Real estate sales in Chilliwack in 2018 were down 29 per cent below 2017 numbers. (Greg Laychak/Black Press file)

Real estate sales in Chilliwack in 2018 were down 29 per cent below 2017 numbers. (Greg Laychak/Black Press file)

Chilliwack and district real estate sales down 29 per cent in 2018

Year of the ‘stress test’ led to 1,000 fewer sales in CADREB area

Real estate sales in the Chilliwack and District Real Estate Board (CADREB) area were down 29 per cent in 2018 compared to 2017.

With 2,829 residential sales in the region – which includes Chilliwack, Cultus Lake, Harrison Hot Springs, Agassiz, Hope and the rural areas in between – that’s down more than 1,000 from the 3,983 sales in 2017.

As local Realtors move into the new year, they say 2018 will be remembered as the year of the “stress test.”

• READ MORE: New mortgage rules could cool Chilliwack and district real estate for 2018

After the first and second biggest years ever for local real estate, 2016 and 2017 respectively, it was last January 2018 that tougher mortgage qualification rules came into effect aimed at cooling the large and overheated markets in Vancouver and Toronto.

Those rules, introduced by the federal banking regulator, were intended to ensure those qualifying for a mortgage could still afford that mortgage if interest rates increased.

“Hardest hit were first-time buyers, who found themselves qualifying to borrow approximately 20 per cent less that was available to them before,” according to a CADREB press release. “It also had a significant effect on ‘move-up’ buyers, and the impact was particularly felt in the typically slower months of housing sales in Chilliwack and area.”

December 2018 was the slowest month of the year with just 118 sales compared to 204 in December 2017.

And while sales are down, prices remain steady. While the average price of a home sold in December was just $485,349, the average sale price of all homes for 2018 was $516,843.

Assessed values of Chilliwack residential properties are also up, 13 per cent across the city. That’s 10 per cent for single family homes and 23 per cent for stratas.

• READ MORE: Average Chilliwack house assessments up 10 per cent

“We experienced a noticeable lull in December,” said CADREB president Lori Maier. “Last month saw a 42 per cent decrease in sales, compared to a record December of last year when people were getting into homes before the new regulations came into effect.”

While the stress test for mortgages will remain in effect, Maier said CADREB believes indicators point to a balanced market in the coming months.

“All of the economic markets, not just real estate, are feeling economic changes,” she said. “Overall, the pressure on mortgage rates has had less effect due to decreased markets, and with little change locally in median house prices, all indicators point to a solid balanced market in early spring.”

CADREB year-over-year sales comparison












































Like us on Facebook and follow us on Twitter.

Just Posted

Dozens of demonstrators gathered in March at the Hope Station House, showing support for preserving the 1916 building. (Photo/Christian Ward)
New reports breathe life into efforts to save the Hope Station House

The documents were presented to District of Hope Council at a meeting June 14

Vancouver courthouse. (Photo: Tom Zytaruk)
Man loses bid to appeal conviction for 1999 rape at Abbotsford music festival

James Redden, 53, formerly of Nanaimo, was found guilty in 2019 following six-day trial

Fraser Health monitors long-term care vaccination rates amid local COVID-19 outbreak

COVID-19 transmission has largely been on the decline in Agassiz-Harrison

Chilliwack’s Jordyn Huitema, a member of the Canadian national women’s soccer squad.
Another scoreless draw for Chilliwack’s Jordyn Huitema and Canadian national women’s soccer squad

Canada played Brazil to a 0-0 tie days after doing the same in a friendly against the Czech Republic

FVRD surveyed public opinion on cannabis production and processing in the electoral areas. Odour and distance from residential areas were the top concerns. (Black Press file)
Cannabis production and processing rules being drafted by Fraser Valley Regional District

Data from public opinion survey will be used to guide cannabis-related land use

People watch a car burn during a riot following game 7 of the NHL Stanley Cup final in downtown Vancouver, B.C., in this June 15, 2011 photo. THE CANADIAN PRESS/Geoff Howe
10 years ago: Where were you during the 2011 Vancouver Stanley Cup Riots?

Smashed-in storefronts, looting, garbage can fires and overturned cars some of the damage remembered today

Tulips bloom in front of the Supreme Court of Canada in Ottawa, Thursday, May 10, 2018. Day two of a full week of scheduled hearings will be heard in Federal Court today on a case involving Indigenous children unnecessarily taken into foster care by what all parties call Canada’s “broken child welfare system.” THE CANADIAN PRESS/Sean Kilpatrick
AFN slams Ottawa for ‘heartless’ legal challenge of First Nations child compensation

2019 decision awarded $40,000 to each Indigenous child removed before 2006

A 34-year-old man was arrested Monday after Transit Police found him riding a SkyTrain with a shotgun in the front of his sweatpants. (Transit Police)
SkyTrain passenger arrested, charged for concealing shotgun in his sweatpants

Codty-James Gray, 34, was found with ammunition, brass knuckles and knives

Ivy was thrown out of a moving vehicle in Kelowna. Her tail was severely injured and will be amputated. (BC SPCA)
Kitten thrown from moving vehicle, needs help: Kelowna SPCA

The seven-month-old kitten had severe tail and femur injuries

A health-care worker holds up a sign signalling she needs more COVID-19 vaccines at the ‘hockey hub’ mass vaccination facility at the CAA Centre during the COVID-19 pandemic in Brampton, Ont., on Friday, June 4, 2021. This NHL-sized hockey rink is one of CanadaÕs largest vaccination centres. THE CANADIAN PRESS/Nathan Denette
‘Vaxxed to the max’: Feds launch Ask an Expert campaign to encourage COVID shots

Survey shows that confidence in vaccines has risen this spring

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Port Alberni court house (Alberni Valley News)
Inquest set into 2016 death of B.C. teen after a day spent in police custody

18-year-old Jocelyn George died of heart failure in hospital after spending time in jail cell

Children’s shoes and flowers are shown after being placed outside the Ontario legislature in Toronto on Monday, May 31, 2021. THE CANADIAN PRESS/Frank Gunn
Ontario commits $10 million to investigate burial sites at residential schools

Truth and Reconciliation Commission identified 12 locations of unmarked burial sites in Ontario

Most Read