Chilliwack real estate is starting to move

'Builders have been trying to play catch-up by adding units,' says CADREB president, but there's still not enough inventory for buyers.

Builders in Chilliwack have been trying to play catch-up by adding units in areas like Promontory

The Chilliwack real estate market is heading for a transition from a slower market to a significantly busier one in the past year.

There were 288 single family homes sold in October 2015 in Chilliwack, compared to 232 houses the same time last year, an increase of 24.1 per cent, according to CADREB stats.

“Everything is going fantastic, except for the fact that the inventory of properties for sale has been very low, and that pushes up the prices,” said president Travis Heppner of Chilliwack and District Real Estate Board.

The stats support this. There were only 1,637 listings at the end of October compared to 2,103 in October 2014.

Builders have been trying to play catch-up by adding units, he suggested.

“But that’s going to take some time,” Heppner said.

There’s been some new town home and single-family residential construction on Promontory, subdivisions in Sardis as well as some townhouses in Chilliwack proper.

Those townhouses near downtown are going for $299,000 to $350,000, he said.

So the prices are definitely higher than they were, and because there’s no inventory, people seem willing to pay more for what is available.

A lot of buyers are still moving into Chilliwack from communities west, such as Langley where a $600,000 residential property can be had for more like $450,000, Heppner noted.

Total value of the real estate sold last month was $117,247,354 compared to $74,966,040 the same time last year.

Most house sales were in the $400,000 to $499,999 range, according to CADREB stats. There was also a sizeable bump in commercial real estate transactions, including retail and industrial properties, at $16.6 million compared to last year’s $976,828, during the same month.

Chilliwack’s robust real estate activity reflects the strong numbers also shown in the Vancouver area market over the same time period.

B.C. Real Estate Association (BCREA) reported a total of 8,725 residential sales by MLS in October, up 14.1 per cent from the same month last year. Total sales dollar volume was $5.8 billion, up 32.3 per cent compared to the previous year. The average MLS residential price in the province rose to $667,480, up 16 per cent from October 2014.

Just Posted

VIDEO: Two people, dog escape house fire in Chilliwack

The early-morning blaze started around 6 a.m. on Third Avenue

Chilliwack Chiefs host Langley as Sardis Sports Complex opens

The BCHL teams will play a preseason game on the new ice sheet Aug. 29.

PHOTOS: Paintings return to Kilby for fifth annual festival

The Plein Air Festival will be taking place at the historic site all weekend

Envision Financial hosting barbecue fundraiser at Chilliwack’s Sardis Park to help fire victims

Residents of the Park Ridge apartment building are struggling in the wake of the devastating fire.

Cougar spotted in Seabird Island

Residents are asked to report all sightings to conservation

Chilliwack hosts police from around the world in specialized training

Members of the International Police Association hold training workshop in Canada for the first time

Young balance-bikers race in B.C.’s inaugural Strider Cup

The course has several obstacles including ‘Mount Scary’ and the ‘Noodle Monster’

Canadians killed in Afghanistan honoured during emotional dedication ceremony

One-hundred-fifty-eight Canadian soldiers died during the mission

It’s snow joke: Up to 30 cm of snow expected to fall in northeastern B.C.

Alaska Highway, Fort Nelson to be hit with August snowstorm, according to Environment Canada

‘I’m just absolutely disgusted’: Husband furious after B.C. Mountie’s killer gets day parole

Kenneth Fenton was sentenced to prison after he fatally struck Const. Sarah Beckett’s cruiser

Sea-to-Sky Gondola in B.C. likely out of commission until 2020

Sea to Sky Gondola carries between 1,500 and 3,000 people every day during the summer season

Helicopter-riding dog Mr. Bentley now featured on cans of new B.C.-made beer

Partial proceeds from every pack go to Children’s Wish

PHOTOS: Weapons seized at Portland right-wing rally, counterprotests

Not all who gathered Saturday were with right-wing groups or antifa

Maple Ridge’s first retail cannabis store opens Monday

Spiritleaf is just the second private pot shop in the Fraser Valley

Most Read