HOME PRICES ARE GOING DOWN: IS NOW THE BEST TIME TO BUY IN THE TRI-CITIES AND FRASER VALLEY

If you’ve been waiting for home prices to come down before buying, you may be wondering:

Is now the best time to buy a home in the Tri-Cities or Fraser Valley?

The answer isn’t necessarily as simple as “yes” or “no.”

But there is something buyers should pay attention to: prices have been softening, inventory has increased compared with stronger seller markets, and buyers are generally in a much better negotiating position than they were during the highly competitive markets of the past.

For buyers who have been sitting on the sidelines, this could be an important market to watch.

Are Home Prices Actually Going Down?

Yes, prices have been trending lower in several communities across the region.

In September 2026, Greater Vancouver REALTORS® benchmark data showed year-over-year declines in several Tri-Cities and nearby markets, including approximately:

• Coquitlam: down 6.3%

• Port Coquitlam: down 8.2%

• Port Moody: down 5.8%

• Maple Ridge: down 7.0%

• Pitt Meadows: down 3.6%

These figures are based on benchmark prices and can vary considerably by property type and neighbourhood.

The Fraser Valley has also experienced continued price softness. The Fraser Valley Real Estate Board reported that its composite benchmark price fell another 1% in September and was down 7% from September 2025.

For buyers, declining prices can create opportunities—but they also require careful consideration.

Is This a Buyer’s Market?

In many areas, buyers have considerably more choice and negotiating power than they had during a strong seller’s market.

The September 2026 Tri-Cities market report for Coquitlam, Port Coquitlam and Port Moody characterized conditions as a buyer’s market, with properties taking an average of about 43 days to sell.

The Fraser Valley Real Estate Board has similarly described the market as a deepening buyer’s market, with buyers taking more time to make decisions.

That can mean opportunities for buyers who are prepared and patient.

But Should You Wait for Prices to Drop Even Further?

This is one of the biggest questions buyers are asking.

Nobody knows exactly where the bottom of the market will be.

You could wait three months and see prices fall further.

You could also wait three months and find that prices have stabilized—or that the particular home you wanted has sold.

Trying to perfectly time the bottom of the real estate market is extremely difficult.

Instead, consider whether the property is good value for you at today’s price.

Why a Lower Price Isn’t the Only Thing That Matters

A lower purchase price is obviously attractive, but there are other factors to consider.

Mortgage rates

Your interest rate can have a significant impact on your monthly payment.

A home that is $50,000 cheaper isn’t necessarily a better financial decision if the financing terms don’t work for your budget.

Your down payment

If you have been saving for a home, a declining market may give you more purchasing power—but you still need to budget for closing costs, property taxes, insurance, maintenance and other expenses.

Your time horizon

If you plan to own the property for many years, short-term market fluctuations may be less important than they are for someone who expects to sell again in a few years.

The specific property

Not every home is declining in value at exactly the same rate.

A well-priced townhouse in a desirable neighbourhood may behave differently from an overpriced condo or a home requiring significant renovations.

The individual property matters.

More Choice Can Be Just as Valuable as Lower Prices

One of the biggest advantages buyers currently have is choice.

When buyers aren’t competing against multiple offers on every property, they can take more time to:

• Compare homes

• Review strata documents

• Complete inspections

• Consider financing

• Research neighbourhoods

• Negotiate price

• Negotiate dates

• Request appropriate conditions

• Walk away from a property that doesn’t make sense

That can be just as valuable as getting a lower purchase price.

What About the Tri-Cities?

The Tri-Cities—Coquitlam, Port Coquitlam and Port Moody—offer very different neighbourhoods and property types.

A buyer looking for a condo near SkyTrain may have a very different experience from someone looking for a detached family home in Port Moody.

September 2026 data for the three communities showed an average sold price of approximately $1.01 million across the market, with condos averaging about $607,000, townhouses about $903,000 and houses about $1.57 million.

Those numbers are averages, not predictions of what any individual property is worth.

That’s why buyers should look at recent comparable sales for the specific property type and neighbourhood rather than relying solely on an overall city average.

What About the Fraser Valley?

The Fraser Valley also presents opportunities for buyers, particularly for those looking for more space or a lower purchase price than some Metro Vancouver markets.

Communities such as Maple Ridge, Pitt Meadows, Langley, Surrey, Mission and Abbotsford can offer very different price points and housing options.

In September 2026, the Fraser Valley recorded 922 sales, while the composite benchmark price fell 1% from August and 7% year-over-year. The Fraser Valley Real Estate Board also noted that the benchmark price for a single-family home was substantially below its March 2022 peak.

For buyers, that doesn’t necessarily mean “prices have hit bottom.”

It does mean the market is offering more choice and less urgency than buyers experienced during the pandemic-era market.

What Should Buyers Look for Right Now?

If you’re thinking about buying, don’t just look for the cheapest home.

Look for value.

Ask:

• Is the property priced appropriately?

• How long has it been on the market?

• Has the price been reduced?

• What have similar homes actually sold for?

• Is the seller motivated?

• Are there upcoming strata expenses?

• Does the home need major repairs?

• Is the neighbourhood right for your lifestyle?

• Will the property meet your needs for several years?

A good buying opportunity isn’t necessarily the home with the biggest price reduction.

It may be the home that is correctly priced, in the right location and suitable for your long-term plans.

So, Is Now the Best Time to Buy?

For some buyers, yes—it may be a very good time to start looking seriously.

Not because anyone can guarantee that prices have reached the bottom, but because buyers currently have something they didn’t always have in previous markets:

time.

Time to shop.

Time to compare.

Time to negotiate.

Time to complete due diligence.

And potentially, time to negotiate a better purchase price or terms.

If you’ve been waiting for the market to become more buyer-friendly, this is a market worth paying attention to.

Don’t Try to Predict the Bottom Find the Right Home at the Right Price

The perfect time to buy isn’t necessarily the day prices reach their absolute lowest point.

You may never know when that day is.

Instead, focus on finding a property that fits your budget, lifestyle and long-term plans—and determine whether the price represents good value based on today’s market.

If you’re considering buying a home, townhouse or condo in Maple Ridge, Pitt Meadows, Coquitlam, Port Coquitlam, Port Moody or the Fraser Valley, I can help you understand the local market, compare properties and evaluate whether a particular home is fairly priced.

The market may be changing. That can create opportunities but the key is knowing where the opportunities are.