A record-setting year for real estate in the eastern Fraser Valley saw home prices rise sharply in the area.
Each month, statistics from the Chilliwack and District Real Estate Board (CADREB) painted the picture of a red-hot market.
In January of 2021, the price of a single family home in the CADREB region, which stretches from Yarrow to Lytton, sold for $762,066. By the end of November it had risen to $994,230, representing an increase of 30.5 per cent.
The average price of a townhouse sold jumped 17.5 per cent, from $557,974 to $655,590.
The average price of an apartment skyrocketed from $266,146 to $387,449 representing a 45.6 per cent increase.
The average price of all residential properties hit $794,605 in November, up 25.6 per cent from $632,495 in January.
A total of 4,594 residential properties were sold through November at a combined value of $3.3 billion. In 2020, 3,515 properties were sold for a combined value of $2 billion.
The meteoric climb in prices was fuelled by high demand and record-low inventory.
There were only 352 listings on the market at the end of November 2021, the lowest end-of-month total CADREB posted in stats dating back to 2007. Comparatively, there were 655 listings on the market at the end of November, 2020, and 1,191 available at the end of November, 2019.
“It was an interesting year to say the least,” said Rob Pellegrino with Hope’s Re/Max Nyda Realty.
“We had most homes selling in a week, at or just above list price. The market appreciation was great for sellers if they had a place to go but not good if you were a buyer. It was not a case of not enough supply as it was too much demand.”
Pellegrino also noted that with Hope outside the government-imposed speculation tax zone, the local market was flooded with investors and speculators.
“Without getting too political, it was an unfair playing field when pitted against genuine move-up, downsizing and first time homebuyers,” he said.
READ MORE: Chilliwack Real Estate 2021
Do you have something to add to this story, or something else we should report on? Email:
editor@theprogress.com
Like us on Facebook and follow us on Twitter.