A deepening buyer’s market in the Fraser Valley is giving buyers more time to make their move, as sales continued to slow this August.

That’s according to the August 2026 monthly market report from the Fraser Valley Real Estate Board (FVRB), which notes not only sales were down from the previous month but new listings were also down 16% from this July, and 15% below August 2025.

Overall inventory this August also edged down with active listings seeing a three per cent decline from this July, but still 33% above the 10-year seasonal average.

“While some buyers remain on the sidelines amid headlines about tariffs and high gas prices, the Fraser Valley housing market continues to offer some compelling choices hiding in plain sight,” said FVRB Interim CEO Anthony Boone in a news release. “Prices are now as much as 15 per cent lower than they were three years ago, and these conditions are expected to continue to favour buyers for the foreseeable future.”

According to the FVRB, the benchmark price in August 2026 for a single detached house in the Surrey-Central area was $1,322,800, down 8.8% compared to August 2025.

Back in August 2023, the benchmark price was $1,576,300.

It’s a similar story when it comes to the benchmark price last month for a house in Surrey-Cloverdale and Surrey-North, which was $1,339,700 and $1,262,400 respectively.

That is down 6.2% and 11.5% respectively compared to August 2025.

Meanwhile, the August 2026 benchmark price for a townhouse in Surrey-Central was $748,000, down almost 6% year-over year.

The August 2023 benchmark price was $857,900.

Last month’s benchmark price for a Surrey-Central condo was $462,800, down 11.2% compared to August 2025.

The August 2023 benchmark price for a Surrey-Central condo was $584,000.

As far as the August 2026 benchmark price for a townhouse and condo in Surrey-Cloverdale, it was $757,200 and $505,700 respectively, both also seeing significant reductions year-over-year.

Last month’s benchmark price for a townhouse and condo in Surrey-North was $681,400 and $401,400, both down over 10% year-over year.

Surrey House Prices Dropping Sharply, Where are The Buyers? by Sandor Gyarmati | BIV