Sellers’ market: Housing prices continue to rise in Abbotsford and Mission

Sellers’ market: Housing prices continue to rise in Abbotsford and Mission

Value of a typical house in central Fraser Valley has increased by $50,000 since start of year

House prices in the central Fraser Valley continued to climb through the summer, despite the ongoing COVID-19 pandemic.

The benchmark price of an average single-family house in Abbotsford is now nearly $850,000, according to the Fraser Valley Real Estate Board (FVREB). That’s up more than six per cent – and more than $50,000 – from the start of the year.

It’s a similar story in Mission, where the typical single-family house is now going for nearly $700,000 – up about seven per cent and nearly $50,000 from the start of the year.

Townhome and apartment prices are also generally on the rise, albeit at a less dramatic speed than houses.

The typical townhome in Abbotsford now goes for about $465,000 in Abbotsford and Mission. The benchmark price for apartments is higher in Mission ($348,200) than Abbotsford ($325,100).

Across the Fraser Valley Real Estate Board region, which ranges from White Rock to Abbotsford, last month was the second-busiest August in the last two decades.

“We are seeing better sales volumes increase month over month because buyers are recognizing that the Fraser Valley offers increased choice and diversified housing opportunities, while offering more value as well,” FVREB president Chris Shields said in a news release. “In an unusual situation given the pandemic, we remain cautiously optimistic and are encouraged by the numbers we are seeing.”

With a 28 per cent sales-to-active listing ratio, the Fraser Valley real estate market is now firmly a sellers’ market. The Abbotsford market was even more tipped in the favour of sellers, with a 35 per cent ratio.

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