Low supply continues to fuel high real estate prices in the Chilliwack and District Real Estate Board area. (Submitted)

Low supply continues to fuel high real estate prices in the Chilliwack and District Real Estate Board area. (Submitted)

More supply in January’s real estate market, but Chilliwack prices keep rising

The latest CADREB report shows all-time high values for single-family homes and townhouses

The first month of 2022 followed a familiar script for real estate sales.

Low inventory. High prices.

The first report of the year by the Chilliwack and District Real Estate Board (CADREB) showed 251 residential properties selling in January. That’s actually down from Jan. 2021 when 332 properties sold, but the average value is up considerably.

The 251 sales last month totalled $227,753,690 and averaged out to $907,385 per unit. The 332 sales in January of 2021 totalled $209,988,223 and averaged out to $632,495 per unit.

The average value of single family homes hit another all-time high at $1,098,710 after hitting $1,047,591 in December.

“For the third month in a row, the highest number of sales occurred over the one million dollar mark,” said CADREB president-elect Daryl Moniz. “There were 30 sales between $1.2 and $1.3 million, indicating a strong demand for single family homes.”

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Four properties sold for over $2 million, 13 for over $1.5 million and 96 for over $1 million.

The average value of townhouses soared to $725,138, up 9.62 per cent from the previous high mark of $661,481 set last month.

The average value of condominiums hit $410,959, which is not an all-time high. The record of $444,839 was set in August of 2021.

While the number of homes on the market remains at historically low levels, January did see a significant surge in end-of-month (EOM) listings. There were 371 properties on the market Jan. 31 compared to an all-time low of 264 at the end of December, 2021.

That represents a 40.53 per cent increase, but Moniz cautioned it’s not nearly enough to make a difference.

“While there are more listings coming on, moreso in the Fraser Valley further west of us, we are not expecting to see any significant price adjustments in the near future,” he explained. “The province as a whole needs to see an additional 25,000 listings come on the market to get a market balance.”

Put in historical perspective, the 371 EOM listings in January, 2022 is the third-lowest figure in CADREB stats dating back to 2007. Only November (352) and December (264) of 2021 were lower. There were 475 EOM listings in January 2021, 987 in January 2020 and 1,132 in January 2019.

The Bank of Canada held back on anticipated mortgage interest rate hikes, but slight increases are still expected shortly.

CADREB encompasses an area that spans from Yarrow to Lytton and includes Hope, Harrison Hot Springs, Agassiz, Rosedale, Sardis and Chilliwack.


@ProgressSports
eric.welsh@hopestandard.com

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