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

Reports of rashes prompt pool closures at Harrison Hot Springs

Public pool available after all five mineral pools closed until further notice

Chilliwack’s Chief Ernie Crey a firm pipeline supporter

Crey lauds NEB focus on marine safety in his role representing Indigenous oversight committee

Measles case confirmed within Fraser Health region

One case within Fraser Health is related to the outbreak in three Vancouver schools.

Harrison Festival to share the culture behind the music

Festival director Andy Hillhouse will be talking about nationalism in music, starting March 1

Risk of ‘deadly avalanches’ leads to warning for B.C.’s south coast

Weak layer of snow on Vancouver Island, Lower Mainland could trigger an avalanche

VIDEO: Wheelchairs teach Agassiz students acceptance through sport

Teacher Donna Gallamore brought wheelchairs to the Kent Elementary for learning and fun

Twilight Drive-In announces open season start date

Opening weekend will showcase a double feature with Aquaman at 7:15 p.m. and Glass at 9:50 p.m.

Pope’s sex abuse prevention summit explained

It’s A high-stakes meeting designed to impress on Catholic bishops the global problem

B.C. ticket holder winner of $25.9-million Lotto Max jackpot

Next draw set for Mar. 1 with an estimated jackpot of $10 million

VIDEO: Giants earn 40th victory in a 4-0 triumph over Victoria

G-Men move within a point of clinching the B.C. division banner at Friday’s at-home game in Langley

Girl heard saying ‘Help my Dad’ in suspicious radio message on Vancouver Island

Police asking for help following mysterious signals from somewhere between Comox and Sayward

Man sentenced to 7 years for smuggling drugs and shooting at border guards in Sumas

Nathan Hall was arrested in Abbotsford in 2013 after day-long manhunt

No treatment for highly infectious measles, says doctor

10 cases of measles confirmed in Vancouver as of Friday

Two more measles cases confirmed in Vancouver

It brings the number of total cases within the city connected to the outbreak to ten

Most Read