Abbotsford house sales dip again

Prices also plateauing as housing market continues to cool in the Fraser Valley.

The Abbotsford housing market continued to moderate in August, with sales of single-family houses down sharply from previous months.

Just 116 houses traded hands in August, down 32.2 per cent from July and less than half the number of sales from May, according to the Fraser Valley Real Estate Board.

The summer frequently sees fewer sales, and August 2016 figures were still 15 per cent above numbers from the same month last year. That, though, is in contrast to the spring, when sales figures were often double that from the same time last year.

The numbers of both single-family house sales and new listings have now fallen each month since March. Recent months, however, have seen the number of sales falling faster than the number of new listings, and the number of “active listings” is now around 50 per cent higher than in February suggesting more supply for house seekers.

Prices also seem to be plateauing. While the price of a “typical” single-family home rose another 2.1 per cent in August, to $667,800, the median price – the point at which half of all homes sold are more expensive and half are less expensive – actually declined by nearly five per cent, coming in at $621,500.

Year-over-year, the price of a typical house – known as the benchmark price – has risen 39 per cent. Twelve months ago, the benchmark was at $480,800.

The prices of townhomes saw a similar shift in August, although the number of sales and new listings both rose over the last month.

The benchmark price of townhomes has risen 32 per cent over the last year, from $222,700 in August of 2015 to $293,100 in August of 2016.

Apartments sales and listings were largely unchanged from July, although they remain sharply up from the same month last year. Both benchmark and median prices of apartments were up around three per cent over the last year.

The benchmark price of an apartment is now $192,300, up 28 per cent from $150,000 in August of 2015.

“The numbers here aren’t alarming; they’re expected, and what we’re used to seeing around this time,” FVREB president Charles Wiebe said in a press release. “Homebuyers should be encouraged that sales have slowed, giving inventory a chance to build back up and competition within the market to cool down.

“With sales activity moderating to more normal levels, we’re beginning to see prices follow-suit, and even drop for certain housing types in some of our communities.”

 

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

Just Posted

New book details 1893 murder in Abbotsford and 2 trials that followed

Farmer John Marshall was found dead on his Sumas Prairie property

Abbotsford Police Department’s public service counter reopens

Some modified protocols in place for the public due to COVID-19

VIDEO: Abbotsford Time Lapse 2020

YouTube user posts video showing time lapse of several Abbotsford locations

Abbotsford resident receives award from B.C. Historical Federation

Bill Glasgow honoured for work on British Columbia History magazine

VIDEO: #FreeThemAll group protests for prisoner rights in Abbotsford

About 20 participate in car demonstration outside of Matsqui Institution on Sunday

Facing changes together: Your community, your journalists

New platform allows readers to make a one-time or ongoing donation to support local journalism

B.C. First Nation adopts Dr. Bonnie Henry, names her ‘one who is calm among us’

Gitxsan officially adopts the provincial health officer in a May 22 ceremony

Kelowna man charged with harming a hamster

The 20-year-old Kelowna man faces several animal cruelty charges

High tech fish transport system set up to ‘whoosh’ salmon past Big Bar landslide

Fish will spend roughly 20 seconds inside the system, moving at roughly 20 metres per second

Trudeau to seek 10 days of paid sick leave for Canadian workers, says talks are ongoing

Paid sick leave is key to keeping COVID-19 spread under control, prime minister says

Snowbirds jets will not be leaving Kamloops, just yet

The Snowbirds have been in Kamloops since May 17 when a plane crashed killing Capt. Jennifer Casey

COVID-19 checkpoints ‘up to them,’ Bonnie Henry says of remote B.C. villages

Support local tourism economy, but only if you’re invited in

Vancouver Island hasn’t seen a new homegrown case of COVID-19 in two weeks

Island’s low and steady transmission rate chalked up to several factors

Most Read