House for sale

House prices keep rising, but few homeowners want to sell

Benchmark price of an Abbotsford house now over $800,000

Efforts by the province to drive the cost of housing down have yet to have an effect on home prices in Abbotsford.

The benchmark price of a typical Abbotsford house pushed past the $800,000 mark in February, according to the latest Fraser Valley Real Estate Board (FVREB) figures. That’s up 19 per cent from last year and nearly $20,000 from January.

Townhouse and apartment prices have been rising even faster.

The “typical” townhome now goes for $371,600, up 25 per cent from last year. The typical apartment now fetches $315,900, up 41.3 per cent.

In Mission, the benchmark price for a house is $653,500. The townhouse benchmark price is $433,400, while the apartment benchmark is $315,400.

Those increases mirror increases across the Fraser Valley. The benchmark price of a typical home in the FVREB region – which stretches from White Rock to Abbotsford – is now just shy of $1 million, at $992,100.

Despite the sky-high prices, the FVREB says too few people want to sell their homes.

“We continue to see demand capped off due to an inadequate amount of supply,” said FVREB board president John Barbisan in a press release. “March is typically when we see our market kick into gear, but we need to see higher levels of new listings coming in and greater overall inventory if we want more homebuyers to find success in the Valley.”

The number of homes for sale rose from February, but is down from this point last year.

Barbisson said housing doesn’t function like a commodity, so increasing prices don’t always spur owners to sell. And inventory remains low partly because houses are selling so fast.

“There’s no chance of replishining it quick enough,” he said. Barbisson suggested demand by Vancouverites is driving many sales in the Fraser Valley.

“In the Fraser Valley Real Estate Board [area], almost 1/3 of all agents done by agents out of Vancouver,” he said.

Just Posted

MORE PHOTOS: Mission Folk Music Festival 2018

Great weather and plenty of activities and entertainment at annual festival

Man arrested in Maple Ridge in connection with Victoria-area murder

Daniel Creagh faces second-degree murder charge in death of Joseph Gauthier

Abbotsford philanthropist donates $1 million for new CT scanner

Fraser Valley Health Care Foundation says donation frees it up to fundraise for second machine

Combined 584g of cocaine, fentanyl and meth found in Abbotsford home

Charges pending against a man and a woman after police execute search warrant on Larch St. home

PHOTO: Day one of the Mission Folk Music Festival

The festival continues all weekend long at Fraser River Heritage Park

BC Wildfire merges two Okanagan wildfires

Large plume of smoke seen over the fire was a controlled event

Why do they do it? Coaches guide kids to wins, personal bests at the BC Games

Behind the 2,300 B.C. athletes are the 450 coaches who dedicate time to help train, compete

Gold medallists at BC Games only trained together for 1 day

Ryan Goudron, Nathan Chan, Owen Pinto and Praise Aniamaka from Zone 4 - Fraser River ran together for the first time

Five taken to hospital after one of two Coquihalla accidents

One airlifted in critical condition, four taken via ambulance in stable condition

Government sets full-time salary range for Justin Trudeau’s nanny

At its top range, the order works out to a rate of $21.79 per hour, assuming a 40-hour work week

Lower Mainland teams battle for baseball gold at BC Games

Vancouver Coastal squeaked out a 3-2 win against Fraser Valley

The Northern Secwepemc te Qelmucw people signed an agreement-in-principle with the B.C. government

The signing ceremony, at the Eliza Archie Memorial School, was 25 years in the making

Canada to resettle dozens of White Helmets and their families from Syria

There are fears the volunteers would become a target for government troops

Francesco Molinari wins British Open at Carnoustie

It is his first win at a major and the first by an Italian

Most Read