Chilliwack home sales were sluggish in January but there are signs of "momentum growing" with demand, says Chilliwack and District Real Estate Board.
The number of homes sold in Chilliwack last month dipped to 170, from 201 units in January 2024, characterized as "a large decline" of 14.6 per cent in CADREB's January 2025 real estate report.
"While sales activity was down from the aberrantly strong January last year, demand nonetheless showed continued signs of building momentum and continuing a trend that began early in 2024," said Steven Kelly, president of the Chilliwack and District Real Estate Board (CADREB).
Active residential listings on the market numbered 942 units at the end of January, a 17.2 per cent increase over the end of January 2024.
"Active listings haven't been this high in the month of January in more than five years."
The number of new listings saw a huge jump of 42.2 per cent from January 2024.
There were 502 new residential listings in January 2025.
"This was the largest number of new listings added in the month of January in more than 15 years."
That is despite the fact that home sales were 20 per cent below the five-year average, and 8.7 per cent below the 10-year average for the month of January.
"Benchmark home prices have been moving sideways over the past few years, but with interest rates not expected to move much further down was anticipation there may be a pickup this year."
The benchmark price for single-family homes was $906,200, a modest gain of 3.8 per cent on a year-over-year basis in January.
By comparison, the benchmark price for townhouse/row units was $626,700, up modestly by 3.9 per cent compared to a year earlier, while the benchmark apartment price was $389,600, a minor decrease of 3.9 per cent from year-ago levels.
The real estate official mentioned another area that's getting headlines.
"In other news we welcome the recommendations of the B.C. Urban Mayors’ Caucus, including caucus co-chair Mayor Ken Popove, to the provincial government on areas of priority, one of which is affordable housing."
CADBREB's Home Price Index (HPI) using the MLS system tracks price trends far more accurately than is possible using average or median price measures.
The overall HPI composite benchmark price for MLS was $736,800 in January 2025, increasing by 2.3 per cent compared to January 2024.
The average price of homes sold in January 2025 was $694,700, a modest decline of 3.7 per cent from January 2024.The dollar value of all home sales in January 2025 was $118.1 million, a substantial decrease of 17.7 per cent from the same month in 2024.
New listings were 13.9 per cent above the five-year average and 28.9 per cent above the 10-year average for the month of January.
Active listings were 33.5 per cent above the five-year average and 33.7 per cent above the 10-year average for the month of January.
Months of inventory numbered 5.5 at the end of January 2025, up from the four months recorded at the end of January 2024 and above the long-run average of 4.4 months for this time of year.
The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The Chilliwack and District Real Estate Board is an association of 374 Realtors providing services to and sets standards for members. The Chilliwack and District Real Estate Board serves Chilliwack, Agassiz, Hope, Boston Bar and Harrison.
