Image: Jeremy Van Woerden / Chilliwack realtor Jeremy Van Woerden (pictured) says there are quite a few similarities between the Fraser Valley market and Chilliwack real estate market in the current spring economic setting. More homes are on the market, but home sales in Chilliwack are down by double digits compared to a year ago.

By Mike Vanden Bosch

Chilliwack real estate sales

Chilliwack realtor says local housing inventory has risen steadily, making buyers more price-sensitive

Jun 7, 2024 | 9:10 AM

CHILLIWACK — Chilliwack realtor Jeremy Van Woerden likes to dive deep into real estate sales data and present them in a way that’s easier for prospective home buyers to digest and appreciate.

On his YouTube page entitled “Live + Invest Chilliwack“, Van Woerden, who was born and raised in Chilliwack, produces video shorts and appealing videos that break down what’s really happening in the Chilliwack real estate market.

Van Woerden believes what’s happening in Chilliwack mirrors what’s happening across the Fraser Valley.

Earlier this week, the Fraser Valley Real Estate Board reported that a slowdown in seasonal sales has boosted real estate inventory to its highest level since pre-pandemic levels. According to a statement dated Tuesday, June 4, FVREB says housing inventory within the Fraser Valley is now at its highest level since September 2019, creating more balanced market conditions and contributing to a softening of price growth, perceived as a benefit for buyers. Active listings increased eight per cent from April to May to 7,904, up 42 per cent over May 2023 and 19 per cent above the 10-year average.

Van Woerden says there are quite a few similarities between the Fraser Valley market and Chilliwack real estate market in the current spring economic setting.

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“Compared to May of 2023, Chilliwack has seen approximately 24 per cent more homes on market, while simultaneously having 22 per cent fewer sales,” said Van Woerden, referring to May 2024 sales data for Chilliwack. “That gap between supply and demand has kept price appreciation in check through the spring, particularly in single-family detached homes. Although in the more affordable townhouse market, we have seen some slight price growth and more demand from buyers.”

Digging deeper into the data, Van Woerden says single-family detached homes are taking about a month to sell, while the average days on the market for a townhouse is sitting at 23 days.

The quarter-percentage-point rate cut announced by the Bank of Canada earlier this week may provide some degree of relief in terms of market sentiment, he noted.

“What’s likely to breathe some optimism into the Chilliwack market is the fact that the Bank of Canada lowered their key interest rate by 0.25%,” Van Woerden said. “While it likely won’t make a material difference at this point, it will have an effect on market sentiment that we have turned the corner and are on a new trajectory.”

As mentioned previously, there are significantly more homes on the market compared to the spring market of 2023. Van Woerden says Chilliwack has experienced a softer market, but there are still buyers out there looking for homes.

“For those looking to sell their home in the current market, remember that there are fewer buyers and the buyers that are out shopping, are price sensitive. With fewer buyers and more listings on market for them to choose from, pricing your home in line with the current market is crucial,” Van Woerden said. “Ensuring that your home receives optimal marketing and exposure to attract potential buyers for in-person viewings is equally crucial.”

On the flip side, buyers who can afford to purchase a home have more options available to suit their wants and needs.

“For buyers who can afford to purchase a home, it’s a great time to start shopping,” Van Woerden said. “With more housing inventory on the market, there’s more options for buyers, but still expect higher demand on the lower-priced homes, and particularly townhomes.”