Large year-over-year increases in apartment and townhouse sales in Chilliwack shows first-time homebuyers are getting into the local market, according to local Realtors.
“November showed a strong increase in sales of condominiums and townhomes,” Chilliwack and District Real Estate (CADREB) President Kyle Nason said in a press release. “There were 48 sales of condominiums/apartments, compared to only 19 last November. This is a very encouraging sign, as it tells us that more first-time buyers are entering the housing market.”
That’s a 153 per cent in apartment sales and a 69 per cent increase in townhomes sales. Single family homes have always dominated the market in the CADREB area, and still are the most popular but sales last month of homes at lower price points took a jump.
There were also 129 sales of single family homes last month, an increase of 32 per cent year over year.
With total November 2019 sales at 275 units, that’s up from 177 in November 2018, second only over the last decade for November to the 284 sales in 2017 near the peak of the real estate boom.
The numbers point to a robust real estate market, despite heading into a traditionally slower holiday season for home sales, according to CADREB, which covers Chilliwack, Cultus Lake, Agassiz, Harrison Hot Springs, Hope, Boston Bar and the rural areas in between.
Because of the jump in apartment and townhouse sales, the average price of a home sold last month was $508,039, which compares to $539,600 a year ago.
That is the second lowest average sale price in a month this year, following on October’s $506,079. Average home sale prices peaked this year in June at $538,000.
The average price of a single family home sold last month was $612,295 (similar to $612,035 in 2018). For a townhouse it was $433,694 (down from $441,242 a year ago), and for apartments it was $267,675 up from $231,473 in 2018.
Seven homes sold over the $1 million mark.
Nason said that while the federal mortgage stress test” continues to impact buyers’ ability to buy homes (as it determines not only the ability to buy a home now but applicants must be able to withstand a future rate hike), buyers are now scaling down expectations while still realizing a home purchase is a good idea.
$509,521 in July, while in June the average sale prices was $538,000