An up and coming city with a population of over 170,000, new home developments in Abbotsford have been steadily increasing due to young families moving in from the lower mainland. This has opened new opportunities for multiple small businesses and has started to attract government funded investments as well.
Abbotsford is now the top 10 choice for most young families in British Columbia, thus making Abbotsford a promising destination for new residential and strictly financial investments and a positive signal for buyers and sellers as well.
Overall, areas in the central part of Abbotsford are considered low to medium risk for new developments. These areas have a large number of pre-existing high-rise condos and townhomes and continue to see the most amount of new home developments.
The urbanization combined with a balance of family-oriented communities, has made these specific parts of Abbotsford a very desirable choice for real estate investing. It is a great market for investors but average for the first-time new home buyers. The market naturally fluctuates but it does show positive factors, which may lead to a very stable market for long term investors.
Overall, sales have been pretty strong and have been above the 10-year average, according to the Fraser Valley Real Estate board. The sales to active ratio are also rising every year which makes it a seller’s market. The flip side to that is townhomes and condos in Abbotsford are being bought sooner than usual, on average, they last less than 45 days on the market.
The Abbotsford market is also great for upgrading from your current townhome property to a newly built independent detached house. Regardless, proper market research is highly advisable, working with good lenders can really pay off in the long run, even if they represent the builder. Stats show over 40% of buyers prefer this kind of relationship.
Abbotsford has a good balance of new and well experienced builders. Due to the sudden growth in new developments, a lot of new home builders have made Abbotsford their home, moving in from Vancouver and Kelowna, cities already known for a thriving real estate market. The city of Abbotsford is naturally becoming well known for having reputable builders who in some cases have decades of experience in new construction properties.
New construction homes in Abbotsford also offer a wide range of diverse upgrades, especially when it comes to lot selection and floor plans. It’s this flexibility which is helping Abbotsford become a rising destination for new and seasoned investors. This practice is also attracting many reputable and famous builders, thus raising the overall value of the new home development market in Abbotsford.
To continue fueling this growth, the real estate body of Abbotsford has created several bodies to tackle any quality control issues. The strict property inspections have created a viable market for the buyer and the seller.
It’s these best practices that are fueling the growth of new homes in Abbotsford.
As the new home development market becomes more stable, banks and lenders in Abbotsford are slowly beginning to introduce new products as well. Although this is still in the early stages, new and more friendly financing options are slowly emerging in the area. Banks and lenders usually wait till the market is stable before introducing anything, so this is a great sign.
According to MLS® Home Price Index – Fraser Valley Real Estate Board (August 2020), the benchmark price in Abbotsford BC for new homes is: