The Fraser Valley Real Estate Board says home prices in its jurisdiction have fallen by 26 per cent from levels seen four years ago.
The region's benchmark price for a home is just short of $885,000, down seven per cent year-over year.
The association says sales activity remains relatively flat, with 1,147 sales on the Multiple Listing Service in June, up two per cent from May but down four per cent from the same month last year.
The sharpest drop is in the apartment segment, where the June benchmark price of $476,400 is down 1.5 per cent from the previous month and 9.1 per cent from the same month last year.
Baldev Gill, the CEO of the board, says buyers are still holding back despite improving conditions.
Board chair Ishaq Ismail says in a statement that for those looking to enter or move up in the market, the opportunities are there.
"The question is whether qualified buyers on the sidelines recognize the value available today," he said.
"The Fraser Valley spring market has underperformed expectations despite improving affordability and more choice for buyers."
Single detached homes in the region have a benchmark price of $1.35 million, down 7.7 pre cent from June 2025 and 1.2 per cent from May levels.
Benchmark prices for town houses also fell 0.7 per cent from May to $764,000, down 7.3 per cent from June 2025.
Picture Courtesy: THE CANADIAN PRESS Jonathan Hayward
