There’s little question that the British Columbia housing market is seeing large price jumps and inventory shortages, with Chilliwack boasting one of hottest housing markets in 2021.
One of the metrics used to gauge the real estate market is Months of Inventory — the number of months it would take to sell current inventories at the current rate of sales. Having 5 or 6 months of supply is historically average — at the end of July 2021, Chilliwack’s months of inventory was just 1.9.
Large numbers of residents are moving out to Chilliwack from closer to the Vancouver core, especially as work-from-home options remain in place by many employers. This only adds to the housing shortage for current residents.
Local builder, Westbow Construction, is committed to helping fight the housing shortage.
“Our goal has always been to provide high quality, affordable housing to our neighbours in Chilliwack and communities across Western Canada. We’re acutely aware of the current supply shortage, and determined to be part of the solution,” says Westbow’s Director of Operations Ryan vanDeventer.
Scorching hot housing market
It wasn’t that long ago that Chilliwack was a quiet country escape, but a combination of low mortgage rates and increased demand for less populated markets has led to big changes over the last year and a half.
“As is the case with many other markets in the province we are still facing a supply crunch, with overall inventories trending at record lows,” says Andrew Verschuur, President of the Chilliwack and District Real Estate Board. “If demand were to cool off from scorching levels, this might bring some semblance of balance back to the housing market. However, without any accompanying sustainable level of new listings this isn’t likely to happen, and it’s the lack of new supply coming onto the market to keep pace with demand that’s prolonging the supply shortage and fueling strong double-digit price growth.”
FURTHER READING: Chilliwack real estate sales forecast to see the highest increase in BC in 2021
Westbow is developing a number of communities around Chilliwack to alleviate the housing crunch:
- Cedarbrook: Master planned Community featuring Row Homes and Lane Homes in North West Chilliwack near the base of Chilliwack Mountain. Now selling and featuring some of the lowest prices for new build homes in the Fraser Valley.
- Elk Creek Estates: 4+ bedroom single family homes in the forested Eastern Hillsides. Family Oriented featuring parks and walking trails.
- Webster Crossing: Strata-free row homes, duplexes and single family homes near the Chilliwack River.
- Cascade: Private, mountain-style duplexes in the Eastern Hillsides. Duplexes make a great alternative to single family for those who are ready to step up from a town home.
Vista: Boutique town homes nestled in the Eastern Hillsides featuring a modern country feel and breath-taking views.
“Westbow has been building homes across North America for over 40 years. Quality craftsmanship, timeless design and attention to detail is what our customers have come to expect,” vanDeventer says. “Our current projects offer prospective home buyers choice, whether they’re new to home ownership, growing a family, hoping to incorporate rental income or looking to downsize.”
Learn more at westbow.ca.
