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


@PeeJayAitch
paul.henderson@theprogress.com

Like us on Facebook and follow us on Twitter.

Just Posted

Coco the cat survives horrific Chilliwack house fire wrapped in a blanket

Found in the laundry hours after firefighters douse blaze that destroyed five structures

Former Manitoba Bisons lead revamped Husker pass catching crew

Anthony Dyck and Brandon Poulin are the headliners in a suddenly deep and talented group.

UPDATE: Chilliwack RCMP Serious Crimes Unit investigating massive Safflower Crescent fire

GoFundMe accounts set up to help five families affected by blaze that destroyed five structures

Oversize load collides with Highway 1 overpass in Chilliwack

Traffic disrupted eastbound around Lickman Road over pass Monday morning

Burns on fire in Fred Wellsby golf final

Abbotsford’s Ryan Burns took top spot in last Thursday’s Champion of Champions Invitational.

VIDEO: Western Canadian Reining Association ends series in Chilliwack

Seventy-two horses made 237 runs over the three-day show

B.C. teen meets Nicolas Cage

Filming mob movie in downtown Vernon, B.C.

Critics claim Trump “defended a tyrant”

Trump questions US intel, not Putin, on Russia 2016 meddling

B.C. MLAs choose new children’s watchdog

Jennifer Charlesworth has worked in government, social services

B.C. reporter calls out immigration photo on social media as fake news

A Vancouver reporter is calling out a British politician for spreading fake news

Hundreds of Arctic glaciers shrinking, disappearing

Out of 1,773 glaciers, 1,353 shrank significantly between 2000 and 2016

Indigenous housing providers worried Liberal proposals could put families on the streets

Indigenous housing providers raise alarms about future of federal funding deals

The Bandits arrive in the Fraser Valley

New professional basketball team announces name, colours and logo

B.C. baseball team offers funeral prize pack

Wednesday’s West Coast League game in Victoria features draw for end-of-life package

Most Read