Image: M. Vanden Bosch / PML

By Mike Vanden Bosch

Real estate

Chilliwack housing sales cool to slowest June in 22 years

Jul 6, 2022 | 11:30 AM

CHILLIWACK — Sales of homes in Chilliwack and Sardis in June dropped to their lowest level in 22 years as the local housing market recalibrates and edges towards more balanced levels.

Compared to a red-hot June 2021 when 335 housing units sold in Chilliwack and Sardis combined, June 2022 finished on a substantially lower note with only 148 housing units sold in Chilliwack and Sardis altogether, a drop of over 55 per cent.

“Home sales fell in June to the lowest level for this month since 2000, continuing the decline that started in March this year,” said Daryl Moniz, president of Chilliwack and District Real Estate Board.

More than 600 new housing listings were posted in June in yet another record.

“While demand for homes has weakened, supply has trended the other way,” Moniz said. “New listings were up to the highest June on record and marked the first time that more than 600 listings have been added in this month. This is potentially good news for sidelined home buyers who were previously limited by a lack of options on the market and now have far more choice available compared to just the beginning of the year.”

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In May 2022, 218 housing units from the entire district were sold compared to 184 units sold in June.

For first-time buyers or prospective purchasers looking to get skin in the game, there were plenty more options to choose from. Housing inventory skyrocketed to 554 units in Chilliwack and 429 in Sardis in June, representing increases of 78 and 81 per cent, respectively, from June 2021.

However, high house prices continue to be an impediment for new home buyers.

The benchmark price for a single-family Chilliwack-area home that sold was $988,700, a considerable increase of 18.7 per cent on a year-over-year basis. The benchmark price for a townhouse was $685,100, a nearly 20 per cent increase from last year. Chilliwack-area apartments sold for $439,100, up 37 per cent from 2021.

Prices in Sardis remained stubbornly high in June 2022 as the average housing unit [single-family home, townhouse and apartment] sold for $835,395, easily topping the average housing sold in Hope ($740,989) and Chilliwack ($665,182).

In June 2021, the average price of a Sardis housing unit sold for $712,687.

Chilliwack had 6.9 months of inventory at the end of June 2022, which equals the numbers of months it would take to sell current housing stock at the present rate of sales activity. In June 2021, the Chilliwack real estate market had 1.6 months of housing inventory.