surprisingly, home sales in Chilliwack and Area
slowed a bit in January in response to tightened
guidelines for mortgage qualifications.
Still a hair above the 182 sales posted in January
of last year, last month recorded 184 sales in all
types of properties, ranging from apartments &
condominiums to houses with acreage.
“While no doubt the newly tightened mortgage
qualifications played a role, the lack of inventory
remains a concern locally,” said Greg Nord-Leth,
Chilliwack and District Real Estate Board (CADREB)
President. “REALTORS® report that it is becoming
increasingly difficult to find properties that meet
their client’s wish list.”
At the end of January,
there were 663 current listings. Ideally, to fulfil
the needs of buyers seeking specific neighbourhoods,
that number should be above 1,000, added Mr.
“It’s the lowest number of listings in more than a
decade. It remains very much a seller’s market.”
Of the 184 homes that sold in January, the highest
number (25) sold in the $450,000-$499,999 range. It
was followed by 18 sales in the $550,000-$599,999
range, and 17 in the $600,000-$649,999 level. There
were two sales of homes over the $1 million mark,
with one of them topping $1.5 million.
“We continue to see an influx of interested buyers
from Greater Vancouver and surrounding areas,” noted
the CADREB President.
“A million dollars is a lot of money, but that may
only buy you an older home in the Metro area in need
of renovation, but it buys a luxury home here. There
is little hope of buying more than a small condo in
Vancouver for $500,000, but that could buy you a
home with a yard in the Eastern Fraser Valley.”
Even with heightened “stress test” borrowing
guidelines, there are buyers out there!
If you have considered listing to downsize, or have
sufficient equity to move up, it’s an excellent time
to list. With interest rates recently nudged upwards
and hints of more increases to come, it bears
repeating that the timing is excellent.
Contact any of the 313 qualified and experienced
REALTORS® registered with the local Real Estate
Board to get a no-obligation estimate of what your
home is worth.
Learn more about
Chilliwack and District Real Estate Board
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