Fraser Valley house prices—February 2025

After a months-long decline, there are indications that Fraser Valley housing prices are rebounding. But across the region, the demand for homes is dramatically lower than 12 months ago.

We have overhauled our house price charts to reduce the noise of monthly changes and shine a clearer light in evolving trends in the housing market.

These charts use data from local real estate boards. Data for Langley, Abbotsford, and Mission comes from the Fraser Valley Real Estate Board. You can find it here. Data for Chilliwack comes from the Chilliwack and District Real Estate Board. You can find it here.

If you find an error in the data, please let us know by emailing us.

Fraser Valley home prices

Why are we using a rolling average? 

The following charts show the month-over-month change in a three-month rolling average of a trio of home price measures. A rolling average is simply the average of the last three months. Using a rolling average, and comparing it to the previous month, allows for larger sample sizes and removes statistical noise caused monthly spikes and dips that obscure broader trends. From month to month, home prices might bounce up, then down, then up again. In testing, a three-month rolling average gave the best indication of a general trend while providing new information.

How to read the charts:

The charts show the rolling average’s change from the preceding month. If a line is in the red, it means the rolling average value has decreased from the last month. If the line is in the white, it means the rolling average has increased. Take note that the Y axis may change from graph to graph.

The black line represents the ‘benchmark price,’ a value calculated by real estate boards that tries to capture the cost of a ‘typical’ home in a community. The benchmark price is based on home sales. The median price (light blue) and average price (grey) are basic indicators that can vary considerably depending on whether a large proportion of homes sold are particularly expensive (or cheap). The median and average prices can—but do not always—influence the future direction of the benchmark price.

Langley

After declining through the latter part of 2024, home values in Langley have begun to rebound. That’s the case for detached houses, townhomes, and apartments. Single-family home prices seem most likely to continue to rise in the short-term, with large increases in median and average prices over the last couple months. (Keep an eye on that Y axis: the month-over-month change in the detached average and median rolling averages exceeds 4%, while the recent increase in townhome averages is below 1%.)

Abbotsford

Abbotsford’s home prices continue to bounce around, but remain considerably lower than six months ago. Even so, benchmark home values have edged up across the three property classes during the fall and winter. Townhomes and apartment median and average values have risen faster than the benchmark price over the last four months.

Mission

Because it’s smaller, Mission’s median and average measures tend to bounce around more than those in neighbouring communities.

The city’s housing market was the strongest in the region for much of 2024, with benchmark prices broadly increasing over the first six months of the year. That strength looks like it may continue in 2025. Median and average prices have been rising faster than the benchmark price across all three property classes, suggesting that benchmark is also due for a jump.

Chilliwack

Erratic is the best way to describe Chilliwack’s housing market over the past year. Or at least it’s the best way to describe the benchmark figures released by the Chilliwack and District Real Estate Board.

The benchmark prices for detached homes and townhomes declined steadily through the middle part of 2024 before rebounding considerably in the fall and winter. Apartment values, meanwhile, have plunged—at least according to the benchmark price.

Some skepticism may be warranted. The figures suggest the average apartment in Chilliwack has lost 10% of its value just in the last six months. That’s despite median apartment values being relatively stable—and in contrast to apartment values in nearby Abbotsford. Sometimes changes in the benchmark price can reflect tweaks to the type of properties considered ‘typical’ and it’s worth considering whether that’s taking place here.

Supply and demand

How to read the charts:

Price figures can show where the housing market is at, or has been. But one can also look to supply and demand to gauge which directions home values will go in the coming months.

The charts below show each market’s ratio of sales to active listings. The measure compares how many homes are being sold to how many are listed for sale. The Fraser Valley Real Estate Board says that a sales-to-listings rate exceeding 20% is indicative of a “sellers market“—in other words, there’s considerable competition for listings and prices can be expected to rise. A rate below 12% can be considered a “buyers market,” according to the FVREB, with those looking to buy a home having plenty of selection and sellers having less leverage. That can allow would-be buyers to negotiate lower prices.

The ratio

Across the entire Fraser Valley and across all property classes, there is significantly less competition for homes listed for sale than a year ago. In Langley, Abbotsford, and Chilliwack there are considerably more properties available to buy than 12 months ago. Sales are also level or down.

Most of the decline in demand occurred last spring but most measures are still below where they were six months ago.

The eastbound discount

As The Current has previously written, home prices are generally more expensive the closer one gets to Vancouver. As home prices have increased everywhere, the dollar gap between home values in different parts of the region have widened. The figures below reflect those gaps. The gap can fluctuate from month to month because it reflects price changes in two different communities, but changes over a larger timeline can reveal shifts in the housing market—or how the figures themselves are calculated.

While the price gap between Langley and Abbotsford has held steady over the last year, two new trends are worth observation. The last 12 months have seen Mission townhome and apartment prices surpass those in Abbotsford. That’s despite single-family homes in Abbotsford still costing considerably more. That gap is modest but has continued to hold into 2025.

Meanwhile, the gap between benchmark apartment prices in Chilliwack and Abbotsford has more than doubled over just the last six months. That could involve significantly more supply than demand for apartments in Chilliwack. Or the gap may be a statistical blip that is a result of different calculations in how benchmark prices are calculated. The coming months will likely reveal the answer.