Average home price in Chilliwack rises to $819K

CHILLIWACK – At a time when nearly everything seems to be more expensive these days, the average price of a home in Chilliwack soared to new heights in May.

Not only did home prices in Chilliwack spike year over year, mortgage rates have now hit a 13-year high.

According to the British Columbia Real Estate Association (BCREA), the average Chilliwack home sold for $819,250, a 16.9 per cent increase from May 2021 when it was $701,027. The average Multiple Listing Service residential price in BC was $1 million, a 9.3 per cent increase from $915,392 as recorded in May 2021, the BCREA indicated.

Conversely, the looming threat of interest rate hikes and more on the horizon contributed to a massive slowdown in sales activity encompassing apartments, condos, townhouses, single-family homes, and homes with acreage. There were 1,154 active listings in Chilliwack for sale in May, a significant increase from the 707 a year ago, or 63.2 per cent higher. Homes are taking longer to sell due to higher borrowing costs.