Chilliwack Housing Market
Housing Market Overview
The housing market in Chilliwack cooled slightly in May 2021, but with properties still flying off the market, it's the equivalent of moving from white to red hot.
"While the market is strong, people have more time to evaluate their options, and multiple offers are not as common per transaction," said Andrew Verschuur, president of the Chilliwack and District Real Estate Board (CADREB). "Also, when the market settles and adapts, speculators may be holding back slightly."
According to the most recent CADREB statistics, 413 transactions were completed in May 2021, up from 170 in May 2020. The most (31) sold in the $700,000 to $750,000 price range, followed by 30 in the $800,000 to $850,000 price range.
Forty-five properties were sold for more than a million dollars. Fourteen of them fetched more than $1.5 million, and two fetched more than $2 million.
Take a look at the chart that shows the average sold price:
As the Chilliwack real estate market continues to reach new highs month after month, many believe a peak or even a drop in prices and sales is just around the horizon. However, simple economics – demand and supply – dictate that prices continue to rise since nearly everything that enters the market is swiftly picked up.
Chilliwack Housing Market Latest Trends
June 2021 saw 406 sales totaling $283 million in the Chilliwack and District Real Estate Board (CADREB) region, ranking third only behind the real estate boom years in 2016 and 2017.
For June, home sales in CADREB, which encompasses Chilliwack, Cultus Lake, Agassiz, Harrison Hot Springs, Hope, Boston Bar, and the rural regions in between, were 13.7% higher than the five-year average and 20% higher than the 10-year average.
Last month's average selling price of all properties was $697,250, compared to $412,598 five years earlier in June 2016, the hottest June on record.
Last month, the typical single-family home sold for $829,026, a townhouse for $570,931, and an apartment for $342,101. There were 47 sales for more than $1 million, including five for more than $2 million.
As Chilliwack has experienced month after month of strong sales, the continued scarcity of available houses on the market drives up prices.