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

The Chilliwack Progress helps local couple locate man after a chance encounter

The McGowans donated their motorized scooter to Roger Sicard after seeing his need for one

Ethan Bowen nets two as Chilliwack Chiefs trouce Trail Smoke Eaters

The Chiefs routed Trail 7-2 in a Sunday matinee at Prospera Centre, improving to 24-10-0-0.

Santa joins kids for Christmas in the Forest in Chilliwack

Annual holiday party and fundraiser helps students at Leap For Joy Open Air Learning

Mike McCardell in town for book-signing at Coles in Chilliwack

His newest book, Shoelaces Are Hard: And Other Thoughtful Scribbles, is his 12th to date

Photos: The Contenders rock the Blue Moose Coffee Shop Friday

Valdy and Gary Fjellgaard came together as (The) Contenders to play music… Continue reading

VIDEO: Highway overpass protest against United Nations ‘compact’ on immigration

Demonstrators say Canada will have less control over who is allowed in the country

BCHL players help Team Canada in shootout win over U.S.

Massimo Rizzo scores the shootout winner at World Junior A Challenge

Canada Post backlog, Greyhound exit creating headaches ahead of the holidays

The federal government forced members of the Canadian Union of Postal Workers back to their jobs late last month

Top EU court rules UK can change mind over Brexit

Britain voted in 2016 to leave the 28-nation bloc, triggering a two-year exit process

Boeser scores 3, Pettersson has 5 points as Canucks hammer Blues

Vancouver picks up impressive 6-1 win in St. Louis

B.C. police stop drunk driver who offered up burger instead of ID

Roadblock checks over the weekend found at least two other impaired drivers

In Canada, the term ‘nationalism’ doesn’t seem to have a bad rap. Here’s why

Data suggest that Canadians don’t see the concept of nationalism the way people do in the United States

Earthquake recorded west of Vancouver Island

No injuries or tsunami warning after 5.4 rumble felt off the coast of Victoria

B.C. suspends Chinese portion of Asian forestry trade mission due to Huawei arrest

Huawei’s chief financial officer Meng Wanzhou was detained at the request of U.S. in Vancouver

Most Read