Image: M. Vanden Bosch / PML / Chilliwack home sales dropped 67 per cent in July 2022 compared to a year ago when the real estate market was much more active.

By Mike Vanden Bosch

Real estate

Chilliwack real estate sales drop 67 per cent in July compared to a year ago

Aug 2, 2022 | 9:45 AM

CHILLIWACK — Sales of Chilliwack-area homes in July continued to plummet versus a hot summer a year ago, as market activity slowed to a significant pace last month.

Home sales were down 67 per cent from July 2021, as only 133 residential units were sold, according to stats released Tuesday (Aug. 2) by the Chilliwack and District Real Estate Board (CADREB).

The upside is that the pendulum has swung to more of a buyer’s market, as slower sales give prospective purchasers more time to assess their options.

It’s a far different market today than the 406 housing units that sold in July 2021 in the CADREB jurisdiction, which covers Chilliwack, Agassiz, Harrison Hot Springs, Hope, Boston Bar, and surrounding areas.

Of the 133 residential housing units that sold in July, 63 were single-family detached homes, 35 were attached townhouses, 24 were apartments, 7 were mobile homes, and four were house and acreage. Seven commercial, non-residential units were sold in July.

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There were 27 real estate transactions in July topping $1 million, including seven that exceeded the $1.5 million threshold.

It is taking single-family detached homes an average of 23 days to be sold from the time they list, while attached townhouses take an average of 34 days to sell. Mobile homes are taking a little bit longer to sell at an average length of 37.8 days. Vacant residential land is taking the longest to sell at 117.5 days.

At the end of July, there were 1,295 active housing listings for sale, nearly double from the end of July 2021 when there were only 610 active housing listings at month’s end.

There are now 386 realtors in CADREB, an increase of 16 from the roster of 370 realtors in July 2021.