Chilliwack – The winter residential real estate lull didn’t last long, as home sales in Chilliwack and area bounced back in February to far outpace last year’s number. At 260 home sales and 31 sales of farms, vacant land and commercial properties, the dollar value outpaced last February’s total by $52 million.
Newly elected Chilliwack and District Real Estate Board (CADREB) President Lori Maier (formerly known locally as Lori Dueckman, or mostly Lori@Remax), is looking forward to her year ahead as President, and was happy to see the “wow” sales numbers in both residential and commercial sectors.
Mrs. Maier moved to Chilliwack in 1991, where both of her daughters attended school and now so do her three grandchildren. Prior to obtaining her REALTOR®s license in 1994, Mrs. Maier worked at an ad agency, then later as a legal secretary in Vancouver. Both provided a solid foundation for better understanding the world of real estate.
Of the 260 sales last month, the highest number of sales (28) were in the $450,000-$499,999 range, followed by 23 sales in the $600,000-$649,999 range. There were four sales over the $1 million mark, including two properties over $2 million.
One thing that has remained constant over recent months is low inventory. At the end of February, there were 693 active listings, down from 787 listings at the same time last year, which was also comparatively low.
“It will be interesting this time next year to see if we will continue with heated prices and low inventory, given rising interest rates and new government regulations with respect to the speculation tax, property transfer tax, and foreign buyers tax,” noted Mrs. Maier.
One thing that there is no shortage of is potential buyers. Despite tightened qualification regulations, buyers from the metropolitan areas continue to look further afield to the more affordable housing in the area, as do commercial developers.
“Millennials are now entering the home buyer age range, which will continue to put demand on product,” added the CADREB President.
If you are thinking of buying or selling, find and hire an experienced and professional CADREB Realtor at www.WeLiveHereToo.ca. Their local experience will guide you successfully through the process, and really, that’s because we live here too!
