There’s good news and bad news baked into the latest numbers from the B.C. Real Estate Association.
Province wide the real estate market is bouncing back from its 2022 doldrums, with increases in unit sales and average prices. But the Bank of Canada continues to pump the brakes on the rebound with interest rate hikes, with mortgage rates hitting levels not seen in over a decade.
In Chilliwack, unit sales from July were up 68.2 per cent from 2022 to 2023, rising from 132 to 222. The total dollar sales volume last month was $156,390,000 representing a 56.7 per increase from 12 months ago when the number was $99,808,000. But average sale prices have dropped 6.8 per cent year over year, from $756,123 to $704,458.
Active listings have also taken a year over year tumble of 18.7 per cent, from 1,295 to 1,053. That is by far the steepest decline among the eight real estate regions surveyed in the BCREA report.
Year-to-date numbers are down across the board with drops in sales volume (19.2 per cent), unit sales (7.3 per cent) and average price (12.8 per cent). Year to date compares numbers from January to July 2022 with January to July 2023.
Local numbers come from the Chilliwack and District Real Estate Board (CADREB), which covers an area from Yarrow to Lytton.
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eric.welsh@theprogress.com
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