The torrid pace of Chilliwack’s real estate market in March picked up steam in April, according to the Chilliwack and District Real Estate Board.
The number of home sales totalled 530 last month, breaking the 500 mark in April for the first time.
Most of the homes sold were single family homes (306), however 118 were townhomes and another 54 were apartments. Thirty acreage homes were also sold.
The total number of sales was nearly twice what it was for the same period last year, CADREB said, with a total dollar value of $217.6 million.
The most popular price range was in the $400,000-$499,999 range. Homes were also selling well in the $500,000 to $599,999 range, with eight going for more than $1 million.
That price range offers a stark contrast to activity west of Chilliwack. The April benchmark prices in Greater Vancouver (which excludes Surrey, North Delta and White Rock) was $1.4 million, and $776,000 in the Fraser Valley (excluding the Chilliwack area), representing a one-year price gain of 30 per cent in both regions.
It’s not just existing homes that are being snapped up. New home construction is also scrambling to keep up with demand.
But that will take time, said CADREB president Richard Admiraal.
The hot market is not expected to cool any time soon, he added, thanks to a strong economy and continued low interest rates.