Image: M. Vanden Bosch / PML / The benchmark price of a single-family home in the Chilliwack and District Real Estate Board territory is nearing the $1 million mark.

By Mike Vanden Bosch

Real estate

Benchmark price of a Chilliwack single-family home is nearing the $1 million mark

Aug 5, 2022 | 8:13 AM

CHILLIWACK — The benchmark price for a single-family home sold in July 2022 was $963,000, according to data released Friday by the Chilliwack and District Real Estate Board.

This benchmark single-family price represents a 12.2 per cent gain on a year-over-year basis. By comparison, the benchmark price for townhouses and row home units was $665,000, an increase of 16.1 per cent from July 2021. The benchmark apartment price rose a whopping 32.7 per cent to $458,000.

Sales fell dramatically in July compared to the record-hot summer of 2021, as only 132 units were sold in the CADREB jurisdiction.

“Sales activity has declined substantially in a very short amount of time as buyers are being forced to continuously re-evaluate their financial positions under the constantly evolving mortgage rate landscape,” said Daryl Moniz, president of the Chilliwack and District Real Estate Board (CADREB). “On the supply side we’re still seeing a very healthy dose of new listings come onto the market. However, given the current imbalance between supply and demand it’s likely that it will take some time for sellers to adjust their pricing expectations to what buyers can afford. We’ve still got a few more rate hikes on the horizon so this isn’t something that will sort itself out in the next few months, but by the end of the year the situation should stabilize and anyone who wants to participate in the housing market will have a better idea of where they stand.”

The average price of homes sold in July 2022 was $756,179, an increase of 4.6% from July 2021, CADREB said.

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The upside is that the pendulum has swung to more of a buyer’s market, as slower sales give prospective purchasers more time to assess their options.

It’s a far different market today than the 406 housing units that sold in July 2021 in the CADREB jurisdiction, which covers Chilliwack, Agassiz, Harrison Hot Springs, Hope, Boston Bar, and surrounding areas.

Of the 132 residential housing units that sold in July, 63 were single-family detached homes, 35 were attached townhouses, and 24 were apartments. Mobile homes and houses with acreage accounted for the rest of the real estate transactions.

There were 27 real estate transactions in July topping $1 million, including seven that exceeded the $1.5 million threshold.

It is taking single-family detached homes an average of 23 days to be sold from the time they list, while attached townhouses take an average of 34 days to sell. Mobile homes are taking a little bit longer to sell at an average length of 37.8 days. Vacant residential land is taking the longest to sell at 117.5 days.

At the end of July, there were 1,295 active housing listings for sale, nearly double from the end of July 2021 when there were only 610 active housing listings at month’s end.

There are now 386 realtors in CADREB, an increase of 16 from the roster of 370 realtors in July 2021.