Tariffs, Economic Uncertainty Stall Spring Market in the Fraser Valley

By Jayson Sidhu

Jayson Sidhu is a trusted real estate advisor with over 17 years of award-winning service in the North Delta and Surrey areas.

The Fraser Valley real estate market is off to a slow start this spring, impacted by economic uncertainty and ongoing U.S. tariffs. These external factors are putting pressure on both buyers and sellers, affecting sales activity and pricing trends. March 2025 data offers a clear view of how these challenges are shaping the local market. Here’s everything you need to know:

Sales. In March 2025, the Fraser Valley Real Estate Board recorded 1,036 total home sales. This marks a 13% increase from February but remains 26% lower than March 2024. In fact, March sales were nearly 50% below the ten-year average, signaling the slowest spring kickoff in over 15 years.

Listings. Following a dip in February, new listings climbed 22% in March to 3,800. Overall inventory reached a decade-high with 9,219 active listings, which is 49% higher than the same time last year and 59% above the ten-year seasonal average. This surge in inventory pushed the sales-to-active listings ratio down to 11%, reinforcing buyer’s market conditions. A balanced market typically sits between 12% and 20%.

Home prices. Benchmark pricing showed small month-over-month gains. The benchmark price for a single-family home is now $1,505,500, a 0.4% increase from February but 1.2% lower than last year. Townhomes rose 0.5% from February to $833,700 but dropped 1.7% year-over-year. Condominiums also climbed 0.5% month-over-month to $540,900 but declined 2.6% from March 2024.

Market uncertainty. Market hesitation continues due to economic uncertainty caused by U.S. tariffs. Many sellers don’t want to lower their prices, and buyers are struggling with financing or aren’t willing to pay current prices. This has led to fewer home sales.

However, we can expect the Bank of Canada to continue lowering its policy rate in the coming months. These rate cuts could ease financing conditions, reduce market uncertainty, and encourage more buyers and sellers to re-engage with the market.

For those thinking about buying or selling in 2025, it’s important to understand how economic uncertainty and rising inventory levels are shaping today’s market. If you have questions or need guidance, don’t hesitate to reach out. You can call me at (604) 805-5897 or send an email to Jayson@JaysonSidhu.com. I look forward to hearing from you.