Worst January for Chilliwack real estate in a decade

Just 98 sales across all housing types, the lowest figure since the global financial collapse

Local real estate sales last month were the lowest since January 2009 right after the global financial crisis devastated the economy in late 2008.

There were just 98 sales of all types of homes in the Chilliwack and District Real Estate Board (CADREB) area in January 2019.

That’s 28.5 per cent lower number of sales than the average number of 137 sales for January over the last 12 years, and just over half the 184 sales in January 2018.

Of the 98 sales last month, 53 were single family homes, 28 townhouses, 11 apartments, four mobile homes and two houses with acreages. Not since January 2009 when just 71 homes were sold were so there so few real estate in the CADREB area, which includes Chilliwack, Cultus Lake, Agassiz to Hope.

Yet despite such a low number of sales, which itself follows on nearly 12 months of slowing sales, prices are not dropping.

The average price of a home sold last month was $532,653. Of that, the single family home average was $604,633, the townhouse average was $427,243, and the apartment average was $271,273.

Real estate numbers Jan
Infogram

That’s up from an average sale price of $477,717 of the 184 homes sold in January 2018, and up from $431,868 in January 2017, $312,359 in 2016, and $299,254 in 2015.

The slow January wasn’t just felt in the local market as the Real Estate Board of Greater Vancouver sales level was down 39.3 per cent year over year.

• READ MORE: Vancouver home sales fall nearly 40% in January as prices pull back

And the Fraser Valley Real Estate Board saw a 35 per cent decrease in sales in January year-over-year.

A slow start to 2019 follows on a 2018 that saw a 25 per cent drop year-over-year due mostly to new tighter federal mortgage restrictions.

According to the B.C. Real Estate Association, about 78,000 home sales were recorded last year, compared to roughly 103,700 the year before.

• READ MORE: B.C. home sales drop 25% in 2018

Listings in CADREB continue to swell with the drop in sales. At the end of last month there were 623 houses on the market, 209 townhouses, 166 apartments, 54 mobile homes and 75 houses with acreage.

At 1,132 listings, that’s up from just 663 a year ago.

• RELATED: Affordable housing in Chilliwack boosted by National Housing Strategy funds


@PeeJayAitch
paul.henderson@theprogress.com

Like us on Facebook and follow us on Twitter.

Just Posted

Sunshine Valley teens burning with promise

Possibly the youngest in B.C., Sunshine Valley trains 15- and 16-year-old firefighters

Figures reveal spike in highway traffic jams between Abbotsford and Langley

Nearly one in 20 westbound vehicles between Abbotsford and Langley clocked at under 60 km/h

Taser takedown in Chilliwack complex after incident gets violent

Male suspect became agitated under questioning and repeatedly punched an officer

Hang gliding video gives stunning view of Harrison and Fraser river confluence

Aerial view shows striking difference between two rivers as they meet

Young Chilliwack singer launches career with French classic

Deanne Ratzlaff performs as featured vocalist in La Vie en Rose in Chilliwack, London and Paris

Rich the Vegan scoots across Canada for the animals

Rich Adams is riding his push scooter across Canada to bring awareness to the dog meat trade in Asia

Canadian high school science courses behind on climate change, says UBC study

Researchers found performance on key areas varies by province and territory

UPDATE: One dead after house fire in rural Maple Ridge

Dewdney Trunk Road closed, traffic being re-routed

Six inducted into BC Hockey Hall of Fame

The 26th ceremony in Penticton welcomed powerful figures both from on and off the ice

Highway 1 closed near Revelstoke

No estimated time for opening

CRA program to help poor file taxes yields noticeable bump in people helped

Extra money allows volunteer-driven clinics to operate year-round

RCMP investigate two shootings in the Lower Mainland

Incidents happened in Surrey, with a victim being treated at Langley Memorial Hospital

Recall: Certain Pacific oysters may pose threat of paralytic shellfish poisoning

Consumers urged to either return affected packages or throw them out

Most Read