The average price of a home sold in November 2018 was up 11.3 over the same month last year while sales were down 37.7 per cent. (Paul Henderson/ Progress file)

Chilliwack and area home sales continue to slump as prices stay high

Sales down 38 per cent year over year, with prices up 11 per cent

Home sales in Chilliwack continued a multi-month slump in November but that slump is not having an effect on the high prices.

There were just 177 sales in the Chilliwack and District Real Estate Board (CADREB) area last month, down 37.7 per cent over November 2017.

The price of what sold, however, was $539,600 up 11.3 per cent year over year.

• READ MORE: Chilliwack real estate sales and prices remain hot – November 2017

After the huge sales years in 2016 and 2017, things cooled quickly when the new mortgage stress test was put into place, but now CADREB is also blaming extra taxes imposed on foreign buyers and even the slumping oil industry.

“We are seeing very little migration from the west, into our area compared to the last two years,” CADREB president-elect Kyle Nason said in a press release issued Tuesday.

“The stress test imposed by the federal government almost a year ago continues to play the biggest role.”

The 37.7 per cent drop locally is actually lower than in the larger Fraser Valley Real Estate Board to the west, where sales dropped 41 per cent.

• READ MORE: Sales drop 41% in Fraser Valley real estate in November

In Greater Vancouver sales dropped even more, 43 per cent, the lowest number of sales recorded in November in a decade.

Of the 177 sales last month, 98 were single family homes ($612,035 average price), 45 were townhouses ($441,242 average price) and just 19 were townhouses ($231,474).

Eight homes sold over the $1 million mark, including one for more than $2 million.

“While we have seen some moderate adjustments based on supply and demand, prices have settled into a comfortable level,” Nason said. “There are still buyers out there, but sellers need to ensure that their home is listed correctly for market conditions, and be prepared to wait a little longer.”

The sales to active ratio is at 16 per cent, which CADREB says indicates a balanced housing market for Chilliwack and surrounding area.

The Board expects to see a modest increase in sales in early 2019, and is encouraged by the number of local listings on the market. At the end of November, there were 1,272 listings on the market, compared to just 766 homes on the market at the same time last year.


@PeeJayAitch
paul.henderson@theprogress.com

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

VIDEO: Find Me My Furever Home – Blue at the Chilliwack SPCA

‘He’s a very laid back, easy-going guy, but still very active,’ says SPCA branch manager

Chilliwack hospice hosts candlelight walk for those who have lost loved ones during pandemic

People invited to ‘celebrate the life of your loved one’ at Illumination Walk

Garage sale happening now at Atchelitz Threshermen’s Association in Chilliwack

Due to COVID-19, the event is one of the association’s only sources of income for the year

UPDATE: Traffic moving again after rollover on Highway 1 in Chilliwack

This is the second collision in four days in the same area of the highway in the ess curves

Unofficial holidays: Here’s what people are celebrating for the week of Sept. 27 to Oct. 3

World Farm Animals Day, Drink Beer Day and Virus Appreciation Day are all coming up this week

B.C. records 98 more COVID-19 cases, most in Lower Mainland

One new senior home outbreak, Surrey Memorial outbreak over

VIDEO: COVID won’t dampen Lower Mainland woman’s Halloween spirit

Langley’s Tanya Reid posted video offering suggestions of how trick-or-treating might look for her

PHOTOS: 2nd calf in a month confirmed among Southern Resident killer whale pod

Center for Whale Research said they will eagerly await to observe the calf to evaluate its health

2 British Columbians arrested, 3 at large in massive Alberta drug bust

Eight people are facing 33 charges in what police have dubbed Project Incumbent

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

97 distressed horses, cats and dogs seized from farm in Princeton

RCMP assisted as BC SPCA executed search warrant

Father hopes journey to aviation-safety program inspires hope

Former South Surrey resident Greg Sewell hasn’t given up on quest to mandate older-plane retrofits

Most Read