Chilliwack-area single-family home prices drop 13% to below $850,000

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Meanwhile, the benchmark price for an apartment was a relative bargain at $390,900, an increase of four per cent from a year ago.

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There were only 70 single-family homes sold in November, a drop of 51.7 per cent from November 2021.

“Sales activity remains well below average levels for this time of year and year-over-year declines will appear even more outsized than normal due to last year’s incredible strength around the same time,” said Daryl Moniz, president of CADREB and a realtor himself. “Overall supply levels have climbed strongly since the beginning of the year and now sit on par with the recent peak back from mid-2019, providing ample opportunity for sidelined buyers to rejoin the market. On the price side, MLS HPI composite benchmark prices have slowed their decline and now appear to be stabilizing as we head into the last month of the year.”