How U.S. Tariffs and Economic Uncertainty Are Shaping Local Housing Trends
As we move into spring, you might expect the Fraser Valley real estate market to be picking up steam. But March 2025 has told a different story—and if you’re wondering why things feel a little off, you’re not alone.
Hi! We’re Greg and Liz from the Holmes Team, and in this post, we’re diving into the latest market stats for Surrey, Cloverdale, Langley, and White Rock. While we covered the big picture in our latest vlog, this blog is where we dig deeper for those of you who want a more detailed look at what’s really going on in our local real estate scene.
📉 The Slowest Spring Start in Over 15 Years
According to the Fraser Valley Real Estate Board, March sales were down 26% compared to March 2024, and nearly 50% below the 10-year seasonal average. That makes this the slowest start to the spring market in over 15 years.
At the same time, inventory is rising sharply—up 49% year-over-year and now at the highest level we’ve seen in a decade.
Why the disconnect? Sellers are hesitant to lower prices much further, but buyers are facing financing challenges and broader economic uncertainty—especially following the return of U.S. tariffs under President Trump. Higher costs on imported goods like lumber and steel are impacting construction costs and investor sentiment, which filters down to the resale market as well.
🏠 What’s Happening in Your Neighbourhood?
Let’s break it down by key Fraser Valley markets:
📍 Surrey (Central, North, Cloverdale, South)
Detached benchmark price: $1,634,900
Townhomes: $862,500
Apartments: $528,500
Average days on market: 31–33 depending on property type
Sales are down across the board, especially for detached homes, which fell nearly 40% from this time last year. That said, benchmark prices are holding fairly steady, with a slight month-over-month increase in some categories.
Key insight: While the market feels sluggish, homes that are priced well and presented properly are still moving. Detached homes in Cloverdale, for example, are holding at a benchmark price of $1,525,400, while condos are averaging $592,700.
📍 Cloverdale
Detached benchmark price: $1,525,400
Townhomes: $842,100
Apartments: $592,700
Days on market: Around 30 days
Cloverdale continues to be a popular choice for families, and while sales were down nearly 40%, pricing has remained relatively flat month-over-month. Inventory is rising, so buyers have more selection, but competition still exists in turnkey properties.
Tip for buyers: There’s opportunity here, especially if you're upsizing or moving into the area from more expensive parts of Metro Vancouver.
📍 Langley
Detached benchmark price: $1,635,200
Townhomes: $865,100
Apartments: $611,900
Average days on market: 27 for townhomes, slightly longer for detached and condos
Langley showed one of the strongest month-over-month increases in detached home prices (+0.5%) and had a noticeable jump in average sale prices too. Detached homes are now averaging over $1.73 million, up 8.4% year over year.
Sales volume is still below seasonal norms, but with steady pricing and increased inventory, we’re seeing more serious buyers entering the market.
📍 White Rock / South Surrey
Detached benchmark price: $1,904,300
Townhomes: $946,400
Apartments: $626,000
Average days on market: 31–33
White Rock and South Surrey continue to be among the most expensive areas in the Fraser Valley. While detached sales were down almost 38%, prices actually climbed 1.3% month-over-month, showing that luxury buyers are still active, even in a slower market.
Condos in the area are also performing well, holding their value better than other areas in the region.
🧭 Where Are We Headed?
We’re in a buyer’s market right now, with the sales-to-active listings ratio sitting at 11% (a balanced market is considered between 12% and 20%). That means there’s room to negotiate—but not if a home is priced right and in demand.
For Buyers:
You have more options than we’ve seen in years.
Interest rates are still a challenge, but motivated sellers and more inventory can create opportunity.
Be prepared and get pre-approved so you’re ready when the right home hits the market.
For Sellers:
Presentation and pricing matter more than ever.
Homes that show well and are priced strategically are still selling—just not as quickly.
Overpricing in today’s market is one of the fastest ways to sit on the sidelines.
💬 Need Advice on Navigating This Market?
Whether you're buying, selling, or just watching from the sidelines for now, it’s important to work with a team that understands the shifts happening right here in the Fraser Valley.
If you want tailored advice based on your goals, reach out anytime. We’re happy to talk through your options and help you feel confident—no matter what the market is doing.
🎥 Watch the full vlog here →
📞 Visit us at www.holmesteam.ca
📍 Serving Surrey, Cloverdale, Langley, White Rock, and the entire Fraser Valley.
Greg & Liz Holmes
Your Trusted Fraser Valley Real Estate Team
