Real estate prices and sales finally came down in May in Vancouver and the Fraser Valley but in Chilliwack they stayed steady. (File)

Home sales finally cooling in Chilliwack

But locally softening in market compares to big drops to the west

As real estate sales and prices cool in the Lower Mainland’s two largest real estate markets, there has been more of a levelling off in the Chilliwack and District Real Estate Board (CADREB).

While the Fraser Valley Real Estate Board saw a 10 per cent decline in dollar-volume sales in May 2018 compared to May 2017, and the Greater Vancouver Real Estate Board saw a 20 per cent decline, in CADREB – which includes Chilliwack, Agassiz, Hope and all places in between – there was a small two per cent increase.

Unit sales, however, dropped 12.9 per cent in CADREB last month compared to 19.3 per cent in the Fraser Valley and 22.5 per cent in Vancouver.

The discrepancy in those numbers comes from the steady prices year-over-year to the west of Chilliwack, and a 17.7 jump in the average sale price in May locally from $457,956 last year to $538,999 last month.

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

Provincewide the average sale price of a home in May was down 1.7 per cent from $752,551 to $739,783, pointing to the relative bargain that still exists in the CADREB area.

All of this may continue to cool even further, however, as the numbers point to listings on the rise, up 36 per cent year over year from just 936 last May to 1,277 last month.

And, anecdotally, sellers are finding their homes on the market longer than in recent months and years, and the market is turning away from bidding wars towards price reductions.

All these numbers come from the British Columbia Real Estate Association (BCREA), which reports overall a 28.7 per cent decrease in sales year over year.

“BC home sales continued to slow in May because of more stringent qualifications for conventional borrowers,” said Cameron Muir, BCREA’s chief economist. “The changes in mortgage policy are taking their toll on housing demand, not only in British Columbia, but across the country by reducing household purchasing power and housing affordability.”

• READ MORE: Chilliwack real estate sales steady, prices continue to rise


Like us on Facebook and follow us on Twitter.

Just Posted

Four companies vying to open cannabis stores in locations across Chilliwack

Rezoning applications for non-medical cannabis outlets pending, and some will require variances

Christmas cheer, crafts and music at Chilliwack and Yarrow libraries

Make festive ornaments out of old books while enjoying Christmas music at Chilliwack libraries

Fleeing driver picks fight with Chilliwack police dog, loses

Good dog ‘Griff’ also locates large quantity of what police believe to be crystal meth in Abbotsford

Chilliwack company faces charges for 2017 abuse of chickens

CFIA investigation leads to 38 charges against Elite Farm Services and Ontario-based Sofina Foods

Water-filled ditch had pump going to prevent flooding in Chilliwack

City crews monitoring site on Ashwell Road after heavy rain hit Chilliwack Wednesday

Tommy Chong says Canada took wrong approach to pot legalization

He also talked about the likelihood of another Cheech and Chong film

Vancouver says court decision allows it to close illegal pot shops

The city says it filed 53 injunctions against businesses that were operating outside its regulations,

Stranded B.C. trucker writes final wishes before being rescued 3 days later

‘I was just praying someone would come along’

Dress like Santa to ski for free in Whistler

Nearly 90 centimetres of snow has fallen since Wednesday, with more expected into the weekend.

Kazakstan’s U20 team takes 4-3 win over Lower Mainland university squad

Thursday night’s game is one of four the visitors are playing at the Langley Events Centre.

Fashion Fridays: How to change your beauty routine

Kim XO, lets you in on her style secrets each Fashion Friday on the Black Press Media Network

‘Both things are true:’ Science, Indigenous wisdom seek common ground

Reconciliation between Canada and First Nations is playing out not only in legislatures and courtrooms but in labs across the country

B.C. to move salmon farms out of coastal migration route

Broughton Archipelago plan set to start in spring of 2019

High winds force several BC Ferries sailing cancellations

Tsawwassen to Swartz Bay, Horseshoe Bay to Departure Bay, and Duke Point to Tsawwassen among closures

Most Read