June 7, 2016
Local Market Sizzling
Steve Lerigny, CADREB
the momentum continues in a strong seller's market, Chilliwack and District
officially has one of the most active real estate markets in the country!
The month of May saw 529 sales, representing a
year-over-year 61 percent increase in sales. Including residential and
commercial sales, this represents over $235 million in value.
Of the residential sales, the highest number sold (98) were in the
$400,000-$499,999 range. Interestingly enough, according to Chilliwack and
District Real Estate (CADREB) President Richard Admiraal, this is still
considerably less than the average MLS® residential sale price in the
“On average, BC housing prices are forecasted to increase 20.4 percent to
$766,600 this year, and a further 3.4 percent in 2017, according to BC Real
Estate Association’s Chief Economist.
While prices in Chilliwack and area have gone up due to supply and demand,
we are still far more affordable than the metro areas, and are seeing large
numbers of buyers from priced-out areas closer to Vancouver”.
The next highest number of sales (71) were in the $500,000-$599,999 range,
followed by 62 sales in the $300,000-$349,999 range, representing a broad
choice of housing options.
While single family houses posted strong sales last month, apartment sales
are increasing in number as well, with a 45 percent increase in grand total
value compared to May of last year.
“This trend is likely to continue as condos in Chilliwack represent a smart
and affordable lifestyle option and are often within walking distance of
excellent amenities,” added Mr. Admiraal.
Also, there were three times as many vacant land properties sold as compared
tothe previous year. New home construction has ramped up to meet the
extraordinary demand for housing in Chilliwack and throughout the
southwestern section of the province.
It definitely remains a sellers’ market, as the number of active residential
property listings for sale at the end of May was only 947, which is 549
fewer than a year ago.
“Newly constructed homes will, in time, increase inventories of available
homes for sale. Meanwhile, sellers can continue to take advantage of the
significant demand to achieve optimal sale prices.”
The Valley Voice
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