" Housing demand in the province is expected to moderate this year and in 2109," said Cameron Muir, BCREA 

Chief Economist. "More stringent mortgage qualifications and rising interest rates will further erode affordability

and household purchasing power. With home prices already at an elevated level, BC households are more

vulnerable to rising interest rates."

 

The supply of homes for sale continues to trend at or near decade lows in most BC regions.

 

The average MLS residential price in the province is forecast to increase 6.0 per cent to $752,000 this year and a further 4.0 per cent to $781,000 in 2019.

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The Abbotsford real estate market started strong in 2018.

Prices increasing over last year.

 

Number of sales of single family homes are similar to January 2017, with supply remaining limited.

 

Townhouse and Condominium sales numbers have increased with under average listing supply. 

 

The forecast for 2018 is continued strong demand with low inventory, possible further price increases.

 

A slight rise in interest rates and the new mortgage stress test may take some buyers out of the market.

 

An possible increase in listing inventory could see a more balanced market later in 2018.

 

This could make it easier for Buyers to find homes.

 

Abbotsford is a growing city and real estate here is a  good long term investment.

 

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April Update

 

Listing Inventory continues to be at record lows as it has been since mid 2015.

The Buyer Activity is strong, keeping prices steady with some upwards pressure as well.

 

In Abbotsford, according to the Fraser Valley Real Estate Board Statistics, average prices have increased as follows:

 

          Single Family Res.                           Townhouses                                 Apartments/Condominiums

  2017         2018        %change         2017          2018    %change             2017        2018         %change

$706,242  842,075        19%            415,653     519,020     25%               228,426    333,680       46%