After a pause over the winter, house prices in Abbotsford are back on the rise.
The benchmark price of a typical detached house in the city is nearing three-quarters of a million dollars after rising eight per cent over the last four months, according to the Fraser Valley Real Estate Board.
Home values had spent much of 2015 and 2016 rising at an unprecedented rate, but slowed over the winter. They’ve since resumed their upward trajectory, though, according to new figures released this week. Since February, the value of a typical Abbotsford house has risen by more than $50,000, with the benchmark now at $728,000.
Three years ago, in May 2014, the typical house in the city cost $442,800.
Townhouse and apartment benchmark prices have both risen around six per cent since February. Apartments values have been on a constant upward trend that continued through the winter, while townhouse values actually declined between November and February.
The benchmark prices of townhouse and apartments in May were $315,500 and $236,600, respectively.
The sellers-to-listings ratio in the Fraser Valley is once again heavily skewed in favour of sellers, according to the FVREB.