Real estate prices in Chilliwack in August 2019 were considerably higher than the year prior, pointing to stability in the market, according to Realtors. (Greg Laychak/Black Press file)

Solid August for home sales in Chilliwack district

Sales up, average selling price down, Realtors claiming stability

Local Realtors are seeing encouraging signs with home sales heading towards a more stable market.

There were 247 sales worth $127.2 million in August for an average selling price of $515,056 in the Chilliwack and District Real Estate Board (CADREB) area, which includes Chilliwack, Cultus Lake, Agassiz, Hope, Boston Bar and the rural areas in between.

That’s up from just 197 sales a year ago when the average selling price was $533,611.

Sales in August are typically slow.

• READ MORE: Chilliwack and district real estate sales hit five-year low in August

Single family homes continue to dominate the market at 57 per cent of those sold last month, right around the same as the 58 per cent in August 2018.

Following a noticeable decline in home sales over the past months since the introduction of the so-called mortgage “stress test,” CADREB says both locally and provincially, that the housing market is reaching stability.

“Since the stress test, enacted by the federal government in the beginning of 2018, until mid-2019, home sales have decreased across the country, in some cases significantly,” CADREB president Kyle Nason said in a press release.

“Chilliwack was not immune to this, but sales and home prices at this end of the Fraser Valley do not tend to fluctuate as wildly as the more metropolitan areas of Canada.”

CADREB suggests recent sales numbers point to a shift from a buyer’s market to a seller’s market.

Of the 247 sales last month, the highest number (32) were those in the $400,000-to-$449,999 range, followed by 29 sales of homes in the $450,000-to-$499,999 range.

The average sale price of a single family home last month was $606,135. The average sale price of the 56 townhomes sold was $403,333, and of the 28 apartments was $271,714.

CADREB suggested that Chilliwack and area first-time buyers will benefit from the federal government’s September launch of the First-Time Home Buyer incentive, an interest-free loan that doesn’t require monthly payments.

“This incentive is intended to help reduce monthly mortgage payments without increasing the amount needed to save for a down payment,” Nason said. Prospective buyers can obtain more information from their lending institution.

At the end of August, there were 1,552 active listings in the CADREB area.

• RELATED: BCREA forecasts Chilliwack real estate to slow down for 2018, 2019


@PeeJayAitch
paul.henderson@theprogress.com

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Federal government contributing nearly $4 million to First Nations community centre

The S.A.Y. Health and Community Centre will be built on a piece of land off Chilliwack River Road

Chilliwack fire crews extinguish blaze in mobile office unit

Crews from 3 halls were out in the early hours of Sunday morning to put out the fire on Railway Ave

PHOTOS: Historic look at Chilliwack activities we are missing in the pandemic

Images from the Chilliwack Museum & Archives show sporting events everyone hopes to get back to soon

VIDEO: Car goes off Highway 1 and into a ditch in Chilliwack

Eastbound vehicle left the highway ending in the ditch on south side of Luckakuck Way

Emergency crews respond to ATV rollover near Harrison

ATV rolled over on or near Harrison East Forest Service Road near Harrison Hot Springs

B.C. accommodators need phone lines to light up as in-province travel given green light

Travel restrictions during the COVID-19 pandemic have decimated the tourism and hospitality industries

300 Cache Creek residents on evacuation alert due to flood risk as river rises

Heavy rainfall on Canada Day has river rising steadily, threatening 175 properties

Friends, family remember victim of Langley possible triple-homicide fire at memorial

Memorial held for one the of three found dead at a house fire in Langley Meadows last month

Fraser Valley Bandits, CEBL bringing pro sports back later this month

Abbotsford-based basketball team kicks off CEBL Summer Series on July 26

Family and friends mark birthday of teen who died after being discovered in Langley park

Carson Crimeni suffered an apparent drug overdose, his final moments broadcast on social media

First glimpse of Canada’s true COVID-19 infection rate expected mid-July

At least 105,000 Canadians have tested positive for COVID-19 since the coronavirus was identified

Semi and BMW collide on South Surrey highway

At least one person to hospital, both vehicles sustained significant damage

Police ramp up efforts to get impaired drivers off B.C. roads this summer

July is dedicated to the Summer CounterAttack Impaired Driving Campaign

Migrant workers stage multi-city action for full status amid COVID-19 risks

‘COVID-19 has exacerbated an existing crisis’

Most Read