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

Kelly Janveaux announces her candidacy for School Board Trustee

A long-time youth advocate, this will be Janveaux’s first time running in a public election

Mt. Hicks fire 15% contained, continues to burn north of Agassiz

The fire, suspected to be caused by a vehicle with a flat tire, not threatening any structures

UPDATE: Anonymous tip leads DFO night patrol to Fraser River poachers

Charges pending after poachers arrested at night while fishing, 48 sockeye, harbour seal seized

Chilliwack is home to Sasquatch, the first Canadian-designed hops plant

Created by Hops Connect, the Sasquatch hop is the country’s first patented hops plant

Retro meets modern design with idea for iconic Paramount sign

Proposed Paramount Project plans for downtown Chilliwack unveiled Monday

B.C. wildfires 2018: Hazy skies impacting crews in spotting new fires

18,000 people are on an evacuation alert, with 3,000 homes under an evacuation order

Minister optimistic after 2 days of Columbia River Treaty negotiations

Canadian and U.S. officials met in Nelson Wednesday and Thursday to discuss future of the treaty

Man dies in B.C. police cell while awaiting court hearing

An independent investigation is underway after a man died while in Penticton police custody Aug. 16

RCMP appeal for tips, dashcam footage in German tourist shooting west of Calgary

The Durango crashed into the ditch after the shooting near the Goodstoney Rodeo Centre

2 nurses attacked at B.C. psych hospital, union calls for in-unit security

PHSA says that in-unit guards would do more harm than good

Former B.C. optician won’t be jailed for sexually assaulting minor

Kenneth Pilkington sentenced to 24 months’ probation for offence three decades ago

Police responding to ‘unfolding’ incident in Maple Ridge suburb

Helicopter, dog team, guns drawn and 16 police vehicles at Maple Ridge property

Red Cross now accepting donations for those impacted by B.C. wildfires

The Canadian Red Cross is asking for help now and in the weeks and months ahead.

1954-built trolleybus hits Vancouver roads for 70th anniversary

TransLink to offer free rides on a retrofitted electric trolley bus to commemorate anniversary

Most Read