The average price of a home sold in November 2018 was up 11.3 over the same month last year while sales were down 37.7 per cent. (Paul Henderson/ Progress file)

Chilliwack and area home sales continue to slump as prices stay high

Sales down 38 per cent year over year, with prices up 11 per cent

Home sales in Chilliwack continued a multi-month slump in November but that slump is not having an effect on the high prices.

There were just 177 sales in the Chilliwack and District Real Estate Board (CADREB) area last month, down 37.7 per cent over November 2017.

The price of what sold, however, was $539,600 up 11.3 per cent year over year.

• READ MORE: Chilliwack real estate sales and prices remain hot – November 2017

After the huge sales years in 2016 and 2017, things cooled quickly when the new mortgage stress test was put into place, but now CADREB is also blaming extra taxes imposed on foreign buyers and even the slumping oil industry.

“We are seeing very little migration from the west, into our area compared to the last two years,” CADREB president-elect Kyle Nason said in a press release issued Tuesday.

“The stress test imposed by the federal government almost a year ago continues to play the biggest role.”

The 37.7 per cent drop locally is actually lower than in the larger Fraser Valley Real Estate Board to the west, where sales dropped 41 per cent.

• READ MORE: Sales drop 41% in Fraser Valley real estate in November

In Greater Vancouver sales dropped even more, 43 per cent, the lowest number of sales recorded in November in a decade.

Of the 177 sales last month, 98 were single family homes ($612,035 average price), 45 were townhouses ($441,242 average price) and just 19 were townhouses ($231,474).

Eight homes sold over the $1 million mark, including one for more than $2 million.

“While we have seen some moderate adjustments based on supply and demand, prices have settled into a comfortable level,” Nason said. “There are still buyers out there, but sellers need to ensure that their home is listed correctly for market conditions, and be prepared to wait a little longer.”

The sales to active ratio is at 16 per cent, which CADREB says indicates a balanced housing market for Chilliwack and surrounding area.

The Board expects to see a modest increase in sales in early 2019, and is encouraged by the number of local listings on the market. At the end of November, there were 1,272 listings on the market, compared to just 766 homes on the market at the same time last year.


@PeeJayAitch
paul.henderson@theprogress.com

Like us on Facebook and follow us on Twitter.

Just Posted

Two week lock down lifted for Kent Institution

A search at the prison found nearly 26 grams of hashish and a cellphone

Missing woman last seen downtown Chilliwack in late April

Family concerned for Rebecca Lynne Sackley’s well-being

Chilliwack prolific offender arrested after four months on the lam

B.C.-wide warrant issued for David Allen Geoghegan in January

Harrison Hot Springs to partner with Sts’ailes for reconciliation event

The event will be funded by a grant meant to build dialogue between cities and local First Nations

Chilliwack vintage shop swings open doors at new location

Marion’s Dressing Room the newest place to shop on Mill Street

VIDEO: Quadriplegic man takes flight over Harrison Mills

Jim Ryan hasn’t moved his arms or legs for three years, but that didn’t stop him from paragliding

RCMP target speeders between Abbotsford and Surrey in month-long blitz

Officers throughout the province launch Swoop campaign

RCMP probe if teen was intentionally hit with ski pole by mystery skier on B.C. mountain

The incident happened on March 20 on Grouse Mountain. Police are urging witnesses to come forward

Support growing for orphaned Okanagan child after father dies in highway crash

Family thanks emergency crews for assistance in traumatic incident

Baby boom seniors putting pressure on B.C. long-term care: report

B.C. leads Canada in growth of dementia, dependence on care

Pipeline protester chimes in on Justin Trudeau’s B.C. fundraising speech

The government purchased the Trans Mountain pipeline and expansion project for $4.5 billion

UPDATED: B.C. man says he’ll take People’s Party lawsuit as far as he can

Federal judge shut down Satinder Dhillon’s ‘nonsensical’ motion to bar use of PPC name in byelection

Coquitlam RCMP release video in search for witness to crash that killed girl, 13

Witness is described as a slim Asian man with short, black hair, no facial hair and wearing glasses

Most Read