The Fraser Valley housing market continues to steam ahead, with the value of a typical Abbotsford home rising by another $20,000 just in the last month, according to new figures.
The benchmark price of a single-family detached home in Abbotsford climbed to $574,1000 in April, according to the Fraser Valley Real Estate Board.
That’s an increase of four per cent over March. Over the past year, the benchmark price has climbed by $118,100, or 25.6 per cent.
The rise in prices reflects sky-high demand that has seen the Fraser Valley housing market eclipse records for home sales in each of the last four months.
The FVREB – which covers an area stretching from Delta to Abbotsford – processed 2,969 sales last month, breaking the previous April record of 2,513 set in 1991. The number of sales did drop from March, but only slightly, with 37 fewer properties changing hands.
The value of attached housing continues to rise slower than that of detached homes.
The benchmark townhouse price rose three per cent from March, and is now 7.7 per cent higher than in April 2015. Apartment values rose 1.2 per cent over the past month and are up 10.2 per cent higher over the past year.
“Fierce demand continues to put a strain on both inventory levels and buyers looking to purchase within the Valley,” FVREB president Charles Wiebe said in a press release. “There’s no ‘one thing’ that can take credit for the unprecedented pace of this market. With low interest rates, a strong provincial economy, and much of the Fraser Valley remaining quite affordable, there are many factors that continue to drive the level of demand we’re seeing.”
Despite the high prices, Wiebe insisted that it was still possible to find an affordable house.
“While it may seem daunting, I must emphasize that it is still very possible to enter this market.”