condos and townhomes) has shown resilience, with values holding above 2021 levels—reflecting continued demand at more accessible price points. Current sales ratios of 11% indicate buyer's market conditions with 25+ days on market for most properties.
Current Snapshot: View Surrey Market Data | Browse Surrey Listings | View Surrey City Spotlight
Langley: Premium Market with Moderate Correction
Langley's family-oriented communities and strong amenities have supported higher price points, though the market hasn't been immune to correction.
| Property Type | 2019 | 2021 Peak | Nov 2025 | Peak to Current |
|---|---|---|---|---|
| Detached | $955,328 | $1,366,880 | $1,543,400 | +12.9% |
| Attached | $497,134 | $610,100 | $682,500 (Oct) | +11.9% |
Langley shows an interesting pattern: while benchmark prices reflect broader regional corrections, median sale prices have remained elevated, suggesting sustained demand in premium neighbourhoods like Walnut Grove (33% sales ratio) and Willoughby. The attached segment continues to outperform with 20% sales ratios—approaching balanced territory.
Current Snapshot: View Langley Market Data | Browse Langley Listings | View Langley City Spotlight
Abbotsford: Affordability Gateway with Value Retention
Abbotsford continues to represent the most accessible entry point for detached home ownership in the Fraser Valley, a position that has supported relative price stability.
| Property Type | 2019 | 2021 Peak | Nov 2025 | 5-Year Change |
|---|---|---|---|---|
| Detached | $767,438 | $1,135,613 | $1,215,400 | +58.4% |
| Attached | $345,820 | $453,329 | $532,450 (Oct) | +54.0% |
Abbotsford has seen strong appreciation over the five-year period, with detached homes up 58% and attached properties up 54%. Current sales ratios of 13-17% suggest more balanced conditions compared to Surrey and White Rock. The detached benchmark of $1,215,400 remains approximately $190,000 below Langley—offering relative value for families seeking more space.
Current Snapshot: View Abbotsford Market Data | Browse Abbotsford Listings | View Abbotsford City Spotlight
Mission: Value Market with Balanced Conditions
Mission represents the Fraser Valley's most affordable detached market, attracting buyers willing to trade commute time for homeownership.
| Property Type | 2019 | 2021 Peak | Nov 2025 | 5-Year Change |
|---|---|---|---|---|
| Detached | $654,771 | $964,146 | $981,700 | +49.9% |
| Attached | $447,025 | $499,738 | $646,700 | +44.7% |
Mission shows relatively balanced conditions with sales ratios around 11-13%—among the healthiest in the Fraser Valley. The detached benchmark remains under $1 million, making it one of the last markets where a single-family home can be purchased below this psychological threshold. Days on market average 29-35 days, indicating reasonable seller timelines.
Current Snapshot: View Mission Market Data | Browse Mission Listings | View Mission City Spotlight
White Rock & South Surrey: Premium Markets See Deeper Correction
Note: White Rock and South Surrey statistics are combined in FVREB reporting due to shared boundaries.
| Property Type | 2019 | 2022 Peak | Nov 2025 | Peak to Current |
|---|---|---|---|---|
| Detached | $1,400,000 | $2,100,000 | $1,746,100 | −16.9% |
| Attached | $698,000 | $1,050,000 | $876,500 | −16.5% |
The premium White Rock/South Surrey market has experienced a deeper correction than more affordable areas—a common pattern where higher-end properties are more sensitive to interest rate increases. Sales ratios of 6-8% indicate strong buyer's market conditions, with properties selling an average of 4% below list price. Buyers in this segment have significant negotiating leverage.
