Lagging sales of apartments in February 2020 compares to increases in townhomes and single family homes in the Chilliwack and District Real Estate Board area. (

Lagging sales of apartments in February 2020 compares to increases in townhomes and single family homes in the Chilliwack and District Real Estate Board area. (

Real estate market conditions point to a strong spring in Chilliwack and area

Boost in listings coupled with an easier mortgage ‘stress test’ could make for busy season

Factors in the Chilliwack and district real estate market are coming together to make for a positive spring, according to local Realtors.

Between changes to the mortgage stress test announced in February and coming in April, along with listings hitting a height not seen since last summer, the Chilliwack and District Real Estate Board (CADREB) area is poised to handle increased demand.

“Both sales and inventory continued to rise last month, and we are seeing indicators that this trend will continue,” CADREB president Kim Parley said in a press release.

Following months of low inventory, there were 1,521 listings at the end of February 2020, up from 987 at the end of January, and 1,191 a year ago. There were just 696 listings at the end of December 2019.

In February, federal Finance Minister Bill Morneau announced changes to the benchmark rate use to determine the minimum qualifying rate for insured mortgages. Essentially, the new rules increase purchasing power for homebuyers, if not at the level before the stress test was first implemented.

• READ MORE: Ottawa to change stress test rate for insured mortgages next month

The changes are scheduled to come into effect April 6.

“The federal government and the federal banking regulator are planning to make adjustments to the mortgage stress test in time for the typically busy spring home-buying season,” Parley said. “By changing the current benchmark used to qualify, it will make it a bit easier for a number of potential home buyers to obtain a mortgage.”

There were a total of 190 homes sold in the CADREB area – which includes Chilliwack, Agassiz, Harrison Hot Springs, Hope, Boston Bar, Cultus Lake and the regional district areas in between – last month for an average price of $540,925.

That compares to 154 homes sold in February 2019 for an average price of $517,109.

The average single-family home sold for $623,874 last month, about the same as a year ago.

Townhouses sold for an average price of $437,861 up from $408,097 year over year, and the 23 apartments sold last month for an average price of $258,191, on par from a year ago.

Eight homes, including four houses with acreages, sold over the $1 million mark.

“While condo sales are lagging a bit, sales were strong in the townhome sector, as there are many affordable opportunities in this type of housing,” Parley said. “In fact, we even saw instances of multiple offers last month.”

• READ MORE: Chilliwack home sales continue sluggish pace in February 2019

• READ MORE: Year ends with solid real estate sales in Chilliwack region

Do you have something to add to this story, or something else we should report on? Email:

Like us on Facebook and follow us on Twitter.

Real estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Katie Smith and Richard Coombs are teh couple behind Agassiz Delivered, a new delivery company that has taken off during the COVID-19 pandemic. (Agassiz Delivered/Facebook)
Local couple keeps Agassiz delivered

What started out as takeout delivery has turned into a pandemic business boom

A health-care worker prepares a dose of the Pfizer-BioNTech COVID-19 vaccine. THE CANADIAN PRESS/Nathan Denette
Agassiz long term care homes receive first COVID-19 shot

Fraser Health says all 151 care homes in the region will have had vaccination clinics by Jan. 15

Two people were in a vehicle that rolled over on Highway No. 1 near Lickman Road. They are now out of the vehicle. (Jenna Hauck/ Chilliwack Progress)
Vehicle rolls over on Highway 1 near Lickman Road in Chilliwack

Two people in SUV at time of collision in westbound lanes

Both eastbound lanes are completely west of exit 135 on Highway 1. (Google maps)
UPDATE: Traffic now getting through following car collision on Highway 1 in Chilliwack

Incident happened shortly just west of exit 135 for Agassiz/Harrison Hot Springs

The route of the pink parade. The Record has blackened out the name of the teen. Facebook photo.
Pink-vehicle parade to be held Sunday in support of transgender teen assaulted in Mission

Teen and family to watch parade drive single file along waterfront at 3 p.m., Jan. 17

The slide on the east side of Harrison Lake came down on Wednesday (Jan. 13. 2021) but has not impacted the forest service road. (Screenshot/Tery Kozma video)
VIDEO: Harrison Lake rock slide caught on camera

The slide is not impacting the eastern forest service roads

Harvest Meats is recalling a brand of Polish sausages, shown in a handout photo, due to undercooking that may make them unsafe to eat. The Canadian Food Inspection Agency says the recall affects customers in Alberta, British Columbia, Manitoba, Northwest Territories, Ontario and Saskatchewan. THE CANADIAN PRESS/HO-Canadian Food Inspection Agency Mandatory Credit
Harvest Meats recalls sausages over undercooking

Customers are advised to throw away or return the product

Seasonal influenza vaccine is administered starting each fall in B.C. and around the world. (Langley Advance Times)
After 30,000 tests, influenza nowhere to be found in B.C.

COVID-19 precautions have eliminated seasonal infection

The Delta Hospice Society operates the Harold & Veronica Savage Centre for Supportive Care (pictured) and the Irene Thomas Hospice in Ladner. (The Canadian Press photo)
Fraser Health to evict Delta Hospice Society, open new hospice beds next door

Health authority will serve DHS 30 days’ notice when service agreement expires Feb. 25

Martin Luther King Jr. addresses the crowd during the march on Washington, D.C., in August of 1963. Courtesy photo
Government announces creation of B.C.’s first anti-racism act on Black Shirt Day

B.C. Ministers say education “a powerful tool” in the fight for equity and equality

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

Jobs Minister Ravi Kahlon shared a handwritten note his son received on Jan. 13, 2021. (Ravi Kahlon/Twitter)
Proud dad moment: B.C. minister’s son, 10, receives handwritten note for act of kindness

North Delta MLA took to Twitter to share a letter his son received from a new kid at school

Black Press media file
Port McNeill driver tells police he thought the pandemic meant no breathalyzers

Suspect facing criminal charges after breathalyzer readings in excess of 3.5 times the legal limit

Most Read