SURREY, BC – March home sales in the Fraser Valley remained nearly 50% below the 10-year average — making for the slowest start to the spring market in more than 15 years.

The Fraser Valley Real Estate Board recorded 1,036 sales in March, up 13% from February, but still 26% below sales recorded this time last year.

Following a decline on the Board’s Multiple Listing Service® (MLS®) in February, new listings increased 22% in March to 3,800. Overall inventory is at a decade-high level, with 9,219 active listings, 49% above March 2024 and 59% above the 10-year seasonal average.

“If not for the economic uncertainty driven largely by US tariffs, we’d likely be seeing a typical strong spring market in the Fraser Valley,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “Instead, we’re seeing a disconnect as sellers remain hesitant to lower their prices beyond a certain threshold, while buyers, facing tighter financing conditions, are either unable or unwilling to meet it. The resulting inertia is keeping sales low.”

The overall sales-to-active listings ratio continues to signal a buyer’s market in the Fraser Valley, with a ratio of 11%. The market is considered to be balanced when the ratio is between 12% and 20%.

“Currently, uncertainty is impacting all corners of the real estate and development sector,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board, “and as a result, we are seeing markedly lower seasonal activity. As we navigate these challenges, your local REALTOR® — with firsthand market insight and access to the latest data — is a valuable resource to help guide you through the critical timing decisions for buying or selling.”

Across the Fraser Valley in March, the average number of days to sell a single-family detached home was 31, while for a condo it was slightly higher at 33 days. Townhomes took, on average, 27 days to sell.

The composite Benchmark price in the Fraser Valley increased just under half a per cent in March, up 0.4% to $974,400.

MLS® HPI Benchmark Price Activity

• Single Family Detached : At $1,505,500, the Benchmark price for an FVREB single-family detached home increased 0.4% compared to February 2025 and decreased 1.2% compared to March 2024.
• Townhomes : At $833,700 the Benchmark price for an FVREB townhome increased 0.5% compared to February 2025 and decreased 1.7% compared to March 2024.
• Apartments : At $540,900 the Benchmark price for an FVREB apartment/condo increased 0.5% compared to February 2025 and decreased 2.6% compared to March 2024.

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Tariffs, Economic Uncertainty Stall Spring Market in The Fraser Valley by FVREB