Current Snapshot: View White Rock Data | View South Surrey Data | White Rock Spotlight | South Surrey Spotlight
What Drove the Market: Key Factors 2019–2025
The 2020-2021 Surge: A Perfect Storm
The pandemic-era boom wasn't random—it resulted from a confluence of factors:
- Record-low interest rates: Bank of Canada dropped rates to 0.25%, dramatically increasing buying power
- Remote work shift: Space became premium as home offices replaced commutes
- Delayed demand: Spring 2020 lockdowns created pent-up buyer pressure
- Urban flight: Fraser Valley benefited from Vancouver residents seeking space
- Limited supply: New construction couldn't keep pace; existing owners held inventory
The 2022-2025 Correction: Rate Shock and Rebalancing
The reversal was equally driven by identifiable factors:
- Aggressive rate hikes: Bank of Canada raised rates from 0.25% to 5.0% through 10 consecutive increases (March 2022–July 2023)
- Affordability ceiling: Monthly payments on typical homes exceeded household budgets
- Stress test impact: Qualification amounts dropped significantly
- Inventory normalization: Active listings climbed 47% above 10-year averages
- Economic uncertainty: Tariff threats and employment concerns dampened confidence
The Equity Reality
For homeowners who purchased before 2020, substantial equity remains despite the correction. A home bought in 2019 at the then-benchmark of $780,500 (composite) is now worth approximately $912,400—a 17% gain. However, those who purchased at 2021-2022 peaks may be facing negative equity positions, particularly in the detached segment where prices have corrected 10-17% from highs.
2025 Year-to-Date: What the Latest Data Shows
Through November 2025, the Fraser Valley market has settled into clear buyer's market territory:
| Metric | 2025 YTD | 2024 Same Period | Change |
|---|---|---|---|
| Total Sales | 11,310 | 13,581 | −16.7% |
| New Listings | 36,614 | 34,410 | +6.4% |
| Active Listings | 9,201 | 8,125 | +13.2% |
| Sales Ratio | 10% | 16% | −6 pts |
| Avg Days on Market | 43 | 26 | +17 days |
November 2025 saw 943 sales—down 17% from November 2024—with the composite benchmark at $912,400. The combination of elevated inventory (47% above 10-year averages) and subdued sales creates negotiating leverage for buyers that hasn't existed since 2018-2019.
What This Means for Different Buyer Profiles
For First-Time Buyers
The current market offers conditions that weren't available during 2020-2022: time to make decisions, multiple properties to compare, and genuine room for negotiation. Entry-level options include Abbotsford condos (benchmark $406,600), Mission townhomes (benchmark $646,700), and Surrey apartments (benchmark $509,000). The challenge remains down payment savings and qualification under stress test rules—lower rates help monthly payments but don't address the 5-20% down payment requirement on these price points.
For Move-Up Buyers
If you've held a property since 2019 or earlier, you likely have substantial equity to deploy. The simultaneous nature of buying and selling in the same market means the correction affects both sides of your transaction. Well-positioned move-up buyers can leverage existing equity while taking advantage of buyer's market conditions on their purchase.
For Investors
Rental demand remains present in the Fraser Valley, but cash flow calculations require careful analysis at current price points. Lower benchmark prices combined with slightly reduced interest rates improve investor math compared to 2022-2023, but cap rates remain compressed by historical standards. Due diligence on specific properties and neighbourhoods is essential—broad market assumptions can lead to poor individual investment decisions.
What This Means for Sellers
Current market conditions require realistic pricing strategies:
- Pricing accuracy is critical: Overpriced listings sit; competitively priced homes sell within 30-45 days
- Expect negotiation: Homes are selling 2-4% below list price on average; deeper in premium markets
- Presentation matters: With abundant selection, buyers can be choosy—staging and condition influence outcomes
- Timing considerations: Those who need to sell should work with current conditions rather than waiting for a return to 2021-2022 dynamics
"Affordability concerns and economic pressures are weighing heavily on many Fraser Valley households. But there are encouraging signs for buyers. Composite prices are closer to early-2023 levels, inventory has improved, and there is more space to negotiate than we've had in recent years."
— Tore Jacobsen, Chair, Fraser Valley Real Estate Board
Looking Ahead: What History Suggests
Real estate markets are cyclical. The five-year data shows the Fraser Valley can move from balanced conditions to extreme seller's markets and back again within relatively short timeframes. Key factors to monitor:
- Interest rates: Bank of Canada decisions will continue influencing affordability and buyer activity
- Employment: Job market health directly impacts housing demand and buyer confidence
- Immigration policy: Federal immigration targets affect population growth and housing demand
- Supply pipeline: New construction completions will influence inventory levels
- Economic conditions: Trade policy, inflation, and broader economic health shape market psychology
The current buyer's market won't last indefinitely—but neither will the factors creating it. Making decisions based on your personal timeline, financial situation, and housing needs typically produces better outcomes than trying to perfectly time market bottoms or peaks.
