Housing sales stable in Abbotsford: RE/MAX report

The development of infrastructure connecting Abbotsford to other communities should continue to increase residential housing sale

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.

Just Posted

Here’s Abbotsford’s top stories from the last week

An 11-year-old’s sketch of a B&E suspect, The News challenges a publication ban and more from the last week

Abbotsford piano teacher earns national recognition

Jean Ritter was recently named a teacher of distinction by the Royal Conservatory of Music

Communitas prepares for annual Christmas Day dinner

Abbotsford organization accepts donations for prizes and gifts

Two choirs host Christmas concert in Abbotsford

Pacific Mennonite Children’s Choir and Valley Festival Singers perform Dec. 10

Abbotsford program painting picture of homelessness in motion

Co-ordinated intake and referral program sees 387 referrals of homeless and at-risk in community

VIDEO: Highway overpass protest against United Nations ‘compact’ on immigration

Demonstrators say Canada will have less control over who is allowed in the country

Boeser scores 3, Pettersson has 5 points as Canucks hammer Blues

Vancouver picks up impressive 6-1 win in St. Louis

B.C. police stop drunk driver who offered up burger instead of ID

Roadblock checks over the weekend found at least two other impaired drivers

In Canada, the term ‘nationalism’ doesn’t seem to have a bad rap. Here’s why

Data suggest that Canadians don’t see the concept of nationalism the way people do in the United States

Small quake recorded west of Vancouver Island

No injuries or tsunami warning after 5.4 rumble felt some 400 kilometres from Victoria

B.C. suspends Chinese portion of Asian forestry trade mission due to Huawei arrest

Huawei’s chief financial officer Meng Wanzhou was detained at the request of U.S. in Vancouver

Canadians spent $1.7 billion dollars online in December 2017

Online retail sales accounted for 3.4 per cent of total retail sales

2-year investigations nets $900,000 in refunds for payday loan customers

Consumer Protection BC says selling practices were ‘aggressive and deceptive’

China: Canada’s detention of Huawei exec ‘vile in nature’

Huawei is the biggest global supplier of network gear for phone and internet company

Most Read