August 2026 Fraser Valley Market Update: Sales Beat Last August, Barely

Fraser Valley buyers bought 941 homes in August. Last August they bought 931. That is a gain of 1.1%, and it is only the second time sales have beaten the same month a year earlier since the beginning of 2025.

One per cent is not much of a headline on its own. What makes it worth reading is that nothing else in the Fraser Valley Real Estate Board's August release went up. Listings fell, inventory fell, and prices fell again. Sales rose anyway, which tells you something about why they rose.

Our read is straightforward. Prices have come down far enough, for long enough, that a slice of buyers who had been waiting decided the arithmetic finally worked. That is a different kind of demand from the rate-driven rush people usually mean when they say the market is turning, and it behaves differently too.

The August 2026 numbers at a glance

Metric	August 2026	Change
Composite benchmark price	$869,900	down 0.9% month over month, down 7% year over year
Detached benchmark	$1,319,600	down 1.2% MoM, down 8.4% YoY
Townhome benchmark	$750,600	down 0.9% MoM, down 7.1% YoY
Condo/apartment benchmark	$466,100	down 0.7% MoM, down 8.9% YoY
Total residential sales	941	down 13.6% MoM, up 1.1% YoY
New listings	2,373	down 16.3% MoM, down 15.0% YoY
Active listings	9,787	down 2.6% MoM, down 6.3% YoY, still 33% above the 10-year seasonal average
Sales-to-active ratio	10%	Buyer's market (below 12%)
Average days to sell (detached / townhome / condo)	45 / 37 / 45

Source: Fraser Valley Real Estate Board, August 2026 Statistics Package, released September 2, 2026. Benchmark prices are the board's MLS Home Price Index figures for a typical home of each type.

What actually moved the sales number

The board itself framed August as a negotiation story. FVREB Chair Ishaq Ismail described it this way: "We're seeing a bit of a tug-of-war between buyers and sellers right now. Some buyers are seeing an opportunity to negotiate below asking price, while sellers who need to sell are more likely to accept lower offers. That dynamic is contributing to the gradual decline in home prices we are seeing across the Fraser Valley, which ultimately creates more opportunities for those looking to get into the market."

That matches what we have been seeing on the ground since spring. Offers below list are normal again in most of the region, and the sellers who accept them are almost always the ones with a real reason to move.

The year-to-date figures keep the small monthly gain in perspective. Through the end of August, Fraser Valley sales stand at 7,844, down 5.4% from the same stretch of 2025. New listings over the same period total 24,579, down 12.2%. Both sides of the market are quieter than last year, and sellers are quieter by more than twice as much. One good month against a weak comparison does not undo that, and we would not treat August as the start of a recovery.

Where the extra sales actually came from

The regional total hides how uneven the month was. Broken out by property type, three segments did three different things.

Segment	Sales	Change vs August 2025	Benchmark	Change vs August 2025
Detached	332	flat (0.0%)	$1,319,600	down 8.4%
Townhome	244	down 2.0%	$750,600	down 7.1%
Apartment	234	down 7.5%	$466,100	down 8.9%

None of those three grew, so the 1.1% regional gain came from the remaining sales the board counts across all property types, and from specific pockets rather than from the region as a whole. Abbotsford detached sales were 56, up 12.0% from last August. Cloverdale detached sales were 33, up 65.0%. White Rock and South Surrey recorded 48 detached sales, up 33.3%, and 52 apartment sales, up 26.8%. Langley apartments sold 65 units, up 35.4%.

Those are small counts, and small counts swing hard in percentage terms, so we would not build a strategy on any single one. The pattern across them is more useful: buyers moved where prices had already fallen the furthest.

What the sales-to-active ratio actually tells you

If the term is new to you, the sales-to-active-listings ratio is just the number of homes sold in a month divided by the number sitting on the market. A low ratio means plenty of supply and few competing buyers, which gives you room to negotiate and time to do your homework. A high ratio means the opposite.

The convention FVREB cites, from BCREA, is that a balanced Lower Mainland market runs between 12% and 20%. Below that is a buyer's market. The Fraser Valley came in at 10% for August, which is buyer's territory.

The regional average hides the part that matters for your own search. Using the board's own August sales and active-listing counts for each type, detached works out to about 10.1%, apartments to about 10.9%, and townhomes to about 15.5%. Detached and condo buyers are in a genuine buyer's market. Townhome buyers are in a balanced one.

We keep repeating this because it costs people money. A townhome buyer who walks into a well-priced Willoughby or Cloverdale listing expecting to lowball by 8% because "it's a buyer's market" will usually lose the property to someone who read the segment correctly.

Inventory is shrinking, and it is still deep

There were 9,787 active listings across the Fraser Valley at the end of August, down 2.6% from July and down 6.3% from a year earlier. Inventory is also still 33% above the 10-year seasonal average for August, so "shrinking" and "plenty of choice" are both true right now.

The shrinkage is entirely a supply-side story. New listings came in at 2,373, down 15.0% from last August and down 16.3% from July, while sales barely moved. Sellers who do not have to move are staying out. Detached new listings fell 17.5% year over year, townhome new listings fell 22.4%, and apartment new listings fell 18.9%.

For a buyer this is the one thing worth watching over the next two months. If prices keep easing while listings keep thinning, the negotiating room you have today narrows from the supply side long before it narrows from prices. Those are different problems with different timelines, and the supply one arrives faster.

In the meantime, homes are taking 45 days on average to sell for both detached and condos, and 37 days for townhomes. That is enough time to order a full set of strata documents, book an inspection, and clear your financing condition properly. Use it. The most expensive mistake we see in a slow market is treating extra time as permission to skip steps.

The rate backdrop

The Bank of Canada held its policy interest rate at 2.25% on September 2, 2026, with the next scheduled announcement on October 28, 2026. That decision landed after August closed, and no announcement fell between July 15 and September 2, so the rate was 2.25% for the whole of August. Nothing in August's numbers was caused by a rate move.

A policy rate that has not moved since spring is its own piece of information. It means the rate side of your monthly payment is holding still, so the variables you can actually influence are the price you negotiate and the mortgage product you choose. Variable rates track the policy rate closely, while fixed rates follow bond yields and drift week to week regardless of what the Bank does. We will not print a specific mortgage rate here, because published rates change constantly and differ by lender. Get current numbers from a broker before you build a budget on any figure you read anywhere, including here.

Where a first-time buyer can actually get in

Regional benchmarks are a poor guide when you are working out whether a first purchase is possible at all. The sub-area numbers are more useful.

Abbotsford was the most affordable market in the Fraser Valley on both counts in August. Its apartment benchmark was $374,600, down 10.9% from last August. Its townhome benchmark slipped to $596,600, under the $600,000 line after sitting at $602,000 in July, and down 8.4% from a year earlier. North Surrey apartments came in at $401,400 and Mission apartments at $414,600. On townhomes, Mission was $621,700 and North Surrey $681,400.

Mission had the largest single-month price move of any sub-area, with its composite benchmark down 3.8% in August alone and down 10.5% over the year, to $800,200. One month is a small sample in a small market, so we would look at the twelve-month figure rather than the monthly one before drawing conclusions.

Those apartment numbers are within reach for a lot of dual-income households, particularly alongside the programs that reduce what you need up front. If your purchase is a year or more away, opening a First Home Savings Account is usually the first move, and it is worth understanding your minimum down payment before you start touring. We have written up the city-level picture for Abbotsford, Mission, and Surrey. When you want to see what is actually listed, browse condos for sale in Abbotsford or Mission, or townhomes in Abbotsford.

For move-up buyers

August was a reasonable month to move from a condo into a townhome or a detached home, with one caveat about order.

In dollar terms the step up got cheaper. The detached benchmark is $120,300 below where it sat in August 2025, while the apartment benchmark is $45,500 below its own August 2025 figure. The gap between the two narrowed by about $74,800 over the year, and that gap is what a move-up buyer actually has to fund.

The catch is sequencing. A condo took an average of 45 days to sell in August, the same as a detached home, and 2,148 condo listings were competing for 234 sales that month. A move-up buyer who buys before selling can end up carrying two properties for longer than planned.

We generally suggest sorting your financing and deciding your sale-and-purchase order before you list anything. Our notes on bridge financing and our buying guide walk through how we think about that order, and townhouse versus detached covers the trade-off itself.

Looking ahead to September

Two things we are watching. First, whether the 1.1% annual sales gain holds for a second month, or whether August turns out to be a soft comparison against a weak August 2025. Second, whether new listings pick up after Labour Day. September usually brings a wave of fall listings, and if that wave does not arrive, inventory keeps thinning while buyers slowly return.

FVREB Interim CEO Anthony Boone put the longer view plainly: "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. 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." The board's own index backs the first half of that: the Fraser Valley composite is down 15.6% over three years. The second half is a forecast, and forecasts are opinions.

Key takeaways

• Fraser Valley sales reached 941 in August 2026, up 1.1% from August 2025 and only the second annual gain since the start of 2025, though still down 13.6% from July.
• The composite benchmark fell to $869,900, down 0.9% in the month and down 7% over the year.
• Detached fell hardest on price, down 8.4% year over year to $1,319,600, while detached sales were exactly flat at 332.
• Apartments had the weakest combination: 234 sales, down 7.5%, with the benchmark down 8.9% to $466,100.
• New listings dropped to 2,373, down 15.0% year over year, and active listings fell to 9,787, down 6.3%, though still 33% above the 10-year seasonal average.
• The sales-to-active ratio fell to 10%, deeper into buyer's-market territory, but townhomes work out near 15.5%, which is balanced.
• Abbotsford's townhome benchmark dropped under $600,000, to $596,600, and its apartment benchmark was the region's lowest at $374,600.
• The Bank of Canada held its policy rate at 2.25% on September 2, 2026, after no announcement during August, with the next decision on October 28, 2026.

