hile several Lower Mainland communities will encounter reductions in their property assessments, Chilliwack and area's stable housing market continues to fare well in staying the course.

 

"Once again, we are witnessing pockets of over-inflated prices due to the pressures of supply and demand, and many home owners in the Lower Mainland are left in the position of watching their property values decline," said Cynthia Admiraal, President of the Chilliwack and District Real Estate Board (CADREB).

Chilliwack's "flat" pricing in recent months has helped to ensure that prices are more affordable to the various segments of purchasers, from the first-time buyer to those who are able to attain their dream home.

While the Christmas season saw a slow-down in sales - 106 sales completed in December compared to 120 in December of last year - inventory remains good, and CADREB predicts a steady upward trend in sales as the U.S. economy strengthens and the transition back to the PST takes place this spring which will likely heighten interest in new builds.

Of the 106 sales last month, the highest number (14) occurred in the $300,000 - $349,999 range, matched by 14 sales in the $400,000 - $499,999 range. There were 8 sales of homes over the $500,000 mark. At the end of December, there were 1,664 active listings on the market.

"As local conditions continue to favour the buyer, it is more important than ever to listen to the advice of a skilled REALTORR if you are trying to sell" said Ms. Admiraal. "It is imperative that your home is priced correctly to reflect market conditions and align with comparable listings."

If you are currently renting, you may be surprised to learn that in many instances, a mortgage payment is more affordable than a rental payment. Continued stable prices and low interest rates are making home ownership more affordable than ever. Make an appointment with a lender to see how much you would be pre-approved for, and contact any one of the more than 265 qualified REALTORsR in your area.

 

For more information, visit www.cadreb.com

 

 

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