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.