Single-family homes in Chilliwack area taking nearly two months to sell, as sales drop 47%

CHILLIWACK — Perhaps the seven benchmark interest rate increases instituted by the Bank of Canada in 2022 might have something to do with it.

The Chilliwack and District Real Estate Board reported Wednesday (Jan. 4) that only 125 homes were sold in December within the region covering Chilliwack, Cultus Lake, Agassiz, Harrison Hot Springs, Hope, and Boston Bar.

Of the 125 homes sold, 58 were single-family (unattached) dwellings, 34 were townhouses, 22 were apartments, eight were mobile homes, and three were homes with acreage.

It is taking single-family homes an average of 53.5 days to sell, according to stats released by CADREB. Attached townhouses are taking just over a month to sell (32.8 days), while apartments are lagging behind at 49.9 days, mobile homes are taking 52.6 days to sell, and houses with acreage are taking a month and a half to sell (45 days).