His novel, The Bannonbridge Musicians (Ingluvin Publications) was a finalist for the 1978 Governor General's Award.

In 2009, following publication of his novel In Another Life (Lion's Head Press), he received the inaugural Lieutenant-Governor's Award for High Achievement in the Arts for English Language Literary Arts.

Five of Fraser's books were listed in Atlantic Canada's 100 Greatest Books (Nimbus Publishing, 2009), a distinction shared by only three other authors.

In 2012 he was made a member of the Order of New Brunswick, the province's highest honour, for his contributions to literature and New Brunswick's cultural life.

In May 2016, he received an honorary Doctor of Letters degree from his alma mater, St Thomas University. In 2017, he received the Canadian Senate Sesquicentennial Medal in recognition of valuable service to the nation.

Over the years he received four Canada Council Grants, six New Brunswick Arts Board Grants, and the Canadian Writers’ Trust Woodcock Grant.