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SURREY, BC — On the heels of a quiet April, Fraser Valley home sales saw a modest but encouraging uptick in May — a sign that buyer confidence may slowly be returning to the market. The Fraser Valley Real Estate Board recorded 1,183 sales on its Multiple Listing Service® (MLS®) in May, up 13 per cent from April. Despite the increase, sales were 22 per cent below May 2024 levels and 36 per cent below the 10-year seasonal average.

The B.C. Real Estate Association is calling for changes to the province’s short-term rental restrictions ahead of the busy summer travel season. The organization said that amid B.C.’s current tariff and trade-challenged environment, along with the provincial government’s public advisory to find alternative places to visit this summer, provincial priorities need to be adapted. “While affordable housing is a critical provincial issue, so are provincial economic wellbeing and the health of our tourism sector,” the organization said in a statement. “When the Short-Term Rental Accommodations Act and its accompanying regulations were put into force, the province was extremely focused on creating additional housing by any lever possible. Since its implementation, however, short-term rental (STR) legislation has caused a series of economic challenges across the province that need to be addressed.” The real estate association said that while the need for housing is great, long-term rentals can be a vital piece of the housing continuum and they want to see a few changes made. Read More Here