Chilliwack real estate sees February surge in home sales

CHILLIWACK — The latest report from the Chilliwack and District Real Estate Board has offered some promising news for the local market. The Board has reported a notable uptick in home sales for February. According to data from the Multiple Listing Service System, a total of 219 homes changed hands, marking a 13.5 per cent increase from the same month in 2023.

Despite the positive momentum, home sales remained 28.7 per cent below the five-year average and 16 per cent below the 10-year average for the month of February, suggesting the market is still on the path to recovery. On a year-to-date basis, however, the figures are more promising, with home sales totaling 419 units over the first two months of the year. That represents a significant 33.9 per cent jump from the same period in 2023.

Steven Kelly, the newly appointed President of the Chilliwack and District Real Estate Board, expressed optimism about the market’s trajectory. “Our local market continues to improve, notching yet another month of rising sales activity but still with some way to go before we get back to more normal levels,” said Kelly in a new release. He noted that inventories remain high, providing ample opportunities for prospective buyers before the anticipated surge in spring activity.

The Home Price Index further underscored the positive trends, revealing a 4.3 per cent increase in the overall benchmark price to $724,700 in February 2024 compared to the same month last year. Single-family homes saw a 4 per cent gain with a benchmark price of $874,700, while townhouse/row units and apartments recorded increases of 5.7 per cent and 12.9 per cent, respectively.