NEW MARKET SUMMARY

The Abbotsford/Mission submarket will take a ‘Green Light’ status for the First Quarter of 2023. The submarket experienced a slight decrease in overall sales, but buyer activity remained relatively active as 121 sales were made, a 12 percent decrease from the 138 sales made in the previous quarter. The decrease in sales can be attributed to the release of a masterplan community last quarter that experienced significant absorptions. One project launched over the First Quarter of 2023, releasing 70 units into the market and 43 percent were absorbed, with interest noted as an even mix of investors and end users. The continued success of the new launches and activity in other actively selling projects showcase that buyer interest is still present in the submarket. The low entry price points, buyer incentives, and realtor bonuses attracted both end users and investors to the submarket over the quarter.

Market Highlights

Redekop Faye’s 140-unit Low Rise building, Jacob, launched 70 units in late February and sold 30 units at an overall blended price of $700 per square foot

Highstreet Village Phase 2, an 80-unit Low Rise Condominium in AB Wall’s masterplan community released in December and is sold out. The remaining 40 units sold over Q1-2023 at an overall blended price of $740 per square foot. The third building is anticipated for Fall 2023

AB Wall’s Townhomes in Highstreet Village achieved 17 sales over the quarter at an average price per square foot of $566

Rail District - Brickyard & Rail Plaza by Infinity Properties relaunched in March 2023, and sold 25 units over the quarter at a blended per square foot price of $517

Milkai Development’s Westminster Plateau, a masterplan community, released 17 Townhomes in Q42022 and sold 13 units overall at a blended price of $475 per square foot; the 54-unit Low Rise building is expected to launch sales in May