Frequently asked questions

What was the Fraser Valley composite benchmark price in August 2026? The Fraser Valley composite benchmark price was $869,900 in August 2026, down 0.9% from July and down 7% from August 2025, according to the Fraser Valley Real Estate Board. The composite benchmark is the board's MLS Home Price Index estimate of what a typical Fraser Valley home costs, blending detached houses, townhomes and apartments into a single figure so month-to-month comparisons are not skewed by which homes happened to sell.

Why did Fraser Valley home sales rise year over year in August 2026? Fraser Valley sales rose because falling prices gave buyers room to negotiate. FVREB recorded 941 sales in August 2026, up 1.1% from the 931 recorded in August 2025, only the second annual gain since the start of 2025. Demand overall stayed subdued: August sales were still 13.6% below July, and year to date the region is running 5.4% behind the same stretch of 2025 at 7,844 sales.

Which Fraser Valley property type was weakest in August 2026? Apartments and condos were the weakest Fraser Valley property type in August 2026. FVREB recorded 234 apartment sales, down 7.5% from August 2025, and the apartment benchmark fell to $466,100, down 8.9% year over year, the steepest annual price decline of the three types. Detached sales were exactly flat at 332, the same count as August 2025, and townhome sales were 244, down 2.0%.

How long is it taking to sell a home in the Fraser Valley in August 2026? In August 2026 a single-family detached home and a condo each took an average of 45 days to sell in the Fraser Valley, and townhomes took an average of 37 days, according to the Fraser Valley Real Estate Board. Townhomes were the quickest of the three types. For a buyer, timelines like that normally leave room to order strata documents, book an inspection and clear a financing condition properly.

Is the Fraser Valley a buyer's or seller's market in August 2026? The Fraser Valley was a buyer's market in August 2026. FVREB reported a sales-to-active-listings ratio of 10%, and the board follows the BCREA convention that a balanced Lower Mainland market runs between 12% and 20%, so anything below 12% favours buyers. Using the board's own segment counts, detached works out near 10.1% and apartments near 10.9%, while townhomes sit near 15.5%, which is inside the balanced band.

Where are the most affordable condos and townhomes in the Fraser Valley in August 2026? Abbotsford had the lowest FVREB benchmark price in the Fraser Valley in August 2026 for both types: $374,600 for an apartment, down 10.9% from a year earlier, and $596,600 for a townhome, down 8.4%. On apartments, North Surrey followed at $401,400 and Mission at $414,600. On townhomes, Mission came next at $621,700 and North Surrey at $681,400.

What is the Bank of Canada's policy rate as of September 2026? The Bank of Canada's target for the overnight rate is 2.25%. The Bank held it there on September 2, 2026, and the rate sat at 2.25% for all of August 2026 because no scheduled announcement fell between July 15 and September 2. The next scheduled announcement is October 28, 2026. The September decision came after the August market data closed, so it had no bearing on August's sales or prices.

Should I wait for Fraser Valley prices to fall further before buying? Waiting depends on your timeline and your financing, and nobody can tell you where the bottom sits. What August 2026 gives you is context: the Fraser Valley composite benchmark is $869,900, down 7% in a year, and FVREB Interim CEO Anthony Boone said prices are as much as 15% below where they were three years ago. Our read is that a 10% sales ratio buys you time to do proper due diligence.

How much inventory is on the Fraser Valley market in August 2026? FVREB counted 9,787 active listings across the Fraser Valley at the end of August 2026, down 2.6% from July and down 6.3% from August 2025, though still 33% above the 10-year seasonal average for August. The shrinkage is coming from the supply side: new listings were 2,373 in August, down 15.0% year over year and down 16.3% from July, while sales rose only 1.1% against last August.

Sources

• Fraser Valley Real Estate Board, August 2026 Statistics Package (released September 2, 2026)
• Fraser Valley Real Estate Board, monthly statistics
• Bank of Canada, policy rate held at 2.25%, September 2, 2026
• Bank of Canada, policy interest rate
• Previous month: July 2026 Fraser Valley market update

This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy.

Let's talk about your specific situation

A regional benchmark is a starting point, and it will not tell you whether August's conditions favour your purchase. That depends on which property type you want, how firm your timeline is, and how much of your down payment is already sitting in an account. If you want a straight read on your own numbers, start a conversation with the FRIVE team. No pressure to write an offer before you are ready. You can also read our longer take on whether now is a good time to buy, our guide to writing an offer in a buyer's market, or browse neighbourhood guides across the Fraser Valley.