Abbotsford home prices fell across the board in August, with the cost to buy a detached house, townhouse and apartment all dipping in the face of increased supply.
The benchmark price of a “typical” Abbotsford home retreated to $829,400 in August, according to new figures from the Fraser Valley Real Estate Board. That’s still five per cent higher than last August but a $13,000 dip from the month prior.
The price of the average townhouse also dipped, to just above $400,000, while the average apartment costs around $350,000 and also fell in August.
Lower demand and higher supply has combined to slow the housing market. The number of active townhouse and apartment listings was double the figure from last August, while the number of houses on the market has also risen considerably. At the same time, significantly fewer sales are going through, with 158 homes sold in August 2018, down from 280 from August of 2017.
“With demand slowing down and prices staying put, both buyers and sellers can expect to see an easing of competition with less multiple offer situations,” FRVEB president John Barbisan said in a news release. “Right now, effective pricing is key and will be the determining factor for a successful transaction.”