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:

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

Unofficial holidays: Here’s what people are celebrating for the week of Sept. 27 to Oct. 3

World Farm Animals Day, Drink Beer Day and Virus Appreciation Day are all coming up this week

PJHL delays start of season as teams struggle to secure facilities

The junior B hockey league was hoping to start Sept. 29 but is now targeting mid-October

Missing Chilliwack woman last seen on Wednesday

Friends and family concerned for Joy-Lynn Leon, 42, who was last seen Sept. 23 on Mary Street

VIDEO: Mounties looking to catch Chilliwack bike-riding teen groper

Man caught on video slapping the backside of girl near CSS riding a bicycle

Abbotsford has a COVID-19 rate 10 times higher than Chilliwack

Abbotsford has been much harder hit by COVID-19 than its neighbour to the east

B.C. records 98 more COVID-19 cases, most in Lower Mainland

One new senior home outbreak, Surrey Memorial outbreak over

VIDEO: COVID won’t dampen Lower Mainland woman’s Halloween spirit

Langley’s Tanya Reid posted video offering suggestions of how trick-or-treating might look for her

PHOTOS: 2nd calf in a month confirmed among Southern Resident killer whale pod

Center for Whale Research said they will eagerly await to observe the calf to evaluate its health

2 British Columbians arrested, 3 at large in massive Alberta drug bust

Eight people are facing 33 charges in what police have dubbed Project Incumbent

97 distressed horses, cats and dogs seized from farm in Princeton

RCMP assisted as BC SPCA executed search warrant

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Father hopes journey to aviation-safety program inspires hope

Former South Surrey resident Greg Sewell hasn’t given up on quest to mandate older-plane retrofits

$250K reward offered as investigation continues into Sea to Sky Gondola vandalism

Police also asking for specific footage of Sea to Sky highway around time of incident

Most Read