Opinion: Riding a red hot market

Chilliwack's sizzling real estate market may be exciting for sellers, but what is it doing to affordability?

If there were any doubts about Chilliwack’s red hot real estate market, the latest numbers by the Chilliwack and District Real Estate Board put them to rest.

“We have never seen anything like this in the history of the board,” said CADREB President Richard Admiraal.

Not only are more homes being sold, but they’re selling for more money.

That should come as no surprise to anyone paying attention. Almost as soon as a for sale sign goes up in a neighbourhood, it’s covered by a sold sign.

Other homes are being snapped up before the sign is even in the ground.

On any given weekend cars can be seen trolling neighbourhoods – not in search of garage sales, but homes just new to the market.

Anecdotally, there are stories of multiple offers and bidding between eager buyers.

And its not just the existing housing market that’s feeling the boom.

New home construction is on a tear, with rezoning applications stacking up at City Hall, and new subdivision being mapped out.

What’s fueling this sizzling market is a strong economy, and the realization by many outside Chilliwack there are deals to be found at this end of the valley.

Of course, there is a down side to all this activity – affordability.

Yes, homes here are still substantially cheaper than in Vancouver, Langley and even Abbotsford. But the red hot market is making it more challenging for young people to buy their first home.

Add to that a dwindling supply of rental properties, and affordable accommodation becomes even more difficult.

While it’s hard not to get swept up in the enthusiasm surrounding a booming real estate market, it’s important for city council to ensure enough options remain for those who love Chilliwack, yet fear they might be driven out by high prices.

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

Just Posted

B.C. taxpayers could be on the hook for upwards of $27 million in total payouts for MLA pensions. (file)
Pensions are adding up for defeated, retiring MLAs: Taxpayers’ group

Martin and Throness would get $28,000 per year, lifetime pensions estimated ~$700K

Halloween enhanced image of a pumpkin patch to get you going. (Ryan Dyck Photography)
Halloween displays around Chilliwack are always a treat

Here is a list of addresses where some of the more creative Halloween displays can be viewed

Google Maps screenshot taken at 7:56 a.m., Oct. 29.
TRAFFIC: Westbound Highway 1 crash between Chilliwack and Abbotsford

Left lane is blocked, traffic backed up to No. 3 Road

A woman holds a packet of contraceptive pills. (AP Photo/Tsvangirayi Mukwazhi)
Chilliwack women’s organization among those lobbying for free contraception

Ann Davis Society says while it’s a women’s issue, all of society would benefit from program

Jeremy Bull, budtender at Dutch Bros. Buds outside the new store on Vedder Road in Chilliwack. (Jennifer Feinberg/ The Chilliwack Progress)
Cannabis retail shops in Chilliwack roll through the pandemic

Opening Chilliwack cannabis store in pandemic was ‘interesting’ says a licensed store manager

A woman wears a face mask and plastic gloves while browsing books as a sticker on the floor indicates a one-way direction of travel between shelves of books at the Vancouver Public Library’s central branch, after it and four other branches reopened with limited services, in Vancouver, on Tuesday, July 14, 2020. (THE CANADIAN PRESS/Darryl Dyck)
B.C. reports 234 new COVID cases, 1 death of senior who had attended small birthday party

Roughly 5,700 people are isolating due to being exposed to a confirmed case

Provincial Health Officer Dr. Bonnie Henry speaks Thursday (Oct. 29) during a news conference held at Fraser Health office, in video posted to Facebook. (Photo: Government of British Columbai/Facebook)
COVID-19 ‘disproportionately’ affecting Fraser Health: Henry

Health region has about 75 per cent of B.C.’s active cases

Burnaby RCMP responded to a dine-and-dash suspect who fell through a ceiling in March 2020. (RCMP handout)
VIDEO: Suspected dine-and-dasher falls through ceiling of Burnaby restaurant

A woman believed to be dashing on her restaurant bill fell through the kitchen ceiling

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

A can of Canada Dry Ginger Ale is shown in Toronto on Thursday Oct. 29, 2020. The maker of Canada Dry Ginger Ale has agreed to pay over $200,000 to settle a class-action lawsuit launched by a B.C. man who alleged he was misled by marketing suggesting the soda had medicinal benefits. THE CANADIAN PRESS/Joseph O’Connal
B.C. man’s lawsuit over marketing of Canada Dry ginger ale settled for $200K

Soda’s maker, Canada Dry Mott’s Inc., denied the allegations and any liability

Vancouver Island-based Wilson’s Transportation has expanded to fill some of the routes left unserviced by Greyhound as of Nov. 1, 2018. (Black Press files)
B.C. bus companies say they need help to survive COVID-19

Like airlines, motor coaches have lost most of their revenue

A deer was spotted in October 2020 in Prince Rupert, B.C., with a bright pink yoga ball stuck in its antlers. (Kayla Vickers/Chronicles Of Hammy The Deer Official Page)
Hammy 2.0? Prince Rupert deer spotted with bright pink yoga ball stuck in antlers

The BC Conservation Officer Service is aware of the deer roaming around the city

RCMP. (Phil McLachlan - Black Press Media)
Kelowna Mountie hit with 2nd lawsuit in 2 months for alleged assault

Const. Julius Prommer is accused of breaking a woman’s knee during while responding to a noise complaint

Most Read