Thursday, July 5, 2012


Real Estate News

Conditions Right

CADREB: Chilliwack still a buyer's market

Released by Steve Lerigny, CADREB


hile news of cutting back the maximum allowable years for the duration of a mortgage hit hard in the more volatile housing markets in the metropolitan areas, Chilliwack's stable and more affordable housing market will continue to win out.


That, according to Chilliwack and District Real Estate Board President Cynthia Admiraal, who says that although reducing the maximum years of amortization from 30 to 25 years will admittedly make it more difficult for some potential homeowners to qualify, it will not have the impact that will be felt in areas to the west.

"Where homes are priced significantly higher than Chilliwack, the down payment needed is correspondingly higher, so buyers there benefit more from a longer amortization," said Ms. Admiraal. "These are times when a stable market like ours serves us well".

While sales were down slightly in June - 191 sales compared to 230 in June 2011 - on a seasonally adjusted basis, sales overall are steady, and in keeping with provincial trends.

Of the 191 sales, the highest number (33) was in the $300,000 - $349,999 range, followed by 26 sales in the $350,000 - $399,999 range. There were 11 sales over the $500,000 mark.

"It remains a buyer's market," said Ms. Admiraal. "More than ever, it is important to work with your REALTORR to ensure that if you are selling, you listen to his/her advice about pricing your home right for current market conditions and that you present it in the best possible light".

There are currently almost 1,900 listings on the local market, ranging from ultra-affordable condos to higher end homes, where some great deals can be found due to the high inventory.

With continued record low interest rates, competitive pricing and a wide array of choices at all price points, the summer conditions are perfect for those considering buying their first home, a move-up home or an investment property.

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