Red-hot house market continues to push prices higher

Benchmark single-family home value hits $551,800, up nearly $100,000 in the past year.

Red-hot house market continues to push prices higher

In January, the benchmark price of a home in Abbotsford surpassed $500,000 for the first time. Sixty days later, the value of that typical Abbotsford house is already halfway to $600,000, according to new figures from the Fraser Valley Real Estate Board.

The Abbotsford benchmark price for a single-family house rose 3.8 per cent – or just over $20,000 – in March, according to the FVREB. Over the past year, the benchmark price has increased by 21.2 per cent, or nearly $100,000, to $551,800.

“This market is uncharted territory for Fraser Valley real estate,” said Charles Wiebe, president of the FVREB, in a press release. “It’s typical for spring to see a jump in activity; however, March came and went at a break-neck, record-setting pace. I’ve never seen anything like it.”

The FVREB reported that while listings were up, the housing inventory remained below last year’s levels. Across the region, single-family homes were selling in an average of just 17 days, compared to 43 last year.

“While I’m certainly encouraged that so many are finding their way to owning a home in the Fraser Valley, I know that it can also be challenging for first-time homebuyers and those looking to transition.”

Although townhouse and apartment prices haven’t kept pace with single-family homes over the past year, the value of those properties also saw jumps in March.

The benchmark price of a townhouse increased 1.6 per cent, to $240,300 in March. Over the past year, townhouse values have risen by 5.3 per cent. The median price of a townhouse in Abbotsford is significantly higher than the benchmark price, signaling that many sales are of newer units locally.

Apartment values were up even more, rising by 4.3 per cent in March to $164,000. The benchmark apartment price has risen 8.9 per cent in the last 12 months.