Real estate prices in Chilliwack remain steady at an average selling price of around $530,000, though sales are lagging. (Black Press file)

Chilliwack real estate selling prices unchanged year over year

Sales lagging over 2018 but $530K average selling price steady in the face of tough mortgage rules

It’s more of the same for the Chilliwack real estate market as prices remain steady while sales slump.

There were 273 home sales in the Chilliwack and District Real Estate Board (CADREB) area — Chilliwack, Cultus Lake, Agassiz, Hope and areas in between — in May 2019, which is down slightly from the 280 sales in April and down from the 324 sales in May 2018.

So far in 2019, each month of sales in the CADREB area has seen similar numbers: Lower than 2018, way lower than the boom years of 2017 and 2016, but somewhere close to the 10-year average.

Prices continue to be rock steady with the average selling price of $534,364 close to the $538,999 for the same month last year.

The average selling price for April 2019 was $534,684, again close to $533,020 from a year before.

• READ MORE: Chilliwack real estate sales steady, prices continue to rise

The federal mortgage stress test continues to be blamed for keeping new prospective buyers out of the market, which is cooling the sales numbers.

For those in the market, there is lots for sale with 1,641 listings at the end of May up 28.5 per cent from the 1,277 listings year over year.

The local real estate story echoes what is happening in the much larger Fraser Valley Real Estate Board and the Real Estate Board of Greater Vancouver. What is somewhat different is that prices are finally dropping in those markets while the average home selling price in Chilliwack has remained the same for close to a year and a half.

Breaking down the 273 sales, the average selling price of the 150 single family homes in May 2019 was $628,518.

The average price of a townhouse sold last month was $434,879, and apartments sold for an average of $291,168.

More and more high-end homes are being sold as well. There were 15 homes sold over $900,000, 10 over $1 million, and one over $2 million.

• READ MORE: Condo developers offer free wine, avocado toast to woo buyers in slowing B.C. market

• READ MORE: CMHC reports pace of Canadian housing starts slowed in May, below estimate


@PeeJayAitch
paul.henderson@theprogress.com

Like us on Facebook and follow us on Twitter.

Just Posted

UPDATE: ‘Spontaneous combustion’ likely cause of fire at mushroom composting facility on Lougheed Highway

First responders were at the blaze near the Skawahlook First Nation Tuesday

Approval for AirBnB-style rentals in Kent delayed after public hearing

Staff will be taking the bylaw amendments back for a closer look before final adoption

Kent Harrison Emergency Support team honoured for work during 2017 wildfire season

The volunteer group was activated for 254 days in a row to help evacuees

Trial dates set for three men accused of 2017 killing near Hope

Lawyers for the accused appeared in Kelowna at B.C. Supreme Court on Monday

Wildfire threatens weekend campers at Chehalis Lake

The fire started on the north side of Chehalis Lake Saturday

VIDEO: Reading splashes into Agassiz’s Ferny Coombe Pool

The Agassiz Library held its annual Reading in the Pool event Friday, June 14

Fate of accused in Canadian couple’s 1987 killings in jury’s hands

William Talbott’s lawyer says DNA doesn’t prove murder

Child killed after being hit in driveway on Vancouver Island

The driver of the vehicle remained at the crash scene and is fully cooperating

Eating sandwiches, putting on makeup behind the wheel could land you a fine

RCMP say if you cause an accident while eating you could be penalized

Cat badly hurt in animal trap was likely stuck for days, B.C. owner says

Blu, a three-year-old house cat, suffered severe damage to his hind leg after being stuck in trap for days

40 cats surrendered in apparent hoarding at B.C. home

Officers found the cats living among piles of garbage and feces, suffering from fleas

Vancouver Aquarium drops cetacean ban lawsuit in new lease agreement

Ocean Wise CEO Lasse Gustavsson called the updated lease an exciting new chapter for the aquarium

Plane veers off runway, into ditch at Langley Airport

Fire, ambulance, and police are on scene

Okanagan RCMP bike patrol rolls up on alleged stolen vehicle from Burnaby

The driver, a 30-year-old Kelowna man, has been held in custody and is facing possible charges of possession of stolen property and obstructing a police officer

Most Read