Last Updated: Mar 30 2006 09:34 AM PST
The Fraser Valley city of Abbotsford has taken over from Yaletown and Coal Harbour as the hottest condo market in B.C., according to the latest real estate sales figures.
LINK: Fraser Valley real estate statistics (.pdf)
Condo sales in Abbotsford have soared 120 per cent in the past year, with newly-retired buyers cashing in their homes across the Lower Mainland to move up the valley.
“A home in Port Moody would cost anywhere from $475,000 to $575,000. So they come out here and buy something for $300,000, and they have $200,000 to put in the bank and go travel,” said Abbotsford realtor Greg King.
That’s what’s motivating Harvey and Burdell Coatham, who are selling their 40-year-old condo on the North Vancouver waterfront for a brand new place in Abbotsford.
They say they’re prepared to give up their view of the water and downtown Vancouver in exchange for extra money to enjoy in retirement.
Burdell Coatham says even their monthly condo expenses are going down.
“We’re getting double, because our maintenance here is $249. Our maintainence is going to be $133 out there.”
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King says White Rock used to attract people like the the Coathams, but notes real estate in that suburban community has become more expensive.
“It used be that people would sell their home and move to White Rock,and be a snowbird. We’re seeing that now in Abbotsford where White Rock is quite expensive. Abbotsford is what White Rock used to be 15 years ago.”