The price of a home sold in Chilliwack over the first 11 months of 2017 increased more than in any of the 12 real estate boards in B.C. (Paul Henderson/ The Progress)

Year-end home sales heat up before new mortgage rules in 2018

Chilliwack sees largest home sale price jump in B.C. over first 11 months of 2017

As 2017 draws to a close, home sales are on a tear as buyers sneak in purchases before mortgage rule changes coming Jan. 1.

Locally, November unit sales were up 12.7 per cent year-over-year, and 27.3 per cent by dollar volume in the Chilliwack and District Real Estate Board (CADREB) region.

That latter number points to the steep rise in prices up 12.9 per cent to $484,753 last month.

• RELATED: Highest ever October real estate sales in Chilliwack

• RELATED: Chilliwack real estate sales and prices remain hot

The B.C. Real Estate Association (BCREA) attributes the sales volume increases across the province to the strong economy, and increased demand in the waning weeks of 2017 thanks to new mortgage rules for 2018.

• READ MORE: High Chilliwack home prices, sales forecast to moderate

“November was the third consecutive month that B.C. home sales were above 9,000 units, on a seasonally adjusted basis,” said BCREA chief economist Cameron Muir.

“Elevated consumer demand is being supported by strong employment growth, rising wages and favourable demographics.”

In B.C., employment increased 3.8 per cent in the last year, and the average hourly wage climbed 5.7 per cent to $26.82, the BCREA says.

Against that backdrop, a large cohort of millennials are trying to get into the housing market before the new rules in 2018.

In Chilliwack, the 12.9 per cent price increase from November 2016 to November 2017 parallels the provincewide jump of 15.5 per cent.

But that’s just November.

BCREA numbers show the average price of a residential property sold in the CADREB region (Chilliwack, Kent, Harrison Hot Springs, Hope, Boston Bar) in the first 11 months of this year increased 16.5 per cent over the same period in 2016.

That’s the highest price jump of the 12 real estate boards, and compares to three per cent in the Fraser Valley, one per cent in Greater Vancouver, and 2.2 per cent B.C.-wide.

• RELATED: Chilliwack among top 10 B.C. cities to buy real estate


@PeeJayAitch
paul.henderson@theprogress.com

Like us on Facebook and follow us on Twitter.

Just Posted

Enrolment, EA increases make for no surprises in updated school district budget

The budget reflects changes that were made after recieving provincial funds in December

Agassiz Community Gardens hoping to find new home at old McCaffrey school

The society has been looking for a new location since its previous gardens were sold in October

Kent looking to replace Ferny Coombe pool with indoor facility

The facility being built is dependent on grant funding from the province and federal government

Escape room brings ‘out of the box’ activity to Agassiz

AESS alumni and teacher developed the concept to bring teamwork-based entertainment to the town

Prices still rising, Chilliwack real estate back in balanced territory

Local market is steadier compared to points west with higher increase in average sale price

Fashion Fridays: Inspirational gym outfits

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

BC Hydro scammers bilked customers out of nearly $45,000 in 2018

Nearly 2,000 people reported scams to the utility, as they continue to be more common

Olympian snowboarder Max Parrot diagnosed with Hodgkin’s lymphoma

Each year in Canada, approximately 900 people are diagnosed with Hodgkin’s lymphoma

‘Prince of Pot’ Marc Emery accused of sexual assault, harassment

Emery denied the allegations, but a Toronto woman says she is not the only one speaking out

Vancouver Island photographer makes National Geographic’s 2018 elite

Rare double honour for Marston from the 36 best Your Shots out of nearly 19,000 photos

Ex-Liberal candidate in Burnaby, B.C., says volunteer wrote controversial post

Karen Wang dropped out following online post singling out NDP Leader Jagmeet Singh’s ethnicity

Asteroids are smacking Earth twice as often as before

The team counted 29 craters that were no older than 290 million years

Canada’s arrest of Huawei exec an act of ‘backstabbing,’ Chinese ambassador says

China has called Canada’s arrest of Huawei chief financial officer Meng Wanzhou ‘politically motivated’

Manure company causing ‘toxic’ stink at Abbotsford school seeks permit

Property across from King Traditional Elementary cannot operate manure facility without permit

Most Read