Chilliwack home sales buck Fraser Valley trend

As a wave of declining home sales sweeps the Lower Mainland, Chilliwack has been relatively immune, keeping its housing market stable.

As a wave of declining home sales sweeps the Lower Mainland, Chilliwack has been relatively immune, keeping its housing market stable.

A total of 228 homes sold last month, down six per cent from the same month in 2012. The Chilliwack and District Real Estate Board attributes the decline to buyers waiting for the results of the election and the impact of the return to the GST before making a decision.

CADREB expects sales to rise in coming months.

“In recent discussions with the B.C. Real Estate Association, all indications are that we will continue to see a similar market for the near future. We are likely to see local sales figures return to seasonal norms, and we may even see a stronger market as record low interest rates continue,” said president Jesse Hildebrandt.

Throughout the Fraser Valley Real Estate Board, which covers Abbotsford, Mission, Langley, White Rock, Surrey, and North Delta, home sales plummeted 15 per cent last month as compared to the same time last year. May sales in the area were the slowest since 2001. In Abbotsford alone, sales of detached homes dropped 15 per cent, and active listings 18 per cent.

High real estate prices are contributing to decreasing sales in the Mainland, but prices won’t decline significantly until sales drop even further.

Chilliwack’s housing market has kept stable, indicating fair-priced properties.

“Cost of living in Chilliwack is so much less than even Abbotsford, or going farther west. In prices for homes, we don’t see the peaks, we don’t see the lows. We see a pretty average price,” said Hildebrandt.

It remains a buyer’s market, although not a terrible one for sellers.

Over a third of the residential properties that sold last month in Chilliwack were in the $300,000 to $399,999 range, with the next most popular category being the $400,000 to $499,999 range. No houses sold over $1,000,000, and five sold under $49,999.

“What this represents is a continued interest in move-up homes and newer construction,” said Hildebrandt. “Buyers are realizing that with the low interest rates and a strengthening economy, their dollars will buy a lot more during a flat market.”

There were 1,832 active listings at the end of the month, a decline from the 1,901 listings at the end of May 2012.

Single family detached homes sat on the market 58 days before selling, townhouses 79 days, and mobile homes 94 days. This is slightly longer than the statistics at the end of April of this year. Apartments took 91 days to sell, according to the May 2013 figures, an increase of 40 days from April.

Just Posted

Chilliwack Chiefs erase three goal deficit in overtime win

Down 3-0 to the Cowichan Capitals, the Chiefs came back to win 4-3 in the BCHL Showcase match.

Chilliwack man feeling helpless about puppy stolen while at church

Evidence of neighbour trespassing and accusing him of dog neglect not enough for RCMP

UPDATE: Missing Chilliwack man has been found

Chilliwack RCMP is thanking the public for keeping an eye out

UPDATED: Chilliwack councillor’s expenses being sent to the RCMP

Decision to have expenses audited and shared with RCMP taken at special meeting of council

Risk of thunderstorm this afternoon for Vancouver Island and Lower Mainland

A special weather statement calls for heavy rain and wind over the next 48 hours

VIDEO: Neighbours fear impact of B.C. tent city residents

Greater Victoria residents opposed to campers voice concerns at provincial campground

B.C. premier apologizes for removal of 1950s totem pole at Canada-U.S. border

First Nations say pole was raised at Peace Arch but removed to make way for tourism centre

Tornado touches down in Ottawa and Gatineau, Que.

Environment Canada says cars and homes have been damaged by severe thunderstorms and high wind gusts

An unexpected sight: Bear spotted eating another bear in central B.C.

Cheslatta Carrier Nation Chief finds bear eating another bear’s carcass

Free vet clinic caters to pets of homeless, low income people

The first such clinic in Langley will take place later this month.

RCMP confirm death of missing BC teen Jessica Patrick

No details on cause were given. Case is under criminal investigation and police are asking for tips.

Extradition hearing set for Lower Mainland developer accused of fraud

Mark Chandler will go before the B.C. Court of Appeals early next year.

CUTENESS OVERLOAD: 2 sea otters hold hands at the Vancouver Aquarium

Holding hands is a common – and adorable – way for otters to stay safe in the water

B.C. teen with autism a talented guitarist

Farley Mifsud is gaining fans with every performance

Most Read