NEW MARKET SUMMARY ABBOTSFORD/MISSION

The Abbotsford/Mission market area maintains its “Green Light” status for the Fourth Quarter of 2023, driven by a 41 percent surge in sales, totaling a 201 sales within this market area. Sales in the Low Rise sector soared by 66 percent, contributing to a total of 136 sales for the quarter. This sector alone accounted for 68 percent of the overall sales, with the Townhome sector representing the remaining 32 percent. Notably, a significant portion of the Low Rise sector’s sales can be attributed to the successful launch and subsequent sell-out of one project during the quarter. Strong buyer interest is expected to persist as additional inventory is released through a combination of new project launches and the release of additional units within masterplan communities in upcoming phases. Noteworthy factors driving this sustained interest include the attractive entry price points and the growing trend of remote work, which continues to attract investors to this thriving market area.

Market Highlights

Phase 3 of Condominiums at Highstreet Village by AB Wall Group was released in the fourth quarter, subsiquently selling out of all 65 units at a bended price per square foot of $771. With a new release of phase 4 townhomes aimed to release in the early 2024

Grovemont by Mann Group is projected to release in the first quarter of 2024 with 190 steel-frame constructed townhomes with rooftop patios on Sumas Mountain in East Abbotsford.

Redekop Faye’s Jacob, a 140-unit Low Rise project continued to perform strongly with 138 total sales and 26 sales over the quarter, leaving only two units remaining in the project

The Mason at the Rail District by Infinity Properties exhibited strong sales activity with 27 new sales over the quarter for a total of 62 sales at an overall price per square foot of $690

Golf Pointe Estates by Divine Homes Ltd. sold their remaining four units, resulting in all 27 units being sold out at an overall blended price of $391 per square foot