Real estate prices in Chilliwack continue to rise and October 2017 sales were up 27.7 per cent year over year. (Greg Laychak/Black Press file)

Highest ever October real estate sales in Chilliwack

Sale prices also continue to rise up 11.9 per cent year over year

Chilliwack home sales continue to be hot with higher prices and the biggest October numbers ever.

The 353 homes sold in the Chilliwack and District Real Estate Board (CADREB) area last month marked the first time there were more than 300 sales in October.

That number was a 27.4 per cent increase over the 277 sales in October 2016.

“October sales set a new record for that month by a huge margin, smashing the previous record set a decade ago by almost 20 per cent,” said CADREB president Greg Nord-Leth. “With the market still historically very tight, prices continue to log double-digit year-over-year gains.”

RELATED: Another ‘banner’ month for Chilliwack real estate sales

The average unit sold for $466,965 last month up 11.9 per cent over 2016.

Those price jumps mirror similar ones in real estate boards to the west.

The average selling price for a home in Vancouver last month was $1,042,300 up 12.4 per cent from the same time last year, according to the Vancouver board.

The Fraser Valley Real Estate Board saw a similar increase to $971,900, up 11.8 per cent compared to October 2016.

RELATED: Apartment sales driving Lower Mainland housing market

Price growth in the Fraser Valley and Vancouver was driven by appreciation in townhomes and condos.

CADREB reported that year-to-date home sales totalled 3,495 units over the first 10 months of 2017. This was down 10.1 per cent from the same period last year but still well above the same period in every other year on record.

There were 862 active residential listings, the lowest level for this time of the year since 2004.

That is a record-low 2.4 months of inventory, down from the 3.6 recorded last year and well below the long-run average for this time of year. (The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.)

The average price of a detached home sold in October was $587,640 up 19.2 per cent from $493,144 a year ago.

The average price of a townhouse was $416,338 up 26.9 per cent from $328,035, and an apartment was $220,520 up 25.4 per cent from $175,823.


@PeeJayAitch
paul.henderson@theprogress.com

Like us on Facebook and follow us on Twitter.

Just Posted

Kelly Janveaux announces her candidacy for School Board Trustee

A long-time youth advocate, this will be Janveaux’s first time running in a public election

UPDATE: Anonymous tip leads DFO night patrol to Fraser River poachers

Charges pending after poachers arrested at night while fishing, 48 sockeye, harbour seal seized

Chilliwack is home to Sasquatch, the first Canadian-designed hops plant

Created by Hops Connect, the Sasquatch hop is the country’s first patented hops plant

Retro meets modern design with idea for iconic Paramount sign

Proposed Paramount Project plans for downtown Chilliwack unveiled Monday

B.C. declares state of emergency as more than 560 wildfires rage

This is only the fourth state of emergency ever issued during a fire season

B.C. wildfires 2018: Hazy skies impacting crews in spotting new fires

18,000 people are on an evacuation alert, with 3,000 homes under an evacuation order

Police responding to ‘unfolding’ incident in Maple Ridge suburb

Helicopter, dog team, guns drawn and 16 police vehicles at Maple Ridge property

Red Cross now accepting donations for those impacted by B.C. wildfires

The Canadian Red Cross is asking for help now and in the weeks and months ahead.

1954-built trolleybus hits Vancouver roads for 70th anniversary

TransLink to offer free rides on a retrofitted electric trolley bus to commemorate anniversary

B.C. program to educate parents reduces ‘shaken baby syndrome’ by 35%

Period of PURPLE Crying was launched nearly a decade ago

Langley teacher who screamed at, grabbed elementary students suspended

This is the second four-month suspension for the Langley teacher.

B.C. golfer, just 23, scores the rare albatross

Six-million-to-one shot a first for the Terrace club

Fredericton widow swears at Trudeau during condolence call

Widow of man killed in Fredericton shooting says she swore at Trudeau during condolence call.

Tim Hortons promises leaky lids on coffee cups to be phased out

Tim Hortons looks to rebuild its brand with better lid, new marketing campaign

Most Read