Low supply continues to fuel high real estate prices in Chilliwack. (Submitted)

Low supply continues to fuel high real estate prices in Chilliwack. (Submitted)

Million dollar sales surge in Chilliwack real estate market

Ninety-eight residential properties sold for more than $1-million in October, 2021

Another month, another set of record breaking numbers in the Chilliwack real estate market.

The Chilliwack and District Real Estate Board (CADREB) released its monthly report Tuesday (Nov. 2), highlighting a surge in the sale of million dollar homes.

Of the 383 residential properties sold in October, 35 went for between $1,000,000 and $1,099,999.

CADREB breaks sales into 30 price ranges — from under $99,999 all the way to over $2-million, and it’s the first time ever that price range has been in top spot.

Ninety-eight homes sold for $1-million or more last month, 14 for more than $1.5-million and four for more than $2-million.

The average price of all residential properties sold in Chilliwack in October cracked $800,000, settling in at $800,393 after hitting $758,355 in September.

RELATED: B.C. Real Estate Association predicts record-setting totals in Chilliwack market

RELATED: Urban-area B.C. mayors want next Parliament to focus on housing

At this point 12 months ago, the average for all residential properties was $616,856.

CADREB president Andrew Verschuur said that as long as supply remains low, prices will remain high. There were 453 active listings on the market at month’s end.

“Inventory levels for listings is at a record low,” he said. “Demand for all types of housing is high and realtors have clients wanting to see more choice. If you are contemplating listing your house, now is the time.”

The average price for a single-family detached home is now $916,289. It was $907,979 in September and $695,116 in October, 2020.

“Upward pressure on mortgage rates to help boost the economy, and even tightened lending restrictions during the pandemic haven’t affected buyers’ thirst for housing,” Verschuur noted. “Demand, particularly for single family houses, is high.”

The average price for a townhouse actually fell slightly down to $612,675. It was $629,350 in September and $496,923 in October, 2020.

The average price for an apartment also tumbled a bit, down to $366,372. It was $394,364 in September and $306,294 in October, 2020.


@ProgressSports
eric.welsh@theprogress.com

Like us on

chilliwackReal estate