Chilliwack real estate sales slow in August as housing inventory remains high due to mortgage rate hikes

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Sales of homes, homes with acreage, apartments, and townhouses in August 2022 dropped to only 147 units, a decrease of 57.1 per cent from August 2021. Home sales were 44.6 per cent below the five-year average and 46.6 per cent below the 10-year average for the month of August.

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If there’s a silver lining to the rate hike to 3.25 per cent, there’s plenty of housing inventory to choose from.

“On the supply side we’re still seeing a very healthy influx of new listings. As a result of lower demand, overall inventories are well up from rock bottom levels since the end of 2021 to more normal figures, which is good news for potential buyers who have been waiting on the sidelines for an opportunity to return to the market,” Moniz said. “We have had an indication of this over the past couple of weeks as there seems to be a little bit of activity by buyers.”

The average price of homes sold in August 2022 was $748,227, an increase of 5.1% from August 2021, CADREB said.

The number of new listings saw a gain of 12.8% from August 2021. There were 404 new residential listings in August 2022.

The Chilliwack and District Real Estate Board is an association of 365 realtors that provides services to, and sets standards for, members. The Chilliwack and District Real Estate Board serves Chilliwack, Agassiz, Hope, Boston Bar and Harrison.