Chilliwack, BC – The New Year is ringing in bright for the local housing scene, as home sales in Chilliwack and area continue to shatter records.
Over the Christmas season when home sales typically slow down, sales in December reached 229, compared to 163 sales for the same month last year. Single family homes are showing the strongest demand.
“We have seen a substantial increase in the sale of single family homes, spurred by a number of factors” said Chilliwack and District Real Estate (CADREB) President, Travis Heppner.
“Buyers are still on the migration from points further west, and with the latest assessments in metropolitan areas driving taxes up, homeowners will look to the Fraser Valley even moreso for housing affordability”.
Of the 229 sales last month, 121 were of single family homes, valued at just over $5.3 million. The apartment market has also shown a unit sales increase with 38 sales, doubling last December’s sales.
The new housing market also looks strong, according to the CADREB President.
“BC’s economy is growing well, due to the province’s diversity and non-dependence on the oil market.
This is prompting a number of new home projects to be resurrected, and out of necessity, the re-vitalization of older family neighbourhoods,” Mr. Heppner added.
Of the almost 230 sales last month, the highest number (41) were in the $400,000 – $499,999 range, followed by 30 sales in the $300,000 – $349,999 range. The total value of houses sold last month reached just over $81.7 million.
Despite strong buyer demand for all types of housing, listings remain low – at the end of December, there were 851 active listings on the market.
With interest rates predicted to remain low in order to encourage growth across the rest of the country, buyer demand locally will continue to be strong. If you are contemplating a move up or taking advantage of the current situation to build your dream home, contact any of the 280 qualified and experienced REALTORS® of CADREB for a free no-obligation assessment of your home’s value.