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.

Just Posted

Volunteers remove invasive species of plants along creek in Chilliwack

Fraser Valley Conservancy’s stream-side restoration event took place at Luckakuck Creek in Chilliwack

PHOTO: Rain in the forecast Sunday, sun expected by Tuesday in Chilliwack

Chilliwack has been treated to fairly warm and dry weather over the past two weeks

PHOTOS: Hand-made creations galore at Chilliwack Christmas Craft Market

The 45th annual event features 180 vendors and is a fundraiser for the Chilliwack Community Arts Council

Warrant issued for Chilliwack prolific offender

Do not attempt to apprehend David Allen Geoghegan, 29, police caution

Chilliwack family’s dog missing after using online pet-sitting service

Frankie the pit bull bolted and hit by a car shortly after drop off through Rover.com

Teen with cancer whose viral video urged Canadians to vote has died, uncle tweets

Maddison Yetman had been looking forward to voting in her first federal election since junior high school

Security camera records hatchet attack on Langley store owner

Target escaped uninjured, but was ‘upset’ by incident

PHOTOS: Snoozing seal pup captures attention at White Rock Pier

Dozens of seals spent the day at White Rock’s iconic structure

VIDEO: Collision in Surrey breaks axle off SUV

Two people were reportedly sent to hospital

Rowing Canada, UVic investigate celebrated coach for harassment, abuse

Lily Copeland says she felt intimidated and trapped by Williams

Cleanup in the works after tanker truck fire leads to oil spill in B.C.’s Peace region

The province said the majority of the spilled oil likely burned away in the fire.

BC VIEWS: Action needed on healthcare workplace violence

While we’ve been talking about it, the number of B.C. victims has only grown

Closing arguments begin in B.C. case launched in 2009 over private health care

Dr. Day said he illegally opened the Cambie Surgery Centre in 1996 in order to create more operating-room time

Most Read