BCREA 2020 Second Quarter Housing Forecast.

Chilliwack real estate sales forecast to drop 16% this year, jump 40% in 2021

Numbers are part of BCREA 2020 second quarter housing forecast

The B.C. Real Estate Association (BCREA) predicts that Chilliwack and area real estate sales will drop 16 per cent overall for 2020 but rebound by 40 per cent in 2021.

The numbers are part of the BCREA’s 2020 second quarter housing forecast released on June 10.

After huge selling years in 2016 and 2017, the entire Lower Mainland was hit hard by federal and provincial policies in 2018 and 2019, according to the BCREA, a situation the region was expected to rebound from in 2020.

Then COVID-19 hit.

“As households and the real estate sector adhered to social distancing through the early stages of the pandemic, home sales across the Lower Mainland were down more than 40 per cent compared to the same time last year,” according to the BCREA’s forecast.

The Lower Mainland is made up of three real estate boards of very different sizes. The Greater Vancouver Real Estate Board (GVREB) is by far the largest, followed by the Fraser Valley Real Estate Board (FVREB), which represents home sales from White Rock to Abbotsford. The Chilliwack and District Real Estate Board (CADREB) includes Chilliwack, Cultus Lake, Agassiz, Harrison Hot Springs, Hope, Boston Bar and the rural areas in between, and represents about 20 per cent of the number of sales of the FVREB.

In 2019, the CADREB sales numbers were at 2,809, down 0.7 per cent from a year prior. The BCREA forecasts that to drop 16.3 per cent to 2,350 for 2020, but then jump back up by 40.4 per cent to 3,300 in 2021.

This compares to a forecast drop of 23 per cent in the FVREB area for 2020 then jump 47.8 per cent in 2020, and in GVREB drop 20.2 per cent this year followed by a 57.1 per cent increase in 2021.

The average home sale price in the CADREB area in 2019 was $522,776 is expected to rise by one per cent to $528,000 in 2020 and a further 3.2 per cent in 2021 to $545,000.

Last month, home sales in CADREB were down 38 per cent year over year although the average selling price was up to $551,719.

• READ MORE: Chilliwack and district home sales down 38 per cent in May

“The bright outlook for 2020 home sales has been upended by the COVID-19 pandemic and resulting recession,” BCREA chief economist Brendon Ogmundson said in a press release. “However, as the economy ‘re-opens’ and measures to mitigate the spread of COVID-19 are gradually eased, we expect home sales will start to rebound, aided by record-low mortgage rates and pent-up demand.”


Do you have something to add to this story, or something else we should report on? Email:
paul.henderson@theprogress.com

@PeeJayAitch
Like us on Facebook and follow us on Twitter.

Want to support local journalism during the pandemic? Make a donation here.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

 

In June 2020, the B.C. Real Estate Association forecast Chilliwack real estate sales to drop 16 per cent overall for 2020 then increase 40 per cent in 2021. (Paul Henderson/ Progress file)

Just Posted

Chilliwack loses the Keith Wilson Waver as Ron Hupper passes away

Hupper brought smiles to the faces of hundreds of people who traveled along Keith Wilson Road

Classic cars make a stop in Chilliwack during Brogan’s Ride Against Cancer

With the weather cooperating, more classics than expected hit the road for the fundraiser

Provincial COVID-19 data can now be used for B.C. to prepare for a second wave

In the past week, B.C. has seen a slight spike in daily test-positive case counts

PHOTOS: Cat owners in Chilliwack celebrate National Kitten Day

Chilliwack Progress readers share photos of their favourite felines on National Kitten Day

Child falls down Bridal Veil Falls near Chilliwack, crews on scene

An 11-year-old boy fell over the falls about 25 to 30 feet and has suffered a head injury

Islanders want BC Ferries to follow order that lets residents board before tourists

For ferry-dependent communities, ferries are often the sole practical lifeline to work, school or medical appointments.

Beverly Hills 90210 star’s family selling Vancouver Island Beach Resort

You can own Jason Priestley’s Terrace Beach Resort in Ucluelet for less than $5 million

Genetic detectives begin work to trace spread of COVID-19 in Canada

The kinds of genetic technology being used for this project did not exist when SARS hit Canada in 2003

Sports fishers protest Fraser River Chinook closures

Public Fishery Alliance wants hatchery fish open for harvest

Woman sexually assaulted, robbed near Surrey SkyTrain station: RCMP

Police say the incident happened July 10, just after 11 p.m. near King George SkyTrain station

B.C. Ferries increasing passenger capacity after COVID-19 restrictions

Transport Canada 50-per-cent limit being phased out, no current plans to provide masks

Once-in-a-lifetime comet photographed soaring over Abbotsford

Photographer Randy Small captures Comet NEOWISE in early-morning sky

Amber Alert for two Quebec girls cancelled after bodies found

Romy Carpentier, 6, Norah Carpentier, 11, and their father, Martin Carpentier, missing since Wednesday

Most Read