Chilliwack-area home sales continue to surge in April, prices going up

CHILLIWACK — After a relatively frigid start to the year in which only 120 homes were sold in January, the number of homes sold through the MLS system of the Chilliwack and District Real Estate Board totaled 277 units in April 2023.

“Home sales continue to rise at an accelerating pace on a month-over-month basis,” said Brad Latham, president of the Chilliwack and District Real Estate Board. “Year-over-year declines are shrinking as we move past the one-year mark of the peak in sales activity, and we’ll likely see year-over-year gains start to show up in the next month or two, which will then grow larger as we pass last year’s downturn. In the meantime, a lack of new supply entering the market is once again putting upward pressure on prices.”

Home sales were 11.4 per cent below the five-year average and 17 per cent below the 10-year average for the month of April.

CADREB says the MLS Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS HPI composite benchmark price was $706,300 in April 2023, a substantial decline of 17.7 per cent compared to April 2022, but up over the past 3 months by 4.2 per cent.