A new year has dawned with the price of a typical home in Abbotsford closing in on the $800,000 mark and the price of an apartment nearing $300,000.
The year-end numbers released by the Fraser Valley Real Estate Board (FVREB) highlight just how expensive buying a house in Abbotsford has become over the last two years.
Twenty-four months ago, in December 2015, the price of a typical single-family house in Abbotsford was $494,800. A typical townhouse would cost about $229,00, and your average apartment could be had for $154,1000. Now, the benchmark price of that house is $792,300, and the typical townhouse goes for $348,600.
Apartments have seen the greatest increase over the last two years, with the typical unit now selling for $286,600 – an 85 per cent increase.
The FVREB said last year was the second-busiest year for the Fraser Valley real estate industry, falling short only of 2016’s levels.
“All year, supply levels remained below where we’d like them to be, and that has put a tight grip on inventory and pressure on the pace of the market,” FVREB president Gopal Sahota said in a release. “This is still a challenging market for many consumers.”
He noted that the year was notable for the shift in demand to townhomes and apartments.
“While prices continued to see slight gains month-to-month, a lot of our attached inventory remained affordable and an excellent option for consumers of all types.”