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

Michael Nenn running with NDP in Mission-Matsqui-Fraser Canyon

The Mission resident will be seeking a seat in parliament in the federal election this October

Missing man last seen in Chilliwack Sept. 7

Friends concerned for well-being of 44-year-old Jean Pierre Baril

Chilliwack school board to vote on whether to paint rainbow crosswalk at district office

Scheduled vote at Sept. 17 meeting comes two weeks after city hall said ‘no’ to the idea

Agassiz pawn shop ordered to pay thousands due to ‘criminal interest rate’

Pioneer Trading Post charged 25% interest a month, similar to other pawn shops in the region

VIDEO: Harrison’s Bands on the Beach a long weekend hit

The annual two-day outdoor concert took place at the waterfront over the long weekend

Vancouver’s Tristan Connelly shocks the UFC world

Late replacement upsets big favourite Pereira, main event sees Gaethje stop Cerrone in round one

UVic president offers condolences after two students killed in bus crash

‘We also grieve with those closest to these members of our campus community,’ Cassels says

Coming Home: B.C. fire chief and disaster dog return from hurricane-ravaged Bahamas

The pair spent roughly one week on Great Abaco Island assisting in relief efforts

Newcomer Ferland lines up with sniper Pettersson as Vancouver Canucks camp opens

Ferland provides more depth and a scoring threat up front, Pettersson says

Intelligence official charged seemed to be ‘exemplar of discretion’: UBC professor

Professor Paul Evans says he served on Cameron Ortis’s doctoral dissertation committee

B.C. company gets licence to test psychedelic drugs for therapy treatment

Salvation Botanicals interested in manufacturing, testing and research and development

B.C. police watchdog to investigate man’s head injury during RCMP arrest

Suspect fled on a bicycle and fell off when an officer attempted to stop him

‘A real shame’: B.C. MLA says factors behind Tolko mill closing should have been caught

Kelowna-Mission MLA Steve Thomson said the industry is in bad shape across the province

Most Read