Chilliwack real estate sales warming up after frigid January

The benchmark price for single-family homes in the CADREB jurisdiction was $821,400, a substantial decrease of 26.5% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $574,600, a big reduction of 20.3 per cent compared to a year earlier, while the benchmark apartment price was $374,800, a substantial decline of 11.7% from year-ago levels.

While sales in February were up over January, it’s still nowhere near a typical month given previous sales activity this time of year.

On a year-to-date basis, home sales totaled 314 units over the first two months of the year. This was a sharp decrease of 51.8 per cent from the same period in 2022, CADREB said.

“Sales activity was still running well below average levels for this time of year and will likely continue to do so for the next month or two. However, looking through the seasonality it appears that home sales have been on an upward trending since bottoming out in August last year,” said Brad Latham, president of the Chilliwack and District Real Estate Board. “Obviously we’re not expecting demand to return to pre-pandemic levels right away but it is encouraging to see that trends are moving in a favourable direction. We’re still not seeing as many sellers return to the market as we’d hoped, and new listings are actually currently still in decline. It goes without saying that you can’t buy what isn’t available, and we’d like to see a rebound in inventories over the upcoming spring season.”

CADREB 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.

by Mike Vanden Bosch

Chilliwack real estate sales warming up after frigid January

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