Chilliwack real estate prices and sales are dropping as the slump that hit the market earlier in 2022 continues.
There were just 145 sales of all home types in the Chilliwack and District Real Estate Board (CADREB) area in November 2022, down from 304 in November 2021, which itself was down because of the catastrophic flooding mid-month, according to CADREB numbers.
The average price of all homes sold last month was $649,006 down 18 per cent from $794,605 in November 2021. The average price of all homes sold in October 2022 was $710,690.
The selling price of a single family home in the Chilliwack last month was $861,009, down 13.4 per cent from $994,230 year over year.
The average price of a townhouse sold last month was $542,832 compared to $655,590 year over year, and the average apartment sold last month for $337,342 compared to $394,649 in November 2021.
CADREB covers an area from Chilliwack to Cultus Lake, Hope, Agassiz, all the way to Lytton.
Twenty houses sold in November 2022 over the $1 million mark, compared to 30 at that price point in October 2022.
The drop in sales and prices in Chilliwack compares similarly to the west in the Fraser Valley Real Estate Board, which covers Abbotsford.
On Wednesday, the Bank of Canada hiked its key interest rate to 4.25 per cent, the highest it’s been since January 2008, a move that will affect mortgage holders with variable interest rate mortgages. It should also cool the real estate market even further.
– with a file from The Canadian Press.
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