Further proof that Chilliwack’s real estate values have risen through the roof in recent years comes in a report from CENTURY 21 Canada. The real estate franchisor released its sixth annual Price-per-Square-Foot survey, with Chilliwack posting the biggest year-over-year increases in B.C.
CENTURY 21 Canada compared the price per square foot of properties sold between January 1 and June 30 this year to the same period last year.
The price for one square foot in a detached house in 2022 hit $515, a 26.85 per cent increase over the $406 valuation in 2021. Kelowna had the second-highest increase at 25.82 per cent, and West Vancouver had the highest value per square foot at $1,421.
Chilliwack’s price for one square foot in a townhouse was $425, a 33.65 per cent jump from $318 in 2021. Victoria had the second-highest increase at 27.57 per cent, and townhouses in B.C.’s capital boasted a value of $583 per square foot.
Chilliwack condominiums had the highest percentage increase of any residential properties in the province, leaping 34.6 per cent from $351 to $473. Victoria, by comparison, saw a 2.58 per cent increase from $659 to $676.
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Brian Rushton, Chief Operating Officer of CENTURY 21 Canada, said rising interest rates have slowed, but not stopped, growth in the real estate market.
“We recognize the concerns that some might have because of interest rates, but the first half of 2022 showed growth in nearly every regional market in the country,” he said in a news release. “The highest point of the boom may have passed, but the trend is still towards higher prices, especially in suburbs where younger and first-time home buyers are looking to escape competitive metropolitan areas now that remote work has become more common. What will be interesting is to compare the data we’ve received from the first half of this year with the data we gather in 2023 to see how the rising rates impact the market for the next six months.”
Rushton said the full impact of interest rate hikes won’t be seen until the back half of 2022, but he doesn’t expect a major drop.
“We don’t want to get ahead of ourselves, we’re going to keep seeing how the market performs and whether or not it cools down after the frenzy of the past year,” Rushton explained. “With inflation on the rise, folks may be less able to purchase but even a slight dip would only take us to the level of a few years back, possibly the 2018-2019 period. Ultimately, there are still buyers who have been waiting for a cool down period so that they can enter the market at the best time.”
CENTURY 21 compiles the Price-per-Square-Foot survey by asking franchisees to help come up with the average price-per-square-foot in their market. For more info, visit c21.ca/2022/07/27/price-per-square-foot-2022.
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eric.welsh@theprogress.com
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