House prices continue to skyrocket

The value of a typical single-family home in Abbotsford has risen seven per cent in the last two months.

The price of a typical Abbotsford house has risen more than seven per cent in the last two weeks.

The price of a typical Abbotsford house has risen more than seven per cent in the last two weeks.

The price of a home in Abbotsford continues to skyrocket, with January’s record-setting figures eclipsed by those seen in February.

The benchmark price of a single-family home in the city reached $531,400 last month, according to the Fraser Valley Real Estate Board (FVREB). That is an increase of 4.4 per cent just from January.

In the last 60 days, the typical single-family house in Abbotsford has seen its value rise by an astounding $36,600, according to the FVREB. Similar numbers are being seen across the region, which recorded a record number of sales in February.

With 2,387 sales in February, the month beat the 10-year average for the month by 46 per cent and outpaced the 24-year-old existing record.

“In my 25 years of real estate, I have never seen such consistent demand for housing in the Fraser Valley,” said Charles Wiebe, president of the FVREB.

“While it’s certainly encouraging to see such confidence in our region, the intense demand has created a more complex market for buyers. For certain property types, prices have increased and selection is scarce.”

Across the region, homes are selling twice as fast as one year ago, with single-family houses staying on the market an average of just 21 days.

Although prices of townhouses and apartments have been rising slower, those sectors are also beginning to build up steam. The benchmark price of a townhouse in Abbotsford rose 2.1 per cent in February, while the typical apartment saw its value rise by 0.9 per cent.

Abbotsford News