Image: Mike Vanden Bosch / Pattison Media / File photo of Chilliwack home for sale.

By Mike Vanden Bosch

Real estate

Chilliwack home sales drop in February as uncertainty grips market

Mar 12, 2025 | 11:25 AM

CHILLIWACK — Home sales in the Chilliwack area dropped sharply in February as economic uncertainty loomed over the real estate market.

The Chilliwack and District Real Estate Board says 187 homes were sold through the MLS system last month, a 13.8 per cent decline from February 2024. Sales were also well below historical averages, sitting 38.8 per cent below the five-year norm and 28.8 per cent below the 10-year trend.

On a year-to-date basis, 357 homes changed hands in the first two months of 2025, down 14.2 per cent compared to the same period last year.

“Home sales and new listings both dropped sharply from the previous month as the threat of tariffs loomed ever closer in February,” said board president Emily Vernon. “Now that we know the tariffs have come to pass, we are expecting there will be some buyers and sellers who move to the sidelines as there is a great deal of uncertainty as to the extent of the impact on our region in terms of shocks to the economy and labour market.”

Despite the slowdown in sales, prices remained relatively steady. The MLS Home Price Index composite benchmark price in February was $743,700, up just 0.4 per cent from a year earlier. The benchmark price for single-family homes rose 0.6 per cent to $909,100, while townhouse prices increased 3.5 per cent to $639,100. The benchmark price for apartments dipped 1.3 per cent to $403,700.

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The number of new listings saw a substantial decline of 21.5 per cent year-over-year, with 379 properties hitting the market. Meanwhile, active residential listings rose 7.3 per cent to 997 units, the highest February level in more than five years.

The total value of homes sold in February was $143.8 million, down 14.2 per cent from the same month last year. The average sale price of homes dipped slightly by 0.4 per cent to $769,179.

With a slowdown in sales and a rising number of available properties, inventory levels have climbed. The number of months of inventory, a measurement of how long it would take to sell all current listings, rose to 5.3, up from 4.3 months a year ago and above the long-term average of 3.5 months for this time of year.