Chilliwack – Although home sales may have slowed with the cold winter weather, Chilliwack and area closed out 2016 with the distinction of being the best performing market in BC for the year!
“It truly was a banner year,” said CADREB President Richard Admiraal. “We are seeing a normalization of the market, and already early in January, REALTOR(s) are reporting increased activity as the holiday season is behind us”.
Posting its strongest year in recent memory, homeowners need to keep in mind that their property assessments may also have gone up. The Chilliwack and District Real Estate Board (CADREB) reminds residents however, that taxes are based on a mil rate and property taxes will not go up the same amount.
Looking back at the past year, the trends indicated a significant number of new residents to Chilliwack, those moving from the less affordable metropolitan areas and millennials who are entering their home-buying years. A continuing strong BC economy is also making buyers and investors looking to real estate as a sound investment.
“We anticipate the next couple of years in local real estate are going to be busy, but not 2016 kind of busy,” added Mr. Admiraal. “There is a good chance that Chilliwack and area can again be the best performing Real Estate market in the province in the coming year”.
The Board predicts that the new BC Home Plan (allowing a 5-year interest-free second mortgage for those who qualify) will not be too significant in terms of driving demand, as potential buyers still need to pre-qualify. It will be helpful however, for parents potentially helping out their adult children.
Chilliwack and area posted 165 sales last month, compared to 231 the month before. The most sold (45) were in the $400,000-$499,999 range. This was followed by 24 sales in the $350,000-$399,999 range, and 21 sales over the half million dollar mark.
Housing inventory is low, at 745 active listings.