Saturday, June 8, 2013
Real Estate News
'Premise of Supply & Demand'
reflected in Chilliwack June housing market numbers
Released by Steve Lerigny, CADREB/Photo Jesse
the provincial election now behind us and the return to GST, housing
sales are expected to strengthen over the coming months.
Home sales dipped slightly
last month in Chilliwack and area, as local real estate experts felt
buyers were waiting for the results of the election and the effects
of the return to GST before committing to a home purchase.
A total of 228 sales were completed in May, down from the previous
month and down from 241 sales posted during the same month one year
With the consumer uncertainty, a bit further to the west in other
parts of the Fraser Valley sales took a significant drop last month,
but the market in Chilliwack and area stayed the course, according
to the President of the Chilliwack and District Real Estate Board (CADREB),
"In recent discussions with the BC Real Estate Association, all
indications are that we will continue to see a similar market for
the near future. We are likely to see local sales figures return to
seasonal norms, and we may even see a stronger market as record low
interest rates continue."
Of the total sales, the largest number was in the $300,000 -
$349,999 range, followed by 36 sales in the $350,000 - $399,999
range, and 28 sales in the $400,000 - $449,999 range.
"What this represents is a continued interest in move-up homes and
newer construction,' observed Mr. Hildebrandt. "Buyers are realizing
that with the low interest rates and a strengthening economy that
their dollars will buy a lot more during a flat market".
To maintain a wide selection at various price points and ensure that
prices truly reflect the premise of supply and demand, a strong
inventory is desirable. Active listings stood at 1,832 at the end of
May, compared to 1,901 at the same time last year.
"It bears repeating that if you are contemplating either selling or
buying, it remains a perfect time. There are some great mortgage
rates out there and motivated sellers, so if you are considering a
first home, a dream home or an investment property, the timing is
Potential buyers are reminded to get pre-approved prior to home
shopping, to ensure that the home they fall in love with is
For more information about
the Chilliwack and District Real Estate Board, visit
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