July 2026 Fraser Valley Market Update: Sellers Pulled Back Before Buyers Did

Fraser Valley sellers put 2,836 homes on the market in July. Last July they put up 3,453. That's a drop of 17.9%, and after two years of watching supply climb, it's the first month where the supply side is what changed.

Active listings fell too, down 3.2% from June to 10,044. That hasn't happened in a while. Prices didn't turn, sales didn't jump, and nothing about July says the market has flipped. But the shape of it moved, and it moved at the seller's end rather than the buyer's, which is worth understanding before you decide what to do this summer.

Here's what the Fraser Valley Real Estate Board's July numbers actually say, and what we think they mean if you're buying.

The July 2026 numbers at a glance

Metric	July 2026	Change
Composite benchmark price	$877,600	down 0.8% month over month, down 7% year over year
Detached benchmark	$1,335,200	down 1.1% MoM, down 8.3% YoY
Townhouse benchmark	$757,300	down 0.9% MoM, down 7.1% YoY
Condo/apartment benchmark	$469,500	down 1.4% MoM, down 9.1% YoY
Total residential sales	1,089	down 5.1% MoM, down 8.5% YoY
New listings	2,836	down 14.1% MoM, down 17.9% YoY
Active listings	10,044	down 3.2% MoM, down 5.7% YoY, still 32% above the 10-year seasonal average
Sales-to-active ratio	11%	Buyer's market (below 12%)
Average days to sell (detached / townhome / condo)	40 / 40 / 46

Source: Fraser Valley Real Estate Board, July 2026 Statistics Package, released August 5, 2026. Benchmark prices are the board's MLS Home Price Index figures for a typical home of each type.

Sellers stepped back harder than buyers

The year-to-date figures make the point more clearly than the monthly ones. Through the end of July, Fraser Valley sales are down 6.0% compared to the same stretch of 2025, at 6,926. New listings over the same period are down 11.9%, at 22,207.

Both sides of the market are quieter than last year. Sellers are quieter by roughly twice as much.

That's a change in character. For most of 2025 and the first half of 2026, listings kept arriving whether or not buyers showed up, which is how the Fraser Valley ended up with inventory 32% above its 10-year seasonal average. In July, sellers who didn't have to move appear to have decided not to. FVREB Chair Ishaq Ismail described the demand side plainly: "Buyer urgency has been notably absent from the Fraser Valley market for some time now. With inventory remaining high and competition subdued, buyers know they don't have to rush."

Our read is that both of those things are now true at once. Buyers aren't rushing, and sellers have stopped forcing the issue. One month is not a trend, and we could easily be reading too much into a single July. But if listings stay this thin into the fall while buyers slowly return, the buyer's window narrows because supply thins out, not because prices rise. Those are different problems, and the second one is much slower to arrive.

The condo market is where the real softness is

Break July apart by property type and the three segments aren't remotely in the same place.

Segment	Sales	Change vs July 2025	Benchmark	Change vs July 2025
Detached	393	down 1.0%	$1,335,200	down 8.3%
Townhouse	272	down 9.0%	$757,300	down 7.1%
Apartment	278	down 21.9%	$469,500	down 9.1%

Condo sales fell more than one in five compared to last July, and the condo benchmark fell further than any other type. Detached sales, meanwhile, were essentially flat, down only 1.0%, even though detached prices dropped the most in dollar terms.

This flips what we described last month, when townhouses were the only segment with sales growth and condos were merely soft. In July condos got weaker and detached held.

If you're a first-time buyer shopping condos, this is your leverage. The segment with the fewest buyers and the largest price declines is the segment you're shopping in. That's an uncomfortable thing to read if you already own a condo. It's a genuinely good thing if you're trying to buy your first one.

What the sales-to-active ratio actually tells you

If the term is new to you, the sales-to-active-listings ratio is simply the number of homes sold in a month divided by the number sitting on the market. Low means lots of supply and not many buyers, which gives you room to negotiate. High means the opposite.

The convention that FVREB itself cites, from BCREA, is that a balanced Lower Mainland market runs between 12% and 20%. Below that is a buyer's market, above it is a seller's market. The Fraser Valley came in at 11% for July, which is buyer's territory, the same as June.

The average hides the important part. Using the board's own sales and active-listing counts for each type, July works out to about 11.5% for detached, 12.6% for condos, and 16.3% for townhouses. Detached is the only segment squarely in buyer's territory. Condos have just crossed into the balanced band, and townhouses are well inside it.

That last figure surprises people, because condos are clearly the softest segment on price and on sales. Both are true. Condo sales fell hard in July, but condo inventory fell almost as hard, down 15.2% from last July, so the ratio between them barely moved. A townhouse buyer in particular shouldn't walk in expecting the negotiating room the phrase "buyer's market" implies. We've watched well-priced townhomes in Willoughby and Clayton still attract competing interest this summer while comparable condos sit.

Inventory: still deep, but no longer growing

Ten thousand and forty-four active listings is a lot of choice by any historical standard, still 32% above the 10-year seasonal average for July. On the ground that means you can see six or eight genuine options in a weekend rather than one, and you're not writing an offer the same afternoon you tour.

What changed is the direction. Inventory is down 3.2% from June and 5.7% from a year ago. It's the first meaningful step down we've seen, and it happened because listings dried up rather than because sales took off.

For now, the practical picture for a buyer is unchanged. Homes are taking about 40 days to sell, and condos 46. That's enough time to order a full set of strata documents, book an inspection, and clear your financing condition properly instead of waiving it to win. Use it. The single most expensive mistake we see first-time buyers make in a slow market is treating the extra time as permission to skip steps rather than to do them properly.

