The development of infrastructure connecting Abbotsford to other communities such as Surrey, Langley and Richmond should continue to increase residential housing sales, according to the RE/MAX 2015 housing market outlook report.
The report summarizes 2014 national prices and sales activity and provides a 2015 forecast for 32 regions in Canada, including Abbotsford.
Abbotsford’s residential market activity remains stable across all segments, the report states. Year-over-year unit sales have increased by seven per cent since 2013, rising to 1,798 sales from 1,684.
The average sale price for detached houses this year is approximately $451,900 with minimal price increases expected next year.
The average price for a residential unit (single family homes, condos, townhouses, etc.) in Abbotsford climbed five per cent to approximately $388,500 in 2014.
Based on year-end estimates, the average residential sale price is projected to increase by 0.5 per cent.
New infrastructure linking communities is important in Abbotsford, including the South Surrey Perimeter Highway connecting to Richmond, and additional Highway 1 lanes going to Langley. As buyers age, they see greater opportunity to stretch their dollar and settle in Abbotsford, according to the report.
In Abbotsford, townhouses are preferred over condominiums as families and first-time home buyers command the lion’s share of the market.
The second-largest group is owners who have a dual income and no children, and women are also more active in the residential housing market than men.
Luxury housing plays a small role in Abbotsford’s market and detached houses with acreage represented approximately four per cent of all sales this year.