The new year has brought a massive wave of new home listings to Abbotsford, ushering in a potential buyer's market to the region.
According to the latest report by the Fraser Valley Real Estate Board (FVREB), the number of Abbotsford home listings absolutely skyrocketed in January, with the biggest increase being in detached homes.
Compared to January 2024, this past month saw a massive jump in new listings across all three property types – 178 for detached homes, 82 for townhouses, and 143 for apartments – despite rather stagnant sales numbers.
The total number of active listings throughout the city is also significantly higher than this time last year, with Abbotsford currently having 54 per cent more detached home listings, 100 per cent more townhouse listings, and 61 per cent more apartment listings.
However, sales remained exactly the same for detached homes, while apartment sales experienced a slight drop of two per cent, and townhouse sales fell to 44 per cent of what they were in January 2024.
The benchmark prices for these properties also remained fairly stable compared to 2024, with detached homes increasing by two per cent to $1,207,400, townhouses increasing by five per cent to $685,500, and apartments actually falling by more than one per cent to $440,900.
When looking at the benchmark prices from 10 years ago, Abbotsford has experienced the second-highest increase in combined residential price for the entire Fraser Valley – 137.9 per cent – only being beaten by Mission.
Most of these trends were reflected in the rest of the Fraser Valley region as well, which FVREB CEO, Baldev Gill, called a holding pattern in the housing market.
"There is no doubt that economic uncertainty is playing a role, especially the spectre of a trade war, which could lead to even more rate cuts by the Bank of Canada," Gill said. "The confluence of these conditions could provide unique buying opportunities, but we urge buyers and sellers to work with a realtor to ensure they align with financial objectives."