The rate backdrop

On July 15, 2026, the Bank of Canada held its policy interest rate at 2.25%, unchanged from its June 10 and April 29 decisions. The next announcement is scheduled for September 2, 2026.

A rate that hasn't moved all spring and summer is its own kind of information. It means the rate side of your monthly payment isn't the thing moving right now, so the variable you can actually influence is the price you negotiate and the mortgage product you choose. Variable rates track the policy rate closely, while fixed rates follow bond yields and can drift week to week regardless of what the Bank does. We're not going to print a specific 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 averages aren't much use when you're trying to work out whether a first purchase is possible. The sub-area benchmarks are more useful. In July, the most affordable condo markets in the Fraser Valley were Abbotsford at $380,900 (down 9.9% from last July), North Surrey at $408,300 (down 10.9%), and Mission at $425,800. On the townhouse side, Abbotsford at $602,000 and Mission at $630,500 were the lowest, with North Surrey at $686,100.

Those are numbers a dual-income household can plan around, 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's worth understanding your minimum down payment before you start touring. We've written up the city-level picture for Abbotsford and Surrey as well. When you want to see what's actually listed, browse condos for sale in Abbotsford or Surrey, or townhomes in Abbotsford.

For move-up buyers

July's split is unusually favourable if you own a condo and want a townhouse or a detached home. You'd be selling into the weakest segment, which is the hard part, but buying into segments that have also fallen: detached is down 8.3% year over year, more than townhouses at 7.1%.

The risk is sequencing. With condos taking 46 days on average and fewer buyers active in that segment, a move-up buyer who buys first can end up carrying two properties longer than planned. We generally suggest getting your financing sorted and deciding your sale-and-purchase order before you list anything. Our notes on bridge financing and our buying guide both walk through how we think about that order, and townhouse versus detached covers the trade-off itself.

Looking ahead to August

Two things we're watching. First, whether new listings stay this low. A second consecutive month down near 17% or 18% year over year would tell us sellers are genuinely sitting out the rest of 2026 rather than just taking a July holiday. Second, whether condo sales find any footing after a 21.9% drop, because that segment carries most first-time buyers.

The September 2 rate decision falls outside the August data but will shape the fall. August is normally one of the quietest months of the year here, so we'd treat a soft August as normal and a strong one as a real signal.

Key takeaways

• The Fraser Valley composite benchmark fell to $877,600 in July 2026, down 0.8% from June and down 7% from a year ago.
• New listings dropped to 2,836, down 17.9% year over year and down 14.1% from June, the sharpest seller retreat of the year.
• Active listings fell to 10,044, down 3.2% from June, though still 32% above the 10-year seasonal average.
• Year to date, new listings are down 11.9% while sales are down 6.0%, so sellers have pulled back roughly twice as fast as buyers.
• Condos were the weakest segment: 278 sales, down 21.9% year over year, with the benchmark down 9.1% to $469,500.
• Detached sales were nearly flat at 393, down only 1.0%, even though the detached benchmark fell 8.3%.
• The overall sales-to-active ratio stayed at 11%, a buyer's market, but by segment only detached is squarely there at about 11.5%; townhouses run near 16.3%, which is balanced.
• The Bank of Canada held its policy rate at 2.25% on July 15, unchanged from June 10 and April 29, with the next decision September 2, 2026.

Frequently asked questions

What was the Fraser Valley composite benchmark price in July 2026? The MLS Home Price Index composite benchmark for a typical Fraser Valley home was $877,600 in July 2026, down 0.8% from June and down 7% from July 2025, according to the Fraser Valley Real Estate Board.

Why did Fraser Valley new listings fall in July 2026? FVREB recorded 2,836 new listings in July 2026, down 17.9% from July 2025 and down 14.1% from June. The board attributed the slowdown to seller activity easing while buyer demand stayed subdued. Year to date, new listings are down 11.9% while sales are down 6.0%, so sellers have stepped back faster than buyers.

Which Fraser Valley property type is weakest in July 2026? Apartments and condos. FVREB recorded 278 apartment sales in July 2026, down 21.9% from July 2025, the steepest decline of any type. The apartment benchmark was $469,500, down 9.1% year over year. Detached sales were nearly flat at 393, down 1.0%, and townhouse sales were 272, down 9.0%.

What is the Bank of Canada's policy rate as of July 2026? The Bank of Canada held its target for the overnight rate at 2.25% on July 15, 2026, unchanged from its June 10 and April 29 decisions. The next scheduled rate decision is September 2, 2026.

Is the Fraser Valley a buyer's or seller's market in July 2026? It's a buyer's market. FVREB reported an overall sales-to-active-listings ratio of 11% in July 2026. Boards generally read below 12% as a buyer's market, 12% to 20% as balanced, and above 20% as a seller's market. By segment, detached is the most buyer-friendly at about 11.5%, condos sit just inside the balanced band at about 12.6%, and townhouses are the tightest at about 16.3%.

How long is it taking to sell a home in the Fraser Valley in July 2026? FVREB reported that both a single-family detached home and a townhome took an average of 40 days to sell in July 2026, while condos took an average of 46 days.

Sources

• Fraser Valley Real Estate Board, July 2026 Statistics Package (released August 5, 2026)
• Bank of Canada, policy rate held at 2.25%, July 15, 2026
• Bank of Canada, policy interest rate

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, not an answer for your purchase. Whether July's conditions favour you depends on which property type you want, how firm your timeline is, and how much of your down payment is already in place. 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're 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.