There are more residential properties for sale in Chilliwack and area than there were a year ago, but interest rate hikes are keeping them on the market longer, and they're selling for less. (Jonathan Hayward/ The Canadian Press) 

Chilliwack real estate prices dropping as inventory increases

Rising interest rates and inventory have conspired to ice the local real estate market

Year to year real estate sales in Chilliwack continue to be way down compared to 2021.

The Chilliwack and District Real Estate Board (CADREB) released numbers for September showing a total of 151 units sold. That’s a 53 per cent decline from the same point last year, when there were 324 sales.

Sales were 43.4 per cent below the five-year average and 41.9 per cent below the 10-year average for September.

“Home sales came in below typical levels for this time of year as buyers and sellers continue to re-evaluate their stance on pricing in an evolving interest rate environment,” said CADREB president Daryl Moniz.

If interest rates are the main factor, increased supply is a close second. There were 1,247 listings on the market at the end of the month, compared to 394 at the end of September, 2021.

Inventory hit an all-time low of 264 in December, 2021.

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“Some good news on the supply side is that new listings are still holding up very well, which has added a considerable amount of inventory back onto the market since we bottomed out at the end of 2021,” Moniz noted. “Once interest rates stabilize, we’re likely to see more buyers return to the market, at which point they will be facing conditions that are much more hospitable than those from yesteryear.”

Single-family homes stayed on the market an average of 41.4 days in September and sold for an average value of $835,451, dropping 9.07 per cent from August.

Condominiums took an average of 33.3 days to sell for an average of $339,943, a 15.80 per cent decline from August.

Townhouses stuck around for an average of 39.8 days, but their average value went up by 6.44 per cent, from $571,873 in August to $608,691 in September.

The average value of all residential properties was $671,783, lowest it’s been since it hit $632,495 in January of 2021.

In terms of big sellers, Chilliwack did not see a home go for over $2 million in September. There were 17 sales over $1 million and the highest number of sales happened in the $750,000 to $800,000 bracket.

CADREB is an association of 365 realtors serving Chilliwack, Agassiz, Hope, Boston Bar and Harrison.


@ProgressSports
eric.welsh@theprogress.com

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