Home sales in the Chilliwack and District real estate region saw a "substantial decline" of 13.8 per cent in February, according to a monthly report from the board.
The ongoing uncertainty around tariffs may be to blame, according to the Chilliwack and District Real Estate Board.
A total of 187 units sold through the MLS® System last month, across Chilliwack, Agassiz, Hope, Boston Bar and Harrison Hot Springs.
That number is 38.8 per cent below the five-year average and 28.8 per cent below the 10-year average for the month of February, according to the report.
When looking at January and February combined, home sales totaled 357 units. The real estate board calls this "a significant decrease of 14.2 per cent from the same period in 2024."
"Home sales and new listings both dropped sharply from the previous month as the threat of tariffs loomed ever close in February," said Emily Vernon, newly installed 2025 president of the board. "Now that we know the tariffs have come to pass, we are expecting there will be some buyers and sellers who move to the sidelines as there is a great deal of uncertainty as to the extent of the impact on our region in terms of shocks to the economy and labour market."
The report includes plenty of stats for the month of February 2025:
- The overall MLS® HPI composite benchmark price was $743,700, up just 0.4 per cent compared to February 2024.
- The benchmark price for single-family homes was $909,100, a slight gain of 0.6 per cent on a year-over-year basis. By comparison, the benchmark price for townhouse/row units was $639,100, increasing by 3.5 per cent compared to a year earlier, while the benchmark apartment price was $403,700, a modest decline of 1.3 per cent from year-ago levels.
- The average price of homes sold was $769,179, nearly unchanged, down only 0.4 per cent from February 2024.
- The more comprehensive year-to-date average price was $733,713, a minor decrease of 1.9 per cent from the first two months of 2024.
- The dollar value of all home sales was $143.8 million, a reduction of 14.2 per cent from the same month in 2024.
- There were 379 new residential listings, a decline of 21.5 per cent from February 2024.
- New listings were 24 per cent below the five-year average and 12.6 per cent below the 10-year average for the month of February.
- Active residential listings numbered 997 units on the market at the end of February, a gain of 7.3 per cent from the end of February 2024. Active listings haven't been this high in the month of February in more than five years.
- Active listings were 28.5 per cent above the five-year average and 29 per cent above the 10-year average for the month of February.
- Months of inventory numbered 5.3 at the end of February 2025, up from the 4.3 months recorded at the end of February 2024 and above the long-run average of 3.5 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.
