The price of a home sold in Chilliwack over the first 11 months of 2017 increased more than in any of the 12 real estate boards in B.C. (Paul Henderson/ The Progress)

Year-end home sales heat up before new mortgage rules in 2018

Chilliwack sees largest home sale price jump in B.C. over first 11 months of 2017

As 2017 draws to a close, home sales are on a tear as buyers sneak in purchases before mortgage rule changes coming Jan. 1.

Locally, November unit sales were up 12.7 per cent year-over-year, and 27.3 per cent by dollar volume in the Chilliwack and District Real Estate Board (CADREB) region.

That latter number points to the steep rise in prices up 12.9 per cent to $484,753 last month.

• RELATED: Highest ever October real estate sales in Chilliwack

• RELATED: Chilliwack real estate sales and prices remain hot

The B.C. Real Estate Association (BCREA) attributes the sales volume increases across the province to the strong economy, and increased demand in the waning weeks of 2017 thanks to new mortgage rules for 2018.

• READ MORE: High Chilliwack home prices, sales forecast to moderate

“November was the third consecutive month that B.C. home sales were above 9,000 units, on a seasonally adjusted basis,” said BCREA chief economist Cameron Muir.

“Elevated consumer demand is being supported by strong employment growth, rising wages and favourable demographics.”

In B.C., employment increased 3.8 per cent in the last year, and the average hourly wage climbed 5.7 per cent to $26.82, the BCREA says.

Against that backdrop, a large cohort of millennials are trying to get into the housing market before the new rules in 2018.

In Chilliwack, the 12.9 per cent price increase from November 2016 to November 2017 parallels the provincewide jump of 15.5 per cent.

But that’s just November.

BCREA numbers show the average price of a residential property sold in the CADREB region (Chilliwack, Kent, Harrison Hot Springs, Hope, Boston Bar) in the first 11 months of this year increased 16.5 per cent over the same period in 2016.

That’s the highest price jump of the 12 real estate boards, and compares to three per cent in the Fraser Valley, one per cent in Greater Vancouver, and 2.2 per cent B.C.-wide.

• RELATED: Chilliwack among top 10 B.C. cities to buy real estate


@PeeJayAitch
paul.henderson@theprogress.com

Like us on Facebook and follow us on Twitter.

Just Posted

Chilliwack Chiefs clinch first place with win over Prince George

The Chiefs were out-shot 36-13 but goalie Daniel Chenard was superb in a battle of the BCHL’s best.

New Chilliwack YMCA was ‘worth the wait’ say visitors

Family Day will mark officially opening for new building, after sneak peek tours on Saturday

Nanaimo Clippers goalie steals a win from Chilliwack Chiefs

Landon Pavlisin was outstanding in the Clipper net, leading Nanaimo to a 2-1 road victory.

More people in Chiliwack coming in to shelters to get out of the cold

Ruth and Naomi’s went over-capacity this week to accommodate shelter guests coming in from the cold

Prominent Chilliwack realtor says he doesn’t know how child porn got on his computer

Closing arguments heard in Ian Robert Meissner’s trial for accessing and possessing child pornography

B.C. students win Great Waters Challenge video contest

Video, mural and song about saving the salmon claims the top prize

B.C. athlete takes home gold in freestyle aerials at Canada Games

Brayden Kuroda won the event with a combined score of 121.65.

Pedestrian in serious condition after hit by car downtown Abbotsford

A youth was also hit, suffered minor injuries, police say

Cabinet likely to extend deadline to reconsider Trans Mountain pipeline

New round of consultations with Indigenous communities is coming

B.C. government provides $75,000 towards salmon study

Study looks at abundance and health of Pacific salmon in Gulf of Alaska

Murdered and missing honoured at Stolen Sisters Memorial March in B.C.

‘We come together to make change within the systems in our society’

UBC researchers develop inexpensive tool to test drinking water

The tricoder can test for biological contamination in real-time

Disgraced ex-Congressman Anthony Weiner released from prison

He was convicted of having illicit online contact with a 15-year-old North Carolina girl in 2017

Most Read