Local real estate sales remain steady while the average selling price is seeing a decline.
The average price of a home sold in the Chilliwack and District Real Estate Board (CADREB) in October 2019 was $506,079, the lowest monthly average selling price so far in 2019.
A total of 243 homes sold last month worth $123 million up from 217 homes sold in October 2018 worth $104 million, which represents an average selling price of $479,985.
Single family homes continue to dominate the market with 126 sold last month, which compares to 64 townhouses, 31 apartments, 14 mobile homes and eight houses with acreage.
The average selling price of a single family home last month was $614, 446 ($620,798 in October 2018), townhouses $353,449, and apartments $268,788.
The average selling price for a townhouse last month at $353,449 is down 13 per cent from $405, 822 year-over-year. The number of townhouses sold at 64 is up from 55 in 2018, perhaps as a result of the federally imposed stress test, which not only tests buyers on current affordability but the ability to withstand a rate hike, sales of townhomes remain strong locally.
“Buying a condo or townhouse is a great way to get your foot in the door in becoming a homeowner,” said CADREB president Kyle Nason in a press release. “There are some great developments going up, and a many well-priced units currently on the market, at various price points.
“You can’t go wrong in the long-term by investing in a home. Chilliwack and area has remained a steady market over the years, and is becoming increasingly attractive to commuters who are choosing to locate in Chilliwack due to more buying power.”
Last month’s overall average selling price is down from $519,013 in September and $515,056 in August, but on par with the $509,521 from July, the lowest year-to-date before last month.
The eight houses with acreage in CADREB — an area that includes Chilliwack, Cultus Lake, Agassiz, Hope, Boston Bar and the rural areas in between — sold for an average price of $925,625. In total, 11 residential properties sold for more than $1 million.
The CADREB area continues to be the most affordable market in the Lower Mainland with an average year-to-date selling price of $522,302. The average for all of 2018 was $516,843.
CADREB Realtors are participating in the 25th annual Realtors Care Blanket Drive, Nov. 18 to 25. Help someone in need by dropping off warm blankets, sleeping bags, coats, sweaters, or new socks and underwear at any local real estate office.
For drop-off locations, please visit BLANKETDRIVE.ca. Anyone who is housebound can call their closest real estate office and someone will pick up donations.