Saturday September 3, 2011
Real Estate News
Summer Home Sales Hit High
Chilliwack market rebounds in August
Released by Steve Lerigny, CADREB
hen introduced, the HST had little effect on the housing market in Chilliwack and area and it will likely have little effect when it goes.
While not impervious to global influences, the local real estate scene has remained steady and has even enjoyed some increased activity of late.
"We are seeing a rebound over the summer, something that is not typical in markets closer to the metropolitan area," said Mark Andersen, President of the Chilliwack and District Real Estate Board (CADREB).
A total of 193 homes sold in August, compared to 145 in August 2010, and up slightly from the month before. Andersen credits this to increased stability in the marketplace, and interest rates staying lower longer than earlier predicted. He predicts the gradual elimination of the HST will have little effect on the Chilliwack and District real estate market.
"The HST did not play into the sale of resale homes, and due to the average price of new homes being lower than areas further west, the HST had minimal effect on the majority of home sales in our area."
Andersen adds however, that HST is charged on commissions and services associated to the sales transaction, but consumers make home purchase decisions on life circumstances rather that consideration of modest savings in the transaction process. It would however, enter the equation for higher priced new homes.
Of the total homes that sold last month, the highest number (26) were in the $350,000 - $399,999 range, followed by 23 sales in the $250,000 - $274,000 range. There were 17 sales of homes over the $500,000 mark. Just over 1,900
homes are currently listed on the local market.
The Chilliwack and District Real Estate Board and its many members are excited to host its first annual REALTORCareT Community Fair, Saturday September 17 from 11:00 am - 3:00 pm at Watson Glen Park, off Tyson Road beside Twin Rinks.
"The goal is good, old-fashioned fun," said Andersen. "REALTORSR do a lot for their communities, and it's one more way of saying that we care about the families that live here".
The Fair will host face-painting, obstacle courses, bouncy castles, games, a monster truck and more. Refreshments will be available, with all proceeds going to Chilliwack Community Service's Olympic Legacy Housing Project.
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