Is Now a Good Time to Buy a Home in the Fraser Valley? (August 2026 Update)

Short answer: For a qualified buyer who plans to stay put for five or more years, yes — this is the strongest negotiating position Fraser Valley buyers have had since 2022. Benchmark prices are down about 7% from a year ago, there were 10,044 active listings on the board in July 2026, and the sales-to-active listings ratio sat at 11%, which is firmly a buyer's market. The trade-off is that mortgage rates are no longer falling, so "waiting for cheaper money" is a weaker strategy than it was two years ago.

Below we break down the current numbers by city, what they mean for buyers and sellers, and the questions we get asked most often at our Langley office.

What is the Fraser Valley housing market doing right now?

The Fraser Valley Real Estate Board's most recent report covers July 2026. Here's where things stand:

Source: Fraser Valley Real Estate Board, July 2026 Monthly Market Report.

Two things stand out. First, inventory is high but no longer climbing — sellers pulled back in July, with new listings down sharply from both June and last year. Second, buyers are not rushing. Homes are taking roughly 40 days to sell on average, with apartments closer to 46.

That combination is what creates leverage. When a listing sits for six weeks, the conversation changes.

How much have prices dropped in Langley, Surrey, and Abbotsford?

Benchmark prices by municipality, July 2026, with the year-over-year change:

Source: Fraser Valley Real Estate Board, Municipal Market Report, July 2026. Benchmark price represents a typical home in each category, not an average of sale prices.

For perspective: as of June 2026, Fraser Valley benchmark prices were sitting roughly 26% below their 2022 peak.

A Langley townhouse that would have cost you $852,000 last summer is around $811,000 today. On a 25-year amortization, that difference is real money every month for the next quarter century.

What about mortgage rates? Should I wait for them to come down?

This is the question we get most, and the honest answer is that waiting has gotten riskier.

The Bank of Canada held its policy rate at 2.25% on July 15, 2026 — its sixth consecutive hold. Economists surveyed in late August broadly expect it to stay there through the rest of this year, with the next possible move being a hike rather than a cut. Fixed rates, which follow Government of Canada bond yields rather than the policy rate directly, are currently projected to drift gradually higher rather than lower.

So the strategy of "wait for rates to drop and buy the same house cheaper" no longer has an obvious tailwind behind it. If rates rise while prices flatten out, a buyer who waits could end up paying more per month for the same home.

We're not going to tell you rates will definitely rise — nobody knows. What we will say is that the current window offers something specific and measurable: choice, time, and negotiating room. Those are worth quantifying before you decide to sit it out.

I need to sell before I buy. Am I better off waiting?

Not necessarily, and here's the part sellers often miss.

If you're moving up — say, from a Langley townhouse to a detached home — a falling market usually works in your favour. Yes, you'll likely sell for less than you would have in 2022. But the detached home you're buying has fallen further in dollar terms, because a 6% drop on a $1.5 million house is a much bigger number than a 5% drop on an $811,000 townhouse. The gap you need to bridge has narrowed.

Downsizing runs the opposite way, which is why timing and sequencing matter more for retirees and empty nesters. That's a conversation worth having before you list, not after.

What today's market does demand from sellers is realistic pricing and patience. With inventory 32% above the seasonal norm, an overpriced listing doesn't just sit — it becomes the comparison that helps a competitor's home sell. Homes priced correctly out of the gate are still selling.

Frequently asked questions

Is the Fraser Valley in a buyer's market or a seller's market? A buyer's market. The July 2026 sales-to-active listings ratio was 11%. A balanced market is generally 12–20%, and above 20% favours sellers.

How long does it take to sell a home in the Fraser Valley right now? Roughly 40 days on average for detached homes and townhouses, and about 46 days for apartments, according to the FVREB's July 2026 report.

What is the average price of a house in Langley, BC? The benchmark price for a detached home in Langley was $1,500,900 in July 2026, down 6.2% from July 2025. Townhouses were $811,400 and apartments $534,200.

Are Fraser Valley home prices expected to keep falling? Prices have eased month over month through most of 2026, but the pace has slowed and new listings are declining, which reduces downward pressure. Nobody can forecast this reliably. What's knowable is today's inventory, today's rates, and what a specific home is actually worth.

Which is cheaper, Abbotsford or Langley? Abbotsford, substantially. The July 2026 detached benchmark was $1,143,000 in Abbotsford versus $1,500,900 in Langley — a difference of roughly $358,000 for a comparable typical home.

Talk it through with someone who lives here

We're Denise and Ian Wiggins of Wiggins Group Real Estate at RE/MAX Treeland Realty, a wife-and-husband team based in Langley, BC. We serve Langley, Surrey, North Surrey, Cloverdale, South Surrey/White Rock, North Delta, Abbotsford, Mission, and Chilliwack. Denise was a 2024 FVREB Medallion Club member (top 10% of REALTORS® on the board) and ranked in RE/MAX's top 100 in Western Canada for sales in January 2025.

We're lifelong locals and parents, and our approach is built on clear, honest communication rather than pressure. If you want to know what your specific home is worth in today's market, or what your buying power actually looks like at current rates, we'd be glad to run the numbers with you — no obligation.

Get in touch: 📞 Ian 604-897-2514 Denise 604-880-5603
Email: info@wigginsgroup.ca

Market data in this article comes from the Fraser Valley Real Estate Board's July 2026 Monthly Market Report and Municipal Market Report, and from the Bank of Canada. Chilliwack figures are reported by the Chilliwack and District Real Estate Board and are not included in FVREB statistics. Benchmark prices describe a typical home in each category and are not a substitute for a professional evaluation of your specific property. This article is general information, not financial or legal advice.

Last updated: August 2026.