Image: Mike Vanden Bosch / PML / This home for sale at 20-5415 Peach Road in Chilliwack has an asking price of $874,900. The Chilliwack and District Real Estate Board says sales activity now mirrors that of 2013, and while prices are slated to flatten out, a home bought five years ago would have increased by 42 per cent over a 5-year period.

By Mike Vanden Bosch

Chilliwack real estate

Chilliwack real estate prices fall and sales stall, but prices still up 42% versus 5 years ago

Nov 3, 2022 | 9:42 AM

CHILLIWACK — While the single-family benchmark home price in the greater Chilliwack area has dropped nearly 10 per cent, Steve Lerigny of the Chilliwack and District Real Estate Board says real estate is still one of the better buys over the long-term.

“The single-family benchmark price [is] down 9.5%, but still up 42.3% from 5 years ago,” said Lerigny, CADREB Executive Officer. “Real estate still remains a solid long-term investment.”

Lerigny made the announcement Wednesday (Nov. 2) following the monthly release of real estate transactions in Chilliwack, which showed 147 homes were sold in October 2022.

Of those 147 homes sold in October, 71 were single-family dwellings, 33 were attached townhouses, 27 were apartments, nine mobile homes were sold, and seven properties involving acreage were sold.

“Sales are moving towards 2013 number of units sold,” Lerigny said. “Active listings are up 138 per cent from October of last year, meaning that buyers have more selection than the did a year ago.”

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There are over 1,100 active listings in CADREB as of October 31, 2022.

“Year to date sales [are] back to pre-COVID numbers,” Lerigny said. “Sales prices are expected to flatten as we approach the slight recession projected to be coming.”

Lerigny urges current sellers to be prepared to wait as inventory piles up.

“Sellers will need to be patient, in this type of market,” Lerigny said. “Buyers who can qualify for the current mortgage realities will be able to take advantage of the selection that has now become available.”

by Mike Vanden Bosch

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Chilliwack real estate prices fall and sales stall, but prices still up 42% versus 5 years ago

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