Image: Mike Vanden Bosch / Pattison Media / A home for sale by Chilliwack realtor Cory Silbernagel.

By Mike Vanden Bosch

Chilliwack real estate sales

Chilliwack real estate sales rebound to start 2024 as single-family home prices remain almost unchanged

Feb 6, 2024 | 8:46 AM

CHILLIWACK — Real estate sales transactions through the Multiple Listing Service of the Chilliwack and District Real Estate Board were much higher than expected in January to kick off the new year.

That’s according to a news release from CADREB, an association of 365 realtors that serve the communities in Chilliwack, Agassiz, Harrison Hot Springs, Hope and Boston Bar.

The number of homes sold through MLS equaled 201 units in January 2024, a jump of 67.5 per cent from January 2023.

“Sales activity went through a huge upswing to kick the year off, coming in much stronger than we anticipated,” said Brad Latham, president of the Chilliwack and District Real Estate Board. “There was an idea that demand would gradually pick up towards the spring as buyers got more comfortable with where interest rates were settling and even perhaps a hint of a first cut from the Bank of Canada, but unless January turns out to be an anomaly it appears that they (the buyers) are done waiting. New listings dropped compared to the same time last year, so inventories were down considerable from last month, but we’ll have to see if this continues and how sellers respond.”

CADREB says the MLS Home Price Index (HPI) accurately details price trends far more accurately than is possible using average or median price measures. The overall MLS HPI composite benchmark price was $705,900 in January 2024, a modest gain of 1.7 per cent compared to January 2023.

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The benchmark price for single-family homes was $850,100, nearly unchanged, up only 0.9 per cent on a year-over-year basis in January. By comparison, the benchmark price for townhouse/row units was $592,500, a noticeable increase of 5.1 per cent compared to a year earlier, while the benchmark apartment price was $410,300, a sizable gain of 10.1 per cent from year-ago levels.

The average price of homes sold in January 2024 was $719,509, a modest gain of 3.5 per cent from January 2023.

New listings were 16.4 per cent below the five-year average and 8.5% below the 10-year average for the month of January., CADREB reported.