Fraser Valley Housing Market Remains Saturated, Home Sales Plateau in Abbotsford

Despite a modest increase in detached home sales in Abbotsford, the overall home sales in the community remained stagnant in July, thanks to a high number of active listings. The Fraser Valley Real Estate Board (FVREB) data shows that the Abbotsford housing market is still reeling from a combination of low sales and high listings, resulting in a saturated market. The July sales data paints a mixed picture, with detached homes showing a small boost, while apartments saw a modest increase, and townhouse sales plummeted by nearly 29 per cent.

Key Takeaways:

Detached home sales in Abbotsford showed a 10.3 per cent increase from June, with 64 sales, but still fell short of July 2024 levels.
Apartments saw a 1.8 per cent monthly increase in sales, but all property types remain under 2024 sales numbers.
Townhouse sales dropped dramatically by nearly 29 per cent in July, with a total of 46 sales.
New detached home listings decreased by 1.7 per cent, while new apartment listings rose by 7.9 per cent.
The number of homes for sale continues to remain significantly higher than last year, making it challenging for homeowners to sell their properties.
FVREB chair Tore Jacobsen emphasizes that home sellers must be more proactive, staging their homes, addressing repairs, and pricing their properties realistically.
The benchmark price for detached homes in Abbotsford fell to $1,180,200 in July, a 4.4 per cent decrease from 2024.
Townhouse prices dropped to $653,400, and apartments fell to $424,400, with a 4 per cent price drop month-over-month.
Despite reduced prices, the average days-on-market for detached homes and townhomes increased to 38 and 35 days, respectively.

Statistics:

64 detached homes were sold in Abbotsford in July, a 10.3 per cent increase from June.
Apartment sales increased by 1.8 per cent, while townhouse sales dropped by nearly 29 per cent.
New detached home listings decreased by 1.7 per cent, while new townhouse listings dropped by 17.8 per cent.
New apartment listings rose by 7.9 per cent.
The number of days-on-market for detached homes and townhomes was 38 and 35 days, respectively.
The benchmark price for detached homes in Abbotsford fell to $1,180,200 in July, a 4.4 per cent decrease from 2024.
Townhouse prices dropped to $653,400, and apartments fell to $424,400, with a 4 per cent price drop month-over-month.

Sources:

Fraser Valley Real Estate Board