Real estate sales continue to lag with just 154 home sold in February 2018 for an average sale price of $517,109. (Greg Laychak/Black Press file)

Chilliwack home sales continue sluggish pace in February

Last month’s numbers below the 10-year average while selling prices continue to stay high

After an abysmal January for real estate sales in a cooling market in the eastern Fraser Valley, last month sales picked up, if only slightly.

There were 154 homes sold in the Chilliwack and District Real Estate Board’s (CADREB) region last month – an area that includes Chilliwack, Cultus Lake, Agassiz, Hope and places in between – down from 260 in February 2018, but up from just 98 in January.

• READ MORE: Worst January for Chilliwack real estate in a decade

The 10-year average for February homes sales from 2010 to 2019 is 186, which includes a peak of 283 sales in 2016 and a low of 133 in 2012.

CADREB’s newly installed president Kyle Nason blames the federal government’s mortgage stress test for the sluggish pace of sales, which has continued for about a year now.

“There is no doubt that the federal government’s ‘stress test’ implemented a year ago has stalled the economy,” Nason said in a CADREB press release.

Of the homes sold last month, 82, or 53 per cent, were single family homes. There were 32 townhouses and 32 apartments sold, along with four mobile homes and four houses with acreages.

And despite several months in a row of lagging sales, prices don’t seem to be dropping. The average sale price of any home sold last month was $517,109, which is up from $508,261 one year ago, and $421,546 in February 2017.

Breaking that down, the average price of a single family home last month was $621,733, the average for townhouses was $408,097, and apartments $257,144.

Listings are back to normal levels at 1,191 at the end of February, up 72 per cent from just 693 one year ago.

The low sales mean the industry is tipping towards a buyers’ market but Nason says sellers need to be patient.

“Homes may be staying on the market longer, but patient sellers will still be OK,” he said. “More than ever, it’s important to work with your realtor who is aware of market comps (comparable homes and sale prices), and listen to advice about pricing your home competitively.”

Of the 154 sales last month, the highest number sold (16) were in the $450,000 to $499,999 range, followed by 15 sales in the $600,000 to $649,999 range. There were three sales over the $1 million mark.

CADREB’s new president, Kyle Nason, has spent a decade in the business and is currently with Remax Nyda Realty. He is also a proud volunteer firefighter with the City of Chilliwack, and former captain of the Chilliwack Chiefs.

“As president, I look forward to working with boards across the province and BCREA with all matters that affect our members and realtors in the province, as well as regulations that impact residents in our local communities.”


@PeeJayAitch
paul.henderson@theprogress.com

Like us on Facebook and follow us on Twitter.

Just Posted

Dinosaurs will reign at Sto:lo Children’s Festival

Jurassic Park theme takes over long-standing, free community event

Funding for new Chilliwack schools could drive up development costs

School Site Acquisition Costs could dramatically increase by almost 30 per cent

Chilliwack developer offering to build barn owl nesting boxes for free

Gore Brothers says anyone with a suitable building can help the threatened raptor

Agassiz-Rosedale Bridge construction could start in 2021, MLA says

The project is expected to cost substantially more than budgeted in 2017

VIDEO: Cars on Campus in Chilliwack

Photos of this year’s Fraser Valley British Motor Club’s annual vintage car show in Chilliwack

‘This is unbelievable:’ Raptors dazzled by massive crowds at downtown Toronto parade

Mayor John Tory declares it ‘We The North Day’ after team’s historic NBA title win

Elusive ‘ghost whale’ surfaces near Campbell River

Ecotourism operator captures images of the rare white orca

Oil and gas sector cautious as deadline on Trans Mountain decision nears

Trudeau government expected to announce whether it will approve pipeline for second time on Tuesday

Skipping school costs a dozen B.C. students chance at a new car

Cowichan’s Jared Lammi showed up and won $5,000 cheque toward vehicle, but he can’t drive

BC Ferries adds extra and late night summer sailings

Seasonal adjustments to sailing times also in effect on many routes

People throwing food at a bear in Fernie alarms conservation groups

“Approaching and feeding bears contributes to habituation,” says conservation group

Feds announce $50M strategy to fight dementia

Emphasis is on prevention and and supporting caregivers

Federal Liberals’ plan to help first-time homebuyers to kick in weeks before election

Ottawa to pick up 5% of a mortgage on existing homes for households that earn under $120,000 a year

Parents of B.C. murder victim want her personal belongings back

Lisa Dudley’s parents, Rosemarie and Mark Surakka, were at the Mission RCMP detachment Sunday

Most Read