Sales continue to slump in the Chilliwack and District Real Estate Board area but the average sale price of approximately $525,000 has remained steady for a year. (Paul Henderson/ The Progress file)

Sales continue to slump in the Chilliwack and District Real Estate Board area but the average sale price of approximately $525,000 has remained steady for a year. (Paul Henderson/ The Progress file)

Chilliwack real estates sales still slumping as prices stay steady

Average March sale price of a home in CADREB area at $525,401 relatively unchanged year over year

The slump in Chilliwack real estate sales continues, but the price of what is selling doesn’t seem to be going anywhere.

Sales of all types of homes in the Chilliwack and District Real Estate Board (CADREB) last month were down a third from 303 in March 2018 to just 209 last month.

But the average selling price last month was $525,401, relatively unchanged from $527,126 a year ago.

The 209 sales for the third month of the year may seem low compared to last year, and even lower compared to the recent boom when there were 363 sales in March 2017 and 494 March 2016, but the figure for last month may represent more of a normalization of numbers.

Prior to the boom of 2016 there were 255 sales in March 2015, 183 in 2014, 188 in 2013, 200 in 2012, 188 in 2011 and 205 in 2010.

Last month’s sales were up from just 154 in February and a near-record low of 98 in January.

• READ MORE: Chilliwack home sales continue sluggish pace in February

But all through that up-and-down period of sales over the last three years, prices continued to rise. In the peak of the recent boom in 2016, the average price of those 494 homes sold in March 2016 was just $384,356. In March 2017, the average price sold was $432,879.

At around an average sale price of $525,000 last month, the prices people are paying for homes in the CADREB area – which includes Chilliwack, Cultus Lake, Agassiz, Harrison Hot Springs, Hope and the rural areas in between – has remained steady for a year.

That, despite high home prices in the Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board (FVREB) dropping. In the neighbouring FVREB, February’s average sale price of $700,542 was nearly a 10 per cent drop from $774,627 a year prior.

The Real Estate Board of Greater Vancouver reported sales totally 1,727 for last month was the lowest since 1986, and sky-high prices there are starting to creep down.

The slump in sales locally and across B.C. is blamed in part on soaring prices, but locally more on the new tougher mortgage rules and rising interest rates.

Last month in the CADREB area, 107 single family homes sold for an average price of $650,314, 55 townhouses sold for an average of $449,161, and 34 apartments sold for an average price of $245,211.

Seven homes sold in CADREB for more than $1 million last month.

There were 1,374 listings at the end of last month, which compares to just 827 year over year.

As for what’s ahead, the B.C. Real Estate Association (BCREA) forecasts the market to continue to adjust to the mortgage stress test. For CADREB, the forecast is a steadying of prices in 2019 compared to 2018, with another slight jump of 2.7 per cent for 2020.

The BCREA has urged the federal government to revisit the year-old stress test due to the pressure it’s putting on sales and the criticism that it’s making housing unaffordable for many.

• READ MORE: B.C. real estate board urges feds to revisit mortgage stress test


@PeeJayAitch
paul.henderson@theprogress.com

Like us on Facebook and follow us on Twitter.

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

Just Posted

Chris Squires of The Wack Window Cleaning Company has created the #100housechallenge where he’ll be cleaning the exterior windows of 100 homes for free when an interior window cleaning service is purchased and a food item is donated to Wilma’s Transition Society. (Jenna Hauck/ Chilliwack Progress)
Chilliwack window cleaner ready to donate to Wilma’s through #100housechallenge campaign

Chris Squires enjoys providing service, wants to express it via donations, giving back to community

A cyclist was struck at the intersection of Prest and Bailey roads in Chilliwack on Saturday, March 6, 2021. (Google Maps)
UPDATE: Cyclist struck by SUV in Chilliwack

Incident happened at Prest and Bailey roads around 2:45 p.m. Saturday

Donald Alan Sweet was once an all star CFL kicker who played for the Montreal Alouettes and Montreal Concordes over a 13-year career. Photo courtesy of Mission RCMP.
Retired Mission teacher and star CFL kicker charged for assault, sexual crimes against former students

Donald Alan Sweet taught in school district for 10 years, investigators seeking further witnesses

B.C. RCMP Lower Mainland District officer, Asst. Commissioner Stephen Thatcher presents RCMP blankets to (from left) Chief James Hobart, Chief Maureen Chapman, Chief Derek Epp and Chief Mark Point. (RCMP)
Historic agreement between Fraser Valley FN communities, RCMP to expand Indigenous role in policing

Community Safety Agreement builds relationship of ‘trust, communication and prevention,’ says Chief

Canadian Reformed Church in Chilliwack. (GoogleMaps)
OPINION: Churches that defy the law and public health orders are in the extreme minority

The nature of news coverage means that aberrations from the norm are what make the headlines

The James C Richardson Pipe Band marches in a Remembrance Day parade on Nov. 11, 2019 in Chilliwack. Wednesday, March 10 is International Bagpipe Day. (Jenna Hauck/ Chilliwack Progress file)
Unofficial holidays: Here’s what people are celebrating for the week of March 7 to 13

International Bagpipe Day, Wash Your Nose Day and Kidney Day are all coming up this week

Victoria man Brett Andersen is asking for people’s help to secure him one of eight free tickets to the moon. (Screenshot/@brettandersen Instagram)
Victoria man wants your help securing a free ticket to the moon

Japanese billionaire offering eight people a trip to the moon

The Conservation Officers Service is warning aquarium users after invasive and potentially destructive mussels were found in moss balls from a pet store. (BC Conservation Officers Service/Facebook)
Aquarium users in B.C. warned after invasive mussels found at pet store

Conservation officers were told the mussels were found in a moss ball from a Terrace pet store.

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
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

Hockey hall-of-fame legend Wayne Gretzky, right, watches the casket of his father, Walter Gretzky, as it is carried from the church during a funeral service in Brantford, Ont., Saturday, March 6, 2021. HE CANADIAN PRESS/Nathan Denette
Walter Gretzky remembered as a man with a ‘heart of gold’ at funeral

The famous hockey father died Thursday at age 82 after battling Parkinson’s disease

The family of injured Willoughby resident Ronald Gerald Jesso is hoping someone saw something that will help solve the mystery of how he came to be so badly hurt on the morning of Feb. 22. Jesso is still in hospital. (Jesso family/Special to Langley Advance Times)
An appeal to help solve the mystery of an injured Langley man

Family of Ronald Gerald Jesso asks witnesses to come forward

During a press event on March 6, Const. Alex Berube, media relations officer for the West Shore RCMP, addressed a deadly shooting that occurred in Metchosin the night before. (Devon Bidal/News Staff)
VIDEO: One man shot dead on Vancouver Island in ‘targeted incident’

Highway 14 reopens following multi-hour closure for investigation

Personal protective equipment is seen in the COVID-19 intensive care unit at St. Paul’s hospital in downtown Vancouver. THE CANADIAN PRESS/Jonathan Hayward
$16.9 million invested to improve worker safety, strengthen B.C.’s food supply chain

Money to be used for social distancing, personal protective equipment, cleaning, and air circulation

Most Read