Chilliwack home price increases the highest in B.C.

Chilliwack home price increases the highest in B.C.

Up 16.6 per cent so far in 2017, the biggest jump of any real estate board in the province

Home prices across B.C. are on the rise but nowhere more so than in Chilliwack.

The average price of a home sold so far in 2017 was $462,218 in the Chilliwack and District Real Estate Board (CADREB) area, which includes Chilliwack, Agassiz, Harrison Hot Springs, Hope and the rural areas in between.

RELATED: Highest ever October real estate sales in Chilliwack

That is a 16.6 per cent increase over $396,333 over the same 10 months in 2016, the highest jump out of the 12 real estate boards in the province, according to data released this week by the B.C. Real Estate Association (BCREA).

Next highest was Vancouver Island increase of 12.6 per cent up to $431,568, followed by Victoria up 11.7 per cent to $650,492

Provincewide the data is dominated by the massive Greater Vancouver and Fraser Valley boards, which saw price increases on year-to-date sales of 0.3 per cent to $1,030,830 and 2.3 per cent to $698,232, respectively.

The average price of a home sold in B.C. so far in 2017 $706,881, up 1.4 per cent over the $696,959 in 2016.

Sales provincewide continued to rise last month with a total of 8,677 residential units sold, up 19.3 per cent year over year.

“B.C. home sales trended higher in October, up 23 per cent from January on a seasonally adjusted basis,” BCREA chief economist Cameron Muir said. “A lack of supply in the resale market continues to put upward pressure on home prices in most B.C. regions.”

Here in Chilliwack, October 2017 was the hottest October on record with 353 homes sold, the first time more than 300 were sold in the CADREB area.

All this locally, and provincewide, with listings at an all-time low, hence the price increases.

There were just 862 listings end of last month, down 13.4 per cent from the 995 a year ago, an issue every board in the province is facing.


@PeeJayAitch
paul.henderson@theprogress.com

Like us on Facebook and follow us on Twitter.