Abbotsford, a Canadian city located an hour towards the east of Vancouver, city borders mission to the north, Chilliwack to the east, Washington state to the south, and Langley to the west. This city is set against the amazing views of Washington’s Mount Baker and BC’s Coast Mountains.
Abbotsford is home to the third-largest population of minorities of Canada. Almost 20% of the population of the city is newcomers and immigrants of South Asia. Abbotsford’s economy primarily depends on fruit orchards and dairy farming. Moreover, this Canadian city offers you varieties of affordable houses. So, Abbotsford is a worthwhile city.
Average Housing Price in Abbotsford:
Abbotsford real estate stats indicate that the average housing price in the city is $838,457. The city has almost 254 new listings. Abbotsford has 19 median days on the market to sell a property. The average sold price is $838K. The selling to listing price ratio in the city is 104 percent.
The median household price of the city is very reasonable. It is $599,900. If you want to live in a rented house then rents are also very affordable. The rent of a one-bedroom apartment in the city is $1,100 per month. The rent of two-bedroom apartments is $1,270. But the rent has increased by almost 15.5 percent since last year.
Homes for Sale in Abbotsford:
Homes are available at different rates for sale. For example, a single-family residential plot is available for sale in 32959 GEORGE FERGUSON WAY 63, Abbotsford, British Columbia. This plot has 2 beds and one bath. The rate of this house is just $259900. This was just an example. You can buy a good house at a reasonable rate wherever you want in the city.
What Kind of Houses Can You Afford in Abbotsford?
This city will not let you be bored with the same type of houses. If you plan to live in the city, you can have your own house within the range of just $400,000 to $600,000. Obviously, the price will depend on various factors like the area of the city, covering an area of the house, number of beds and baths, etc.
The most common architectural styles are detached homes, condominiums, residential apartments, and townhomes. The cheapest of these are condominiums with an average cost of just $375K. These are single building styles with multiple units. Each unit is owned by an individual. Abbotsford also offers you an affordable range of townhomes. The average price of a townhouse in the city is just $670K. Detached houses are a little bit expensive. But if you have a good yearly salary, you can afford a detached house as they have an average cost of $1.2M.
Abbotsford Housing Market Outlook:
The increase in buyer’s demand has increased median household prices in the city above $700,000. The low inventories will cause a further rise in rates.
Many economists suggest that you should wait until 2022 to buy a house. This year there will be high demand by prospective buyers and ultimately there will be an increase in prices. Economists think that there will be a cool down in housing prices in the coming year.