Chilliwack – Chilliwack and area continues to show a robust real estate market, despite heading into a traditionally slower holiday season for home sales.
A total of 275 sales completed in November, up almost 100 sales from the same month last year. In dollar value, the sales totalled just under $140 million, up substantially from $95.5 million in November of 2018.
While sales were strong in all types of housing, the Chilliwack and District Real Estate (CADREB) President Kyle Nason noted a marked increase in two categories of homes.
“November showed a strong increase in sales of condominiums and townhomes. There were 48 sales of condominiums/apartments, compared to only 19 last November. This is a very encouraging sign, as it tells us that more first-time buyers are entering the housing market”.
Mr. Nason added that while the federal “Stress Test” is impacting buyers’ ability to buy homes (as it determines not only the ability to buy a home now but applicants must be able to withstand a future rate hike), buyers are now scaling down expectations while still realizing a home purchase is a good idea.
Of the 275 sales last month, the highest number sold (42) were in the $700,000-$999,999 range, followed by 36 sales in the $600,000- $699,999 range, and also 36 in the $400,000-$499,999 range. There were 7 sales over the $1 million mark.
There are currently 1,191 listings in the Chilliwack, Agassiz, Harrison and Hope areas.
