For months people have been wondering, ‘What’s it going to take to slow down the Chilliwack real estate market?’
The answer? Catastrophic flooding.
According to the latest statistics from the Chilliwack and District Real Estate Board, 304 homes sold in November. With Vancouver-based buyers cut off from the eastern Fraser Valley market, that number was down substantially from the 375 sold at this point in 2020.
Construction has also been disrupted by flooding. With supply routes disrupted, new construction has slowed, and completion times on new homes have been pushed back. That’s contributing to record-low inventory, which limits the volume of sales but keeps prices high.
“That’s not expected to rise anytime soon, at least until the flooding situation improves,” said CADREB president Andrew Verschuur.
The average price of a single-family (detached) home hit $994,230 in November, after settling in at $916,289 one month ago.
One year ago, the average price was $716,660.
The average price of a townhouse rose to $655,590 in November, up from $612,675 last month.
The average price of an apartment climbed to $366,372, up from $306,294 in October, and the average price of all residential properties reached $800,393.
Of the 304 homes selling in November, 28 were ticketed between $650,000 and $700,000.
Twenty-three went in the $700,000 to $750,000 range and 23 more in the $1 million to $1.1 million range. There were a record-breaking 71 sales for more than $1 million, including three that topped $2 million.
There were 352 active listings on the market at month’s end, compared to 655 at this point in 2020.
CADREB covers a regional area from Yarrow to Lytton, including Chilliwack, Sardis, Rosedale, Agassiz, Harrison Hot Springs and Hope.