Image: Realtor Brad Latham / Brad Latham, president of the Chilliwack and District Real Estate Board, says although home sales are still running well below the long-term averages for the month of October, it was nonetheless a solid showing given current economic and market conditions. Home sales in October 2023 were up nearly 33 per cent over October 2022. 

By Mike Vanden Bosch

Chilliwack real estate

Chilliwack home sales up 32% from a year ago, a solid showing given market conditions: CADREB

Nov 7, 2023 | 1:23 PM

CHILLIWACK — The Chilliwack and District Real Estate Board says the sale of 194 units through the Multiple Listing Service in October 2023, an increase of 32.9 per cent over October 2022, is a remarkable showing given the current economic landscape.

According to a news release from CADREB, home sales were 27.8 per cent below the five-year average and 28.1 per cent below the 10-year average for the month of October

On a year-to-date basis, home sales totaled 2,306 units over the first 10 months of the year. This was essentially unchanged, up just 0.3% (six sales) from the same period in 2022

“Although home sales are still running well below the long-term averages for the month of October it was nonetheless a solid showing given current economic and market conditions,” said Brad Latham, president of the Chilliwack and District Real Estate Board. “The strength in momentum from the recovery earlier in the year has somewhat subsided but is still generally moving higher compared to the end of 2022. New listings marked the second highest October in history and overall inventories are trending closer to historical norms, both of which are priming for a well-balanced market for buyers to return to once they feel more at ease with the Bank of Canada’s pause in interest rate hikes.”

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 $726,600 in October 2023, a minor increase of 2.5% compared to October 2022.

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The benchmark price for single-family homes was $875,800, a small gain of 3.5 per cent on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $612,100, increasing by 2.3 per cent compared to a year earlier, while the benchmark apartment price was $415,600, a gain of 5 per cent from year-ago levels.

The average price of homes sold in October 2023 was $737,331, a small gain of 3.5 per cent from October 2022.

The more comprehensive year-to-date average price was $745,055, a substantial decline of 10.3 per cent from the first 10 months of 2022.