Chilliwack – Despite the lowest number of listings in over a decade, home sales in Chilliwack and area easily outpaced last year’s numbers in November.
According to statistics from Chilliwack and District Real Estate Board (CADREB), a total of 284 homes sold last month, compared to 252 sales during the same month last year. At almost $137.7 million in sales, the dollar value represents an increase of almost $30 million.
“While single family home sales increased by 10%, the biggest leader was apartment units, with a 32% increase,” said Greg Nord-Leth, CADREB President. “This is significant, as it typically represents a first-time buyer, which helps greatly in spurring the local economy”.
Despite the Christmas season now upon us, those who have pre-qualified for a mortgage are advised to act quickly, as new mortgage rules will be a challenge to home ownership beginning in January.
“Not only will potential homeowners need to qualify based on today’s mortgage rates and be within a certain percentage of income going to housing, they will need to pass a stress test, based on their ability to withstand a hike in rates,” explained Mr. Nord-Leth.
“This may result in some potential homeowners down-grading their expectations, but no matter at what point a person enters the market, real estate remains one of the soundest investments a person will ever make in his or her lifetime”.
While this measure will affect every Canadian housing market, it will hit hardest in the metropolitan areas, where home prices are much higher than the outlying areas.
Of the 284 sales last month, the highest number of sales (30) were in the $600,000-$649,999 range, followed closely by 29 in the $500,000-$549,999 range. There were six sales over the $1 million dollar mark.
It remains a sellers’ market, as despite 290 new listings coming onto the market in November, at the end of the month there were only 766 active listings on the local market, down from over 900 at the same time last year.
This marks the fourth year of economic growth in BC, noted the CADREB President. The economy is expected to remain strong moving into 2018, so the landscape looks good for the Easter Fraser Valley.
The Board and its 306 licensed REALTORS® wish Chilliwack and area residents a wonderful holiday season.