Image: Mike Vanden Bosch / Pattison Media / File photo of a home for sale in Chilliwack. While home sales between Abbotsford and White Rock may have hit a 10-year low in 2024, things are looking much brighter in Chilliwack and the surrounding communities from a realtor's perspective. According to a statement from the Chilliwack and District Real Estate Board (CADREB), home sales through the Multiple Listing Service platform reached a three-year high in 2024.

By Mike Vanden Bosch

Chilliwack home sales

Chilliwack-area home sales hit 3-year high as benchmark single-family home prices rise

Jan 9, 2025 | 5:47 AM

CHILLIWACK — While home sales between Abbotsford and White Rock may have hit a 10-year low in 2024, things are looking a bit brighter in Chilliwack and the surrounding communities from a realtor’s perspective.

According to a statement from the Chilliwack and District Real Estate Board (CADREB), home sales through the Multiple Listing Service platform reached a three-year high in 2024.

The number of homes sold in December through MLS equaled 148 units, an increase of 12.1 per cent from December 2023.

On an annual basis, home sales totaled 2,757 units over the course of 2024, a decent gain of 6.5 per cent from the year prior.

“Thanks to a gradual and sustained recover in 2024, annual home sales came in above levels from the previous two years and established solid momentum going into 2025,” said Steven Kelly, President of the Chilliwack and District Real Estate Board. “There’s still a moderately high level of inventory to work through and our market is firmly in the middle of balanced territory, so even if current trends hold steady we don’t expect to see strong price growth in the short term. That said, with interest rates still on their way down and new mortgage rules that should be supportive of demand, our spring market will provide a better lens on what the rest of the year might shape up to be.”

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CADREB says the MLS Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The benchmark price for single-family homes within CADREB was calculated at $893,100, up modestly by 1.7 per cent on a year-over-year basis in December.

By comparison, the benchmark price for townhouse/row units was $626,500, an increase of 4.9 per cent compared to a year earlier, while the benchmark apartment price was $405,100, a small gain of 2.2% from year-ago levels.

New listings were 6.9 per cent below the five-year average and 3.3% below the 10-year average for the month of December.

Active residential listings numbered 792 units on the market at the end of December, a moderate decrease of 5.4 per cent from the end of December 2023.

Months of inventory totaled 5.4 at the end of December 2024, down from the 6.3 months recorded at the end of December 2023. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity.

CADREB represents 373 realtors within the communities of Chilliwack, Agassiz, Hope, Boston Bar, Cultus Lake and Harrison.