Sales remained cool in September 2018 in Chilliwack and surrounding area, but prices remain at all-time highs. (Greg Laychak/Black Press file)

Continued cooling in Chilliwack and district real estate sales

Mortgage stress test keeping sales down while prices continue to rise

Compared to the huge real estate years of 2016 and 2017, this year is proving to look more like five years ago.

September posted just 162 sales in the Chilliwack and District Real Estate Board (CADREB) area, down significantly from the 309 sales a year ago and marking a return to numbers from 2013 and 2014.

And while the market is returning to balance, the prices homes are selling for are not falling.

The average price of a home sold last month was $519,013, up 9.2 per cent over the $475,293 in September 2017.

• READ MORE: Chilliwack real estate prices to keep rising: BCREA forecast

The average sale price for a single family home last month was $627,776, for a townhome it was $467,455, and the average apartment sale price was $262,585.

The most popular price point for homes last month was in the $450,000 to $499,999 range followed by the $500,000 to $549,999. There were six sales over the $1 million mark, including one over $1.5 million.

The cooling sales numbers aren’t new, as the region has seen similar drops for several months. The key factor, according to CADREB is the federally imposed “stress test,” which has taken away considerable purchasing power from the consumer across Canada.

The new rules implemented at the start of the year mean buyers need to qualify for the mortgage they want in addition to being able to withstand future rate hikes.

In a press release, CADREB’s new president-elect Kyle Nason said there are indicators of a more balanced market continuing in the coming months.

“We are seeing an active listings inventory, so qualified buyers are finding a greater selection of homes to choose from, resulting in well-priced homes in desired locations moving quickly,” Nason said.

There were 1,464 listings at the end of September, that’s up more than 50 per cent over the 959 at the end of September 2017.

“It’s definitely moving to a buyers’ market,” Nason said.

• READ MORE: Chilliwack and district real estate sales hit five-year low in August


@PeeJayAitch
paul.henderson@theprogress.com

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