Business

Chilliwack real estate market remains red hot

February was a record breaker for home sales in Chilliwack, with 283 home sales in the area. - SUBMITTED PHOTO
February was a record breaker for home sales in Chilliwack, with 283 home sales in the area.
— image credit: SUBMITTED PHOTO

The real estate market is unusually hot in Chilliwack right now, and it could be the sign of things to come.

February was a record breaker for home sales, with 283 home sales in the area. That’s a 42 per cent increase in sales compared to February last year, said Richard Admiraal, president of the Chilliwack and District Real Estate Board.

“It was the highest level of sales ever recorded for the month of February, ever since the Chilliwack and District Real Estate Board began taking statistics,” said Admiraal.

Sales were strong in all categories, but particularly for single family homes, which hit 163 in sales.

Dollar value on home sales last month reached just over $98.3 million, up 54% over February of last year. But homes in Chilliwack remain affordable, he added.

The highest number of homes sold in Chilliwack in February, 49, were in the $300,000 to $349,000 range. There were 45 homes sold in the $400,000 to $499,999 range, and 43 priced between $350,000 and $399,999.

More homes were sold in Chilliwack proper than in Sardis, he added.

But inventory remains a challenge, especially in this red-hot market. There were 1,021 active listings — well below the 1,369 listings available at the same time last year.

When low  inventory numbers and hot sales combine, it means that prices are likely to be driven upward, he added.

“It’s good to see that sales are up and activity strong, and it is fair to say that with a robust market and limited inventory, prices are likely to continue to edge upward,” he said.

But with 38 per cent of Chilliwack residential sales under $300,000, he said there are still plenty of affordable options for homebuyers “squeezed out” of the Vancouver area.

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