The average price of a home sold in November 2018 was up 11.3 over the same month last year while sales were down 37.7 per cent. (Paul Henderson/ Progress file)

Chilliwack and area home sales continue to slump as prices stay high

Sales down 38 per cent year over year, with prices up 11 per cent

Home sales in Chilliwack continued a multi-month slump in November but that slump is not having an effect on the high prices.

There were just 177 sales in the Chilliwack and District Real Estate Board (CADREB) area last month, down 37.7 per cent over November 2017.

The price of what sold, however, was $539,600 up 11.3 per cent year over year.

• READ MORE: Chilliwack real estate sales and prices remain hot – November 2017

After the huge sales years in 2016 and 2017, things cooled quickly when the new mortgage stress test was put into place, but now CADREB is also blaming extra taxes imposed on foreign buyers and even the slumping oil industry.

“We are seeing very little migration from the west, into our area compared to the last two years,” CADREB president-elect Kyle Nason said in a press release issued Tuesday.

“The stress test imposed by the federal government almost a year ago continues to play the biggest role.”

The 37.7 per cent drop locally is actually lower than in the larger Fraser Valley Real Estate Board to the west, where sales dropped 41 per cent.

• READ MORE: Sales drop 41% in Fraser Valley real estate in November

In Greater Vancouver sales dropped even more, 43 per cent, the lowest number of sales recorded in November in a decade.

Of the 177 sales last month, 98 were single family homes ($612,035 average price), 45 were townhouses ($441,242 average price) and just 19 were townhouses ($231,474).

Eight homes sold over the $1 million mark, including one for more than $2 million.

“While we have seen some moderate adjustments based on supply and demand, prices have settled into a comfortable level,” Nason said. “There are still buyers out there, but sellers need to ensure that their home is listed correctly for market conditions, and be prepared to wait a little longer.”

The sales to active ratio is at 16 per cent, which CADREB says indicates a balanced housing market for Chilliwack and surrounding area.

The Board expects to see a modest increase in sales in early 2019, and is encouraged by the number of local listings on the market. At the end of November, there were 1,272 listings on the market, compared to just 766 homes on the market at the same time last year.


@PeeJayAitch
paul.henderson@theprogress.com

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Irish folk supergroup Kíla set to perform on Saturday

Online concert will be available through Harrison Festival Society

Reported Kelowna Hells Angels member dies in Fraser Valley motorcycle crash

Michael “Speedy” Christiansen was found dead on Monday morning near Ruby Creek on Highway 7

Council to take a second look at developer’s plans for gravel pit in Silver Creek

Emil Anderson want their Hockin Road property to be a gravel pit, eventually a subdivision

Fundraiser golf tournament raises $74,000 for Fraser Valley hospitals

Chilliwack General Hospital will benefit from a tourney at held at the Sandpiper Golf Resort

Fatal motorcycle collision behind Highway 7 closure

Man’s body found Monday near Ruby Creek, believed to be involved in collision over weekend

B.C. reports 96 new COVID-19 cases, one hospital outbreak

61 people in hospital as summer ends with election

‘Unprecedented’ coalition demands end to B.C. salmon farms

First Nations, commercial fishermen among group calling for action on Cohen recommendations

Earthquake off coast of Washington recorded at 4.1 magnitude

The quake was recorded at a depth of 10 kilometres

B.C.’s top doctor says she’s received abuse, death threats during COVID-19 response

Henry has become a national figure during her time leading B.C.’s response to the COVID-19 pandemic

BC Liberals must change gears from election cynicism, focus on the issues: UBC professors

COVID-19 response and recovery is likely to dominate platforms

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

B.C. could be without a new leader for multiple weeks after Election Day: officials

More than 20K mail-in voting packages were requested within a day of B.C. election being called

Dozens of Canadian venues to light up red in support of entertainment workers

Local facilities among dozens across Canada to participate in Light Up Live

Vancouver Island sailor stranded in U.S. hospital after suffering massive stroke at sea

Oak Bay man was attempting to circumnavigate the world solo

Most Read