Prices slide as more homes on market in Abbotsford

In Abbotsford, more than 800 homes were actively for sale in April

Home sales in Abbotsford remained sluggish in April, leaving hundreds more properties up for sale this spring than in previous years.

Prices are down across the board from last spring, with single-family houses, townhouses and apartments all costing less than they did 12 months ago, according to new numbers from the Fraser Valley Real Estate Board. Those decreases, though, are slight and relative: homes are still selling for significantly more than they were just two years ago.

The FVREB reported that 844 homes were on the market in Abbotsford in April. That’s up more than 54 per cent from last April, when 547 properties were actively for sale. The surge, though, isn’t because of a dramatic increase in new listings in Abbotsford, which are even from last year for townhomes and houses, and down for apartments. Rather, across the region, apartments and townhomes are taking twice as long to sell, on average. Houses are taking 42 per cent longer, and most properties in all three categories are now on the market for more than a month.

“While it’s great to see the increase in inventory we were looking for, both buyers and sellers remain careful as pricing continues to climb,” FVREB president John Barbisan said in a press release.

The typical average house now costs about $805,500, according to the FVREB. That’s down 2.5 per cent from last year. A typical townhouse costs around $376,400, down 3.5 per cent, and a typical apartment can be had for about $320,700, down 7.5 per cent.

RELATED: April another lethargic month for Metro Vancouver home sales: Real estate board

RELATED: CMHC says overall housing market no longer highly vulnerable after prices ease


@ty_olsen
tolsen@abbynews.com

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