There are more ‘for sale’ signs in Chilliwack and area these days, and less ‘sold’ labels attached to them. (Jonathan Hayward/ The Canadian Press)

There are more ‘for sale’ signs in Chilliwack and area these days, and less ‘sold’ labels attached to them. (Jonathan Hayward/ The Canadian Press)

Chilliwack real estate sales volume dropping like a rock

Rising interest rates are a major factor, slowing down the once red-hot market

Home sales in the Chilliwack area are declining.

Numbers for June of 2022 from the Chilliwack and District Real Estate Board (CADREB) show a 54.1 per cent drop from June of 2021. A total of 184 residential units sold last month, coming in 37.8 per cent below the five-year average and 45.2 per cent below the 10-year average for June.

CADREB suggests rising interest rates are the biggest reason for the slowdown.

“Home sales fell to the lowest level for this month since 2000, continuing the decline that started in March of this year,” said CADREB president Daryl Moniz. “While demand for homes has weakened, supply has trended the other way. New listings were up to the highest June on record and marked the first time that more than 600 listings have been added in this month.

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“This is potentially good news for sidelined homebuyers who were previously limited by a lack of options on the market, and now have far more choice available.”

There were 621 new residential listings last month, the largest number added in the month of June in history. There were 1,262 active residential listings (new and held over) at month’s end, a jump of 99.4 per cent from the end of June 2021.

While sales volume is down, prices are holding steady.

According to the MLS Home Price Index (HPI), the benchmark price for single-family homes was $988,700, a gain of 18.7 per cent over June 2021. The benchmark price for townhouse/row units was $685,100, up 19.9 per cent from last year, and the benchmark apartment price was $439,100, an advance of 37.3 per cent from June 2021.

The average price of all homes sold in June 2022 was $763,928.

CADREB is an association of 365 realtors providing services to Chilliwack, Agassiz, Hope, Boston Bar and Harrison.


@ProgressSports
eric.welsh@hopestandard.com

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