Frequently Asked Questions
How much have Fraser Valley home prices changed over the past five years?
Despite the 2024-2025 correction, Fraser Valley prices remain significantly above 2019 levels. Detached homes are up 45% (from $968,300 to $1,405,500), townhouses up 50% (from $519,800 to $778,700), and apartments up 22% (from $408,200 to $496,500). The 2021-2022 peak saw even higher prices before the correction began.
Is now a good time to buy in the Fraser Valley?
Current buyer's market conditions (10% sales ratio) offer advantages not seen since 2018-2019: more inventory choice, time to make decisions, and genuine negotiating room with most properties selling 2-4% below list price. However, timing depends on your personal financial situation, employment stability, and housing needs rather than trying to perfectly time the market bottom.
What do sales ratios mean for buyers and sellers?
Sales ratios measure monthly sales divided by active listings. Under 12% indicates a buyer's market where buyers have leverage and prices typically decline. Between 12-20% is balanced, with neither party having significant advantage. Over 20% is a seller's market where sellers have leverage and prices typically rise. The Fraser Valley's current 10% ratio signals clear buyer's market conditions.
Which Fraser Valley city offers the best value right now?
Mission offers the most affordable detached homes at $981,700—the only Fraser Valley market with detached homes under $1 million. Abbotsford provides the smallest year-over-year correction (2.9%) with balanced market conditions and detached homes at $1,215,400. Langley shows the strongest market conditions with sales ratios approaching balanced territory, though at higher price points.
How much have prices fallen from the 2022 peak?
From the 2022 peak to November 2025, detached homes have declined 10.6% (from $1,571,700 to $1,405,500), apartments 10.4% (from $553,900 to $496,500), and townhouses 4.4% (from $814,300 to $778,700). The composite benchmark has fallen 17% from peak. Premium markets like White Rock/South Surrey have seen steeper corrections of 16-17%.
What caused the 2021 market frenzy?
The 2021 surge resulted from multiple converging factors: record-low interest rates (Bank of Canada at 0.25%), the remote work shift increasing demand for space, pent-up demand from 2020 lockdowns, urban flight from Vancouver to the Fraser Valley, and limited housing supply. Sales ratios exceeded 70% region-wide and topped 90% in some neighbourhoods.
How have interest rates affected Fraser Valley real estate?
Interest rates have been the primary market driver. The Bank of Canada's rate drop to 0.25% in 2020 fueled the boom, while 10 consecutive rate hikes from March 2022 to July 2023 (reaching 5.0%) triggered the correction. Higher rates reduced buyer purchasing power, increased monthly payments beyond household budgets, and lowered qualification amounts under stress test rules.
How does the current inventory compare to historical levels?
Current active listings (9,201 in November 2025) are 47% above the 10-year seasonal average. This compares to just 2,900 active listings at the 2021 peak when demand far exceeded supply. The elevated inventory gives buyers significantly more choice and negotiating power than any time since before the pandemic.
Need Guidance on Your Real Estate Decision?
Whether you're considering your first home purchase, thinking about selling, or reviewing your current equity position, understanding how these five-year trends apply to your specific situation is essential. The team at SearchFraserValley.ca provides data-informed guidance without pressure.
Explore Next Steps:
For more balanced perspectives on Fraser Valley real estate, explore our Building Home Equity blog.
Data Sources & Verification: Market statistics from FVREB Monthly Statistics Packages (January–November 2025) and SnapStats 5-Year Trend Reports (2019-2024). Historical benchmark prices from MLS® Home Price Index. Data last verified: December 2025
About the Author: Katie Van Nes is a Fraser Valley–based Realtor and market analyst specializing in local housing trends. This analysis is based on verified data from FVREB and SnapStats, combined with economic context from Bank of Canada and Statistics Canada reports.
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Fraser Valley Real Estate Expert License ID: 153237