The Fraser Valley housing market had its ups and downs in 2024, with Abbotsford seeing some particularly notable numbers according to the most recent report from the Fraser Valley Real Estate Board (FVREB).
The year-end report shows that the number of new listings for the entire Fraser Valley was at its highest in more than a decade, but a very different story unfolded in Abbotsford.
While the 1,448 Abbotsford apartment listings in 2024 are the third-most in the past 10 years, townhouse and detached home sales had very middling numbers.
However, the exact opposite was true when looking at actual home sales, with detached homes being the only one to increase in 2024, beating last year's 730 by 34.
Townhouse and apartment sales both fell compared to 2023, with Abbotsford seeing a four per cent decrease in townhouses and a 12 per cent decrease in apartments.
"2024 marked another subdued year for Fraser Valley home sales on the heels of a ten-year low in 2023," explained FVREB chair Jeff Chadha.
One thing that didn't fall was the prices across all three types of properties, with each one having the second-highest average price in history, only being beaten by the spike in 2022.
The city's average price throughout 2024 was approximately $1.2 million for detached homes, $686,000 for townhouses, and $453,000 for apartments.
This continued rise in home prices isn't expected to slow down any time soon, with the Canadian Real Estate Association projecting that B.C. will experience a further 1.3 per cent increase in home costs and 8.5 per cent increase in home sales in 2025.
