More Inventory. More Time. More Leverage.
The Victoria Day long weekend arrives this year with a real estate market that has something genuinely worth saying. Across Greater Vancouver and the Fraser Valley, buyers heading into the spring of 2026 are navigating conditions that haven't existed in this region for well over a decade: active inventory sitting 37% above the 10-year seasonal average in Metro Vancouver, a sales-to-active ratio of 13.5% that puts meaningful negotiating room in buyers' hands, and benchmark prices that have softened year-over-year across every property type.
In this week's briefing, I break down what those numbers actually mean for buyers and homeowners across the region, spotlight a well-positioned detached home in East Abbotsford's Auguston neighbourhood at approximately $1,049,000 with a full financing example included, and walk through what the Bank of Canada's third consecutive rate hold means for anyone comparing variable and fixed rate options right now.
There's also a full guide to what's happening across Greater Vancouver and the Fraser Valley this long weekend, from the Day of Music's 70+ free performances on Saturday to the 134th Annual Cloverdale Rodeo wrapping up in Surrey. If you're trying to make sense of the market, or you simply want to know what's worth doing this weekend, this one's worth a few minutes of your time.
Variable vs. fixed right now
Variable vs. Fixed Right Now, Plus Your Surrey & Fraser Valley Market Update
The question I'm getting almost every week: should you be in a variable or a fixed rate mortgage right now? With the Bank of Canada holding its overnight rate at 2.25% for the third consecutive decision of 2026, it's one of the most interesting moments in recent memory to think this through carefully. Best variable rates are currently ranging from 3.69% to 4.04%, while five-year fixed rates are sitting between 4.14% and 4.84%, reflecting insured, insurable, and conventional categories. The spread matters, and so does the fine print around break penalties.
On the market side, the Fraser Valley recorded its first year-over-year sales increase in over a year in April, with 1,118 transactions, up 7% from last year. Inventory remains elevated at over 9,800 active listings, and buyers still have real negotiating room. Surrey townhomes are benchmarking around $771,600 and condos around $491,000. A standout new listing just hit the market in Grandview Surrey at $798,000, a 3-bed, 3-bath SOHO townhome with a rooftop deck, chef's kitchen, and steps from Morgan Crossing.
Plus, it's Mother's Day weekend across Greater Vancouver and the Fraser Valley, and there's a lot going on, from VanDusen Botanical Garden and Zen at the Zoo in Aldergrove to Maan Farms in Abbotsford and The Glades Woodland Garden in South Surrey.
Read the full breakdown below.
Weekly market briefing
Spring is bringing more listings and more opportunity across Burnaby and the Tri-Cities. Buyers have room to negotiate, and those who are prepared are finding real value in today’s market.