Real estate prices in the Chilliwack-to-Hope region have risen 29.51 per cent over the last 12 months, bringing the average value of all residential properties up to $877,321.
The Chilliwack and District Real Estate Board (CADREB) released its month end numbers for February, and the figures sing a familiar tune.
“A backlog of home buyers continues to hold prices strong in Chilliwack and area, as February was a month of lightning quick sales, multiple offers, demand for inventory and record dollar values,” the news release noted.
There were actually fewer sales in February 2022 (430) than there were in February 2021 (533), but properties sold for so much more. Last month’s total was $7 million more than it was 12 months ago, leading to the higher average value.
The 430 properties totaled $368,474,817.
That’s the third highest monthly total in CADREB stats dating back to 2007. The all-time monthly high was $486,849,694 in April 2021, eclipsing $421,026,695 in March 2021.
Single-family homes are where the biggest increases continue to be seen.
The average value of those set another record last month. After nudging over $1 million for the first time ever in December, February’s average on 215 sales hit $1,118,254.
There were unprecedented sales of 146 homes over the $1 million mark, including four over $2 million.
“Demand for housing will continue as we recently learned that the population growth in Chilliwack is the second highest in the province,” said newly-installed CADREB president Daryl Moniz.
Townhouse sales nearly doubled from January (49) to February (92), with the average value settling in a record-setting $763,252.
Condominium sales did double from January (46) to February (93), with the average value of $434,358 coming close to the all-time high of $444,839 set in August 2021.
While more and more real estate signs are popping up as the weather warms, real estate inventory continues to be very low.
There were 543 listings on the market at month’s end, which is 10th lowest all time.
“Supply issues will continue to keep the market at current levels of increases,” Moniz suggested. “There is still lots of demand for housing, but inventory isn’t keeping pace, which keeps prices buoyant. Even with the Bank of Canada poised to increase lending rates slightly, don’t expect prices in the area to cool down anytime soon.”
The CADREB region includes Chilliwack and Hope along with Yarrow, Agassiz and Harrison.