Home prices in Abbotsford have dropped significantly since summer as far more houses go unsold.
The price of a typical home in the city has dropped five per cent just since July, according to new figures released this week by the Fraser Valley Real Estate Board (FVREB).
A typical house in Abbotsford cost just over $800,000 in November, the board said. And while that number is up slightly from the previous November, it’s $40,000 lower than at the peak of the market, in July. And the median price – the middle point at which half homes were sold for more and half for less – is down to $735,000 from $809,000 in July.
Prices of townhomes and apartments have also begun to drop at similar rates after peaking over the summer.
The drop in prices reflects a sagging number of sales. Just 55 single-family houses changed hands last month, nearly half the number of the previous November, even though there are more active listings.
The scenario is even more drastic in the apartment and townhouse sectors. Last November, the FVREB recorded 88 apartment sales and just 73 active listings. Twelve months later, 50 apartments changed hands, while there were 286 active listings.
“Lessening demand continues to impact our market significantly,” said John Barbisan, the FVREB’s president, in a news release. “In turn, that has given purchasing power back to buyers who now have more time and more options when it comes to making a decision.”