Abbotsford/Mission area leads Fraser Valley Real Estate Board in affordability

Abbotsford and Mission housing prices remain significantly more affordable than the rest of the communities in the Fraser Valley Real Estate Board.

Abbotsford and Mission housing prices remain significantly more affordable than the rest of the communities in the Fraser Valley Real Estate Board.

June’s sales showed the average price of a detached house in Abbotsford was $435,000 in June, based on 116 properties which sold.

That compares favourably to the average price of $594,000 for the FVREB overall, based on 875 units sold.

White rock sales raise the overall average considerably, with that community’s average house price of $943,000. However, the averages in Langley, North Delta, North Surrey, Surrey Central and Cloverdale are all in the $550,000 range – making Abbotsford considerably more affordable.

Mission has the lowest prices in the FVREB, with an average sale of $396,000, based on the 56 houses that sold through June.

Prices in Abbotsford were up 5.3 per cent compared with June 2010 sales, and in Mission they were up 5.5 per cent.

The prices of townhouses and apartments are also considerably lower in Abbotsford/Mission than the rest of the FVREB.

The average price of the 42 townhouses that sold in June 2011 in Abbotsford was $267,000. The FVREB average was $351,000.

There were also 42 apartments sold in

June in Abbotsford, at an average price of $165,000. The FVREB average was $216,000.

Mission was slightly less expensive than Abbotsford, with the average of $255,000 for townhouses and $149,000 for apartments, but based on a very small sample size of only five units.

Across the entire Fraser Valley Real Estate Board, including all property types, the average price was up 9.2 per cent from June 2010 to June 2011, from $460,000 to $502,000. Sales are down slightly, 2.2 per cent, from 8,796 up to this time last year, to 8,606 year-to-date.