Abbotsford home prices still climbing, but other areas see dips

Abbotsford home prices still climbing, but other areas see dips

Apartment prices have risen by nearly 50 per cent in Abbotsford over the last year

Home prices in Abbotsford rose modestly last month, even as other regions saw declines amid signs of a slowdown in the Lower Mainland housing market.

The benchmark price of a detached house rose 1.4 per cent in May to $836,600, according to the Fraser Valley Real Estate Board (FVREB). (The benchmark value aims to reflect the value of a “typical” residence.) Benchmark prices for townhouses and apartments rose 1.3 per cent and two per cent, respectively.

The steady increases in Abbotsford come as other Fraser Valley communities start to see prices dip after years of double-digit increases.

Across the region, which stretches south of the Fraser from White Rock to Abbotsford, both the median and the average price of single-detached houses dipped last moth, while townhouse and apartment values moved little. April also saw 35 per cent fewer home sales than the previous year. At the same time, the number of properties for sale is increasing.

“This is the most inventory we’ve had in over two years,” said John Barbisan, board president. “Now that the pace of our market has begun to settle, we’re seeing more opportunities for buyers and less pressure to make fast decisions.”

Over the last year, apartment prices have skyrocketed, increasing by nearly 50 per cent, to an average of more than $320,000. Townhome prices have increased by around 25 per cent, while single-detached houses have climbed by 14 per cent.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

..
Abbotsford nurse at ‘breaking point’ pleads with public to take COVID-19 seriously

Instagram post urges general population to stay home, wear a mask and get vaccinated

Westbound Highway 1 traffic near Herrling Island is backed up a long way following a vehicle incident. (Photo/Trish Dunbar)
Pedestrian killed in crash near Herrling Island

Woman in her 50s struck by moving van

Pharmacist Barbara Violo arranges all the empty vials of the Oxford-AstraZeneca COVID-19 vaccines that she has provided to customers at the Junction Chemist which is a independent pharmacy during the COVID-19 pandemic in Toronto, on Monday, April 19, 2021. THE CANADIAN PRESS/Nathan Denette
Parts of Langley Township, Abbotsford to get AstraZeneca vaccines for people ages 40+

A total of 13 neighbourhoods and communities in B.C. will receive the AstraZeneca vaccine

The Abbotsford Centre has the ability to host AHL level games if the Vancouver Canucks or any other NHL team chose to move its affiliate to the arena. (File photo)
Abbotsford Centre ready for AHL if right opportunity presents itself

Building recently upgraded glass and boards, schedule would allow for AHL tenant

In 2012, police in Abbotsford placed surveillance cameras near the Dhaliwal home in the 2500 block of Bradner Road after there were two drive-by shootings in the area. Harb Dhaliwal, 31, has now been identified as the victim of a fatal shooting April 17 in Vancouver. (Abbotsford News file photo)
Abbotsford man named as victim of fatal weekend shooting in Vancouver

Harpreet Dhaliwal, 31, killed outside of Cardero’s restaurant in Coal Harbour

FILE – NDP Leader John Horgan, right, and local candidate Mike Farnworth greet one another with an elbow bump during a campaign stop in Coquitlam, B.C., on Friday, September 25, 2020. THE CANADIAN PRESS/Darryl Dyck
B.C. won’t be using random individual road stops to enforce travel rules: Safety Minister

Minister Mike Farnworth says travel checks only being considered at major highway junctions, ferry ports

FILE – Health-care workers wave to people clapping and yelling thank you to the frontline workers during the 7 p.m.-tribute outside the Lions Gate Hospital in North Vancouver, B.C. Wednesday, April 8, 2020. THE CANADIAN PRESS/Jonathan Hayward
B.C. nurses issue plea for all to follow health orders as hospitalizations spike

Nurses worried about strain COVID-19 is having on hospital capacity, care

University of Victoria rowing coach Barney Williams is photographed in the stands during the Greater Victoria Invitational at CARSA Performance Gym at the University of Victoria in Victoria, B.C., on Friday, November 29, 2019. The University of Victoria says Williams has resigned effective immediately. (THE CANADIAN PRESS/Chad Hipolito)
University of Victoria women’s rowing coach resigns by mutual agreement

Lawsuit filed last summer accused Barney Williams of verbal abuse

Former B.C. premier Christy Clark. (Black Press Media files)
Former B.C. premier to testify at money laundering hearing today

Attorney General David Eby has been added to the witness list as well

Selina Robinson is shown in Coquitlam, B.C., on Friday November 17, 2017. British Columbia’s finance minister says her professional training as a family therapist helped her develop the New Democrat government’s first budget during the COVID-19 pandemic, which she will table Tuesday. THE CANADIAN PRESS/Darryl Dyck
B.C. to table budget that’s expected to deal with COVID-19 pandemic and beyond

Robinson released a fiscal update last December that said the impact of the pandemic on B.C.’s economy was uncertain

A man has died after being shot at Coquitlam’s Town Centre Park the evening of Monday, April 19. (Twitter/IHIT)
1 man dead after shooting at Coquitlam park: IHIT

The gunman is still at large, according to the Integrated Homicide Investigation Team

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Most Read