Image: Supplied by M. Vanden Bosch / PML / The Canadian Real Estate Association released data Friday (Aug. 19) that shows the benchmark price of a home that sold in July in Chilliwack was $805,000. Prices keep ticking up incrementally year over year.

By Mike Vanden Bosch

Real estate

National real estate association says Chilliwack benchmark housing price now tops $800,000

Aug 20, 2022 | 11:30 AM

CHILLIWACK — Sales of homes might be slowing in Chilliwack, but the prices keep ticking up incrementally across British Columbia.

The Canadian Real Estate Association (CREA) released data Friday (Aug. 19) showing that the benchmark housing unit in Chilliwack now exceeds $800,000.

In its British Columbia housing market snapshot for July, CREA reported that Chilliwack’s benchmark housing price is $805,000.

The benchmark housing price is defined as the MLS estimate of a typical home in a community based on the most popular combination of features like age, size, number of bedrooms, and so on, according to Real Estate Works (rew.ca).

It’s a far cry from Greater Vancouver ($1,207,300) or Victoria ($975,600), but Chilliwack’s metric still exceeds that of interior B.C., which shows a benchmark housing price of $705,700, while Vancouver Island has a benchmark housing price of $764,600.

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Sales in British Columbia fell by 41.5 per cent year over year, with only 5,652 housing units sold in July 2022, versus 9,668 sales transactions in July 2021, according to CREA.

New listings are up 3.6 per cent across British Columbia year over year; there were 12,592 new listings added in July.

Even though sales fell precipitously, the average price of a home sold in British Columbia in July was $915,841, an increase of 2.7 per cent year over year.

In Chilliwack, 133 residential housing units were sold in July; of these, 63 were single-family detached homes, 35 were attached townhouses, 24 were apartments, seven were mobile homes, and four were house and acreage. Seven commercial, non-residential units were sold in July.

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

The most affordable real estate in the province can still be found up north and far removed from the Lower Mainland. The B.C. Northern Real Estate Board, which represents an area from 100 Mile House to Fort Nelson, and from Haida Gwaii to the Alberta border, says the average price of a home sold in July 2022 was $409,548, an increase of 6.5 per cent from July 2021. Its more comprehensive year-to-date average price was $419,021, an increase of 11.5 per cent from the first seven months of 2021.