Home sales in the Chilliwack and District real estate region witnessed a sharp decline of 12.1 per cent in March, according to a monthly report from the board.
A total of 233 units were sold last month through the MLS® System, across Chilliwack, Agassiz, Hope, Boston Bar and Harrison Hot Springs.
That number is 37 per cent below the five-year average and 32.9 per cent below the 10-year average for the month of March, according to the report.
While there is still uncertainty around the tariffs, the board believes the recent announcements may bring reprieve for potential buyers.
"Home sales remained tepid in March following a lacklustre February, while stronger levels of listings hitting the market pushed inventory levels up further," said Emily Vernon, the president of the Chilliwack and District Real Estate Board. "Recent tariff announcements from the USA administration did not include any additional measures against Canada aside from those already in place on steel and aluminum and the recently imposed auto imports, so this may be a reprieve for consumers who were perhaps anticipating more severe actions.
"Regardless, some uncertainty is likely to remain in the market as buyers cautiously evaluate their next move."
When compared to last year's combined sale totals for January to March, the real estate board said there is "a substantial decrease of 13.4 per cent." So far, a total of 590 units have been sold for 2025.
The report also included other stats about the real estate market for March 2025:
— The overall MLS® HPI composite benchmark price was $747,500 in March 2025. This was down by 0.2 per cent when compared to March 2024.
— The benchmark price for single-family homes was $909,300. This was down 0.6 per cent on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $647,200. This is an increase of 3 per cent when compared to 2024. Meanwhile, the benchmark apartment price was $416,000, which went up by 1 per cent from 2024.
— The average price of homes sold in March 2025 was $753,996. This is a decrease of 4 per cent from March 2024.
— The more comprehensive year-to-date average price was $741,723. This is a decrease of 2.7 per cent from the first three months of 2024.
— The dollar value of all home sales in March 2025 was $175.7 million. This is a decrease of 15.6 per cent from March 2024.
— There were 539 new residential listings in March 2025, a rise of 2.3 per cent from March 2024.
— New listings were 19.6 per cent below the five-year average and 7.5 per cent below the 10-year average for the month of March.
— Active residential listings numbered 1,130 units on the market at the end of March, an increase of 12.8 per cent from the end of March 2024. Active listings haven't been this high in the month of March in more than five years.
— Active listings were 23.7 per cent above the five-year average and 28.9 per cent above the 10-year average for the month of March.
— Months of inventory numbered 4.8 at the end of March 2025, up from the 3.8 months recorded at the end of March 2024 and above the long-run average of 3 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.
