Chilliwack – May’s warmer weather brought out buyers, as home sales in Chilliwack and area rebounded almost to last year’s level during this time. However, across the country, supply is not meeting demand.
Home sales in Chilliwack and surrounding area reached 511 in May, up noticeably from the month before, and down just slightly from May of 2016, according to Statistics from the Chilliwack and District Real Estate Board (CADREB).
“The buyers are out there,” said CADREB President Greg Nord-Leth “however, as real estate is fuelled by supply and demand, a low inventory is nudging prices up, and in many cases, sellers are receiving higher than asking price”.
Sales last month were strong in all types of housing, with townhomes and apartments the sales leaders. Continued low interest rates remain attractive to particularly first-time buyers, but low inventory and quick sales is making it frustrating for some buyers who want to locate in specific areas.
“This is not unique to our area,” said Mr. Nord-Leth. “A lack of housing inventory is being felt throughout the country. In BC, we also have a rather unique political climate at this time, and we are waiting to see what will happen at the provincial government level to gauge any effects on the market”.
While the real estate market will likely head into its typical summer slowdown, the weakening Canadian dollar against its U.S. counterpart may benefit home sales as residents tend to forgo vacations south in favour of putting their money into homes.
The CADREB notes that even without last Spring’s boom in sales, seasonally adjusted rates are higher and it anticipates 2017 will close out as strong as the year before.
Of the 511 sales last month, the highest number (68) were in the $400,000-$449,999 range, followed by 53 sales in the $350,000-$399,999 range, both indicating strong interest in apartments/condos and townhomes. There were 13 sales of properties over the $1 million mark, including 2 over $1.5 million.
“There are buyers looking for homes in various price points, and we would love to see their options expand,” added Mr. Nord-Leth.