Chilliwack – Strong demand from Millennials (people reaching adulthood around the year 2000), a strong provincial economy and population growth helped maintain strong momentum in the Chilliwack and Area real estate market over the summer.
As witnessed by Chilliwack School District’s student population rising by some 300 students this year, Chilliwack is an attractive location for families to relocate from bigger metropolitan areas to the west, and from other provinces as well.
“Even in the typically slower months of summer, there was strong sales activity locally, which can still be characterized as a seller’s market,” said Chilliwack and District Real Estate (CADREB) President, Richard Admiraal.
With sustained sales and a market driven by supply and demand, this has pushed prices up.
“Prices have never been higher on all types of Chilliwack real estate,” Mr. Admiraal added. “However, at this time, typically only the very best priced and most in demand locations are seeing multiple offers”.
A total of 380 homes sold in August, up from 291 in August last year – a 23.75% increase. The total value of units sold climbed to more than $150.8 million, compared to just under $98 million in August of 2015.
Of the homes that sold last month, the most popular by far were homes in the $400,000-$499,999 range (96 sales), followed by 52 sales in the $350,000-$399,999 range. There were five sales over the $1 million dollar mark. Demand was high in the single family home sector, chalking up 207 sales.
While it remains to be seen if Chilliwack and Area will be impacted by the foreign buyer property transfer tax increase of an additional 15%, Chilliwack REALTORS® agree that while the summer of 2015 seemed busy, the one just winding down is significantly moreso. Above average demand levels from buyers is expected to continue for the rest of the year.