Chilliwack-area home sales drop over 25% year over year

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“Supply and demand both continue to decline as our local market faces a slowdown. Despite a buyer’s market we’re not seeing a lot of activity return from the sidelines, although with sales and new listings both down the overall level of inventories has plateaued,” said Rob Lacerte, president of the Chilliwack and District Real Estate Board. “While the Bank of Canada’s latest interest rate increase may create some short-term uncertainty, it doesn’t necessarily mean the housing market will come to a standstill. Higher borrowing costs could encourage buyers to be more selective, while sellers may need to adjust their expectations. For buyers who are financially prepared, a slower market could present opportunities to explore more listings, negotiate prices, and make decisions without the pressure of intense competition.”

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The benchmark price for single-family homes was $865,000, a decline of 5.3 per cent on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $570,600, down by 7 per cent compared to a year earlier, while the benchmark apartment price was $375,400, a substantial decrease of 10.3 per cent from year-ago levels.

What’s happening in Chilliwack is also happening in the rest of the Fraser Valley.

The Fraser Valley Real Estate Board says that despite a seasonal increase in monthly home sales, particularly in detached single-family homes, the Fraser Valley housing market continues to grapple with reduced demand, cautious buyers and ample supply. In its monthly recap for October, the FVREB says it recorded 1,051 sales on its Multiple Listing Service last month, a 14 per cent increase from September but six per cent below the same month last year.

“Detached homes continued to lead sales activity in October, significantly outpacing both townhomes and apartments,” said Ishaq Ismail, chair of the Fraser Valley Real Estate Board. “This is a trend we’ve been watching in recent months, and improving affordability in the detached segment may be helping sustain that demand. The substantial price correction appears to be bringing detached homes within reach for more buyers.”