Fraser was born in Sicamous, but raised in Surrey, British Columbia. Growing up, he played minor hockey with the Pacific Vipers of Vancouver with future Chicago Blackhawks teammates Brent Seabrook, Andrew Ladd and Troy Brouwer. He went on to play major junior in the Western Hockey League (WHL) with the Red Deer Rebels for four years. He spent time as their team captain. Following a 52-point campaign in his second WHL season, Fraser was drafted in the third round, 69th overall, by the Philadelphia Flyers in the 2003 NHL Entry Draft. In the subsequent season after being drafted by the Flyers, Fraser was traded to the Chicago Blackhawks on February 19, 2004, while still in the WHL, along with Jim Vandermeer and a second round selection (Bryan Bickell) in 2004 in exchange for Alexei Zhamnov and a fourth round selection (R. J. Anderson) in 2004.