It’s no secret that the real estate market in Chilliwack has been red hot over the last year, but one number stands out in the latest report from the Chilliwack and District Real Estate Board (CADREB).
The number is 27.6 per cent.
That’s how much the average sale price of a home increased from September 2020 to September 2021.
At this time last year, 421 residential homes (including houses, townhouses, apartments, mobile homes) sold for an average of $594,000. Just 12 months later, fueled by high demand and very low supply, the average price tag for 324 properties is now $758,000.
Housing inventory remains scarce relative to historical norms.
A total of 667 listings were active at the end of September, less than half of what’s been available in prior years.
“Home prices are driven by supply and demand,” said CADREB president-elect, Daryl Moniz. “Sitting in on the latest statistics call, it’s clear that this is a situation not unique to our area, but is being experienced right across the country.”
Fifty two September sales came in the $700,000-to-$800,000 range. Fifty four homes sold for more than $1 million and three went for more than $2 million.
The average price of a single family home settled in at $907,979, up from $857,999 in August.
The average price of a townhouse was $629,350, up from $582,257 in August.
The average price of an apartment actually fell, from $444,839 in August to $394,364 in September.
While new housing starts are picking up, it’s taking longer to finish those projects because of supply issues. The construction industry is having trouble sourcing raw goods like lumber, hardware, wiring, and plumbing supplies.
“This all drives the prices up on the cost of new builds,” Moniz noted. “However, due to supply and demand, sellers are getting more for their homes, so with continued low interest rates, it’s still a great time to move up if you are considering it.”