Chilliwack real estate market continues to sizzle through spring

Not enough homes on the market to meet growing demand, says CADREB president

Four lots in a row on Spadina Ave. downtown Chilliwack illustrate this spring's hot real estate market

Four lots in a row on Spadina Ave. downtown Chilliwack illustrate this spring's hot real estate market

They’re selling like hotcakes.

Homes are being snapped up almost as quickly as they’re been listed right now in Chilliwack, and the trend is showing no immediate signs of slowing down.

The Chilliwack and District Real Estate Board has released its monthly data, confirming that the housing market is the hottest it’s ever been.

In the month of March, an unprecedented 494 homes sold in the area, almost doubling the number for the same month last year, and reaching almost $190 million in dollar value.

“Year-over-year, this translates to an incredible 134% increase in total dollar value, and a 93.7% increase in total residential sales,” said CADREB President Richard Admiraal. “We have never seen anything like this in the history of the board.”

Single family homes made up a large percentage of total sales (270), with 102 homes selling in the $400,000 – $499,999 range. This was followed by 70 sales in the $300,000 – $349,999 range, representing strong sales in the townhouse market as well. There were 24 sales over the $700,000 mark, including 4 over $1 million.

Despite the flurry of sales, there are fewer active listings on the market (less than 1,000) than in March last year. And that lack of choice is having a definite effect on prices.

“As pricing is driven by supply and demand, this has pushed prices up 25%,” added Admiraal. “All types of properties have dramatically increased in sales.”

Admiraal says the banner month is thanks to a number of contributors, including low interest rates, a strengthening B.C. economy, and continued interest from buyers to the west of here. Those buyers are looking home affordability and the lifestyle Chilliwack can offer. Even with new construction in the area, the housing market could fall a little short of demand. Some studies show that the age group of 20-49 is on the rise.

 

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