Market stats Fraser Valley Real Estate

The Fraser Valley Real Estate Board released its August 2026 numbers, and the headline is simple: sellers are feeling the squeeze as buyers take their time. Home prices continue to ease, and the buyer's market that has defined this year just kept deepening.

Let's break this down. The Fraser Valley recorded 941 sales in August, down 14 per cent from July, but up one per cent from August of last year. That year-over-year gain is only the second one we've seen since the start of 2025, a modest bright spot in an otherwise subdued market.

New listings also pulled back. 2,373 new listings came to market in August, a 16 per cent decline from July and 15 per cent below last August's pace. Some sellers appear to be holding off rather than listing into a soft market.

Here is what the numbers look like on benchmark pricing. The composite benchmark price for a typical Fraser Valley home is now $869,900, down 0.9 per cent from July and seven per cent below where it was a year ago.

Single-family detached homes are benchmarking at $1,319,600, down 1.2 per cent from July and down 8.4 per cent year-over-year.

Townhomes are at $750,600, down 0.9 per cent from July and down 7.1 per cent year-over-year.

Apartments are at $466,100, down 0.7 per cent from July and down 8.9 per cent year-over-year.

Active listings sit at 9,787, down three per cent from July, but still 33 per cent above the 10-year seasonal average for this time of year. The sales-to-active listings ratio came in at 10 per cent, keeping us firmly in buyer's market territory. A balanced market is typically between 12 and 20 per cent.

Average days to sell were 45 days for both single-family detached homes and condos, and 37 days for townhomes.

Here's the reality. Ishaq Ismail, Chair of the Fraser Valley Real Estate Board, described it as a tug-of-war: some buyers are negotiating below asking price, while sellers who need to sell are more likely to accept lower offers. That dynamic is what is driving the gradual price declines we're seeing, and it is creating more opportunity for buyers who are ready to act. Anthony Boone, Interim CEO of the Board, pointed out that prices are now as much as 15 per cent lower than they were three years ago, and these conditions are expected to keep favouring buyers for the foreseeable future.

If you are a move-up buyer with existing equity, this remains one of the better windows we have seen in years to make that move.

If you are a first-time buyer, it is worth checking in with a mortgage broker about where you actually stand. Pricing across every property type is meaningfully lower than it was a year ago, and in some cases lower than it was three years ago.

If you are a seller, price is what is deciding how fast your home moves right now. Homes priced to reflect today's market are still selling in a reasonable window. Homes priced for last year's market, or for three years ago, are sitting.

If you are looking for a local real estate expert in South Surrey, White Rock, or the Fraser Valley to help you get ahead in the market, feel free to reach out. I am here to help.

I've been getting more questions from buyers lately about foreclosure listings.

With interest rates and economic pressure weighing on more homeowners, foreclosure sales are starting to show up more often across BC, and the Fraser Valley is no exception. Buyers see a price that looks like a deal and want to know if it actually is one.

Every time I get that question, I give the same answer. It depends, and here is what you actually need to know before you go any further.

Let's break this down.

A foreclosure happens when a homeowner falls behind on their mortgage and the lender takes legal action to recover the money owed. In BC, this process runs through the BC Supreme Court, so it is not quick and it is not simple.

Step one is the Order Nisi. When a borrower defaults, the lender applies to the court for this order, which typically comes with a six month redemption period. The homeowner still has six months to pay off the full mortgage balance, plus interest and costs, and keep the home. Many homeowners do redeem during this window.

Step two is Conduct of Sale. If the homeowner does not redeem the property, the lender can apply for Conduct of Sale, which lets them list and sell the property on the open market.

Step three is where it gets interesting. Once the lender accepts an offer and subjects are removed, the sale still needs to go before a judge for approval. Any third party can submit a competing offer to the court at this stage. That means even after you have done your due diligence and removed subjects, you could find yourself in a courtroom bidding war with a stranger.

Foreclosure properties can be appealing, sometimes priced below market, with motivated lenders and motivated timelines. But the risks are real, and they are worth walking through before you get attached to a listing.

Risk one: sold as-is, where-is. This is the big one. The lender makes no warranties about the condition of the property. There are no seller disclosure statements, no promises about the roof, the plumbing, or the foundation. The property could have deferred maintenance or hidden damage, and in some cases fixtures have been removed before the previous owner vacated.

Risk two: non-resident seller tax liability. If the original owner was a non-resident of Canada, the buyer can be held liable for unpaid withholding taxes under the Income Tax Act. This becomes your problem, not the seller's, so your lawyer needs to investigate it before closing.

Risk three: occupancy issues. Not every foreclosure property is vacant. If someone is still living in the home, whether the original owner or a tenant, you could be taking on an occupancy dispute at closing. Knowing the status of the property before you commit is essential.

Risk four: the bidding war at court. As mentioned above, the court approval stage opens the door to competing offers. Unlike a typical negotiation, anyone can show up at court and outbid you. Your deal is not guaranteed until the judge signs off.

Here's the reality, foreclosures are not automatically good or bad deals. For the right buyer, with the right guidance, they can represent genuine opportunity. But they are not suitable for every buyer, and they are not something you should try to navigate on your own.

If you are considering a foreclosure, hire a realtor who has experience with them, get a real estate lawyer involved early, ideally before you even tour the property, do a thorough inspection since there are no seller disclosures, and know your ceiling going in so you are prepared to walk away if the court approval hearing brings a higher competing offer.

If you have questions about a foreclosure property, or you have spotted a listing and want to know whether it is the right fit for you, I am happy to walk you through it and connect you with the right legal support to protect your interests.

If you are looking for a local real estate expert in South Surrey, White Rock, or the Fraser Valley to help you get ahead in the market, feel free to reach out. I am here to help.

Legal insights in this post were informed by Spagnuolo LLP, a BC real estate law firm. Always consult a qualified real estate lawyer before purchasing a foreclosure property.