Efforts of the British Columbia’s provincial government to reduce housing prices across the Lower Mainland have yet to have an effect. One of the biggest housing booms is in Abbotsford and the surrounding Fraser Valley area.
The benchmark price of a typical Abbotsford house has risen by 19% from last year and nearly $20,000 from just January to $800,000. Townhouse (up 25%) and apartment (up 41.3%) prices are also skyrocketing.
Why are home sales in Abbotsford booming?
There is a perfect storm for real estate in Abbotsford.
- First demand is for homes in Abbotsford is high because of three primary reasons:
- The trickle effect of high prices in GRVD are pushing buyers further out to the Fraser Valley. Over 30% of homes sales in Abbotsford are by Vancouver real-estate agents.
- Increase industry in Abbotsford is bringing jobs.
- The City of Abbotsford has a positive attitude towards community development.
Second the number of houses on the market remains low partly because houses are selling so fast.
Finally house sales do not work like other commodities. Rising prices don’t always increase supply because for most owners the house is their home.
So How Do You Buy A New Home In Abbotsford?
With limited supply and skyrocketing prices why settle for a lived in home?
The idea of building your own dream home from the ground up may seem daunting. It doesn’t have to be. The home crafting specialists at Icon Projects are there for you every step of the way. From finding a location to perfecting your design and all the way to picking the color for the foyer.
Your first question probably is how much how much is a brand new home going to cost. On average similarly designed and built houses are 10% cheaper than their counterparts when you chose Icon Projects over Realtor or privately listed homes.
If you are thinking about buying or building a new home, contact the home design experts at Icon Projects for a commitment-free consultation.