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

Newly elected Hope politicians took part in the Local Government Leadership Academy

The three-day event is aimed at helping new mayors and councillors navigate municipal politics

No records were beat, but Hope’s February temperatures aren’t average

Normally around 3C, the sub-zero temperatures made for both good and bad in the Fraser Valley

Opioid overdoses killing three people a month in Chilliwack

35 deaths in 2018 locally compare to 23 in 2017, 13 in 2016 up from about five per year before that

More people in Chiliwack coming in to shelters to get out of the cold

Ruth and Naomi’s went over-capacity this week to accommodate shelter guests coming in from the cold

VIDEO: Historic night in Red Deer as 2019 Canada Winter Games kicks off

Star-studded Opening Ceremony features athletes from across Canada

B.C. couple attacked with acid, slashed with knife in Vietnam

Warning, graphic images: Man has burns on 80 per cent of his body, slashed with knife

Ontario police field complaints over Amber Alert for missing girl, 11, found dead

Some said the Amber Alert issued late Thursday for Riya Rajkumar disrupted their sleep

Man taken to hospital for smoke inhalation, burns after fire at RV park

Firefighters find man suffering from smoke inhalation, burns to face and hands: battalion chief

Northern B.C. First Nation clan says ancient tools found at pipeline work site

Archeologists from the Smithsonian Institute estimate one of the stones found dates back up to 3500 years

Wilson-Raybould resignation stokes anger, frustration within veterans community

Liberals have had three veterans-affairs ministers — Kent Hehr, Seamus O’Regan and Wilson-Raybould

No Center of Gravity festival in Kelowna this summer: organizers

COG organizers said the hope is to return to the Okanagan in 2020

Names keep adding to vaccine petition started by B.C. mom

Maple Ridge mom started campaign to make vaccination a condition of attending school

Most Read