The monthly report for October from Chilliwack and District Real Estate Board has home sales showing modest gains from a year ago.
The number of homes sold in October 2023 was 194 units, which is up by 32.9 per cent from October 2022.
“Although home sales are still running well below the long-term averages for the month of October, it was nonetheless a solid showing given current economic and market conditions,” said Brad Latham, president of the Chilliwack and District Real Estate Board.
Any momentum strength from months ago had “somewhat subsided,” he said, but things are still edging upward compared to the end of last year.
The benchmark price for single-family homes was $875,800, a small gain of 3.5 per cent on a year-over-year basis in October.
On a year-to-date basis, 2,306 units changed hands in the first 10 months of the year. This was essentially unchanged, up just 0.3 per cent (six sales) from the same period in 2022.
New listings capped off the “second-highest October in history,” Latham said.
“Overall inventories are trending closer to historical norms, both of which are priming for a well-balanced market for buyers to return to once they feel more at ease with the Bank of Canada’s pause in interest rate hikes.”
There were 417 new residential listings in October 2023.
“This was the largest number of new listings added in the month of October in more than 25 years.”
The overall MLS home-price-index composite benchmark price was $726,600 in October 2023, a minor increase of 2.5 per cent compared to October 2022.
Compare the single-family home average of $875,800 up 3.5 per cent, to the benchmark price for townhouse/row units was $612,100, up 2.3 per cent compared to a year earlier, while the apartment price was $415,600, a gain of 5 per cent from year-ago levels.
The dollar value of all home sales in October 2023 was $143 million, an advance of 37.6 per cent from the same month in 2022.
The Chilliwack and District Real Estate Board is an association of 365 Realtors that provides services to and sets standards for members serving Chilliwack, Agassiz, Hope, Boston Bar and Harrison.