Fraser Valley (CADREB) – With changes to the mortgage “stress test” just around the corner in early April, Chilliwack and area is well positioned to handle the increased number of potential home buyers.
Following months of low inventory, local home listings are getting back on track according to statistics compiled by the Chilliwack and District Real Estate Board (CADREB).
“Both sales and inventory continued to rise last month, and we are seeing indicators that this trend will continue,” said CADREB President, Kim Parley.
At the end of February, a total of 1,521 listings were on the local market, up significantly from recent months and representing a much broader selection of all types of homes. Combined with the pending change in the mortgage qualifier, it could spell a busy Spring.
“The federal government and the federal banking regulator are planning to make adjustments to the mortgage stress test in time for the typically busy Spring home-buying season. By changing the current benchmark used to qualify, it will make it a bit easier for a number of potential home buyers to obtain a mortgage”.
A total of 190 homes sold in Chilliwack and area in the short month of February, compared to 166 sales the month before. Of the total sales, the highest number (21) were in the $650,000-$699,999 range, followed by 19 in the $400,00-$449,999 range and also 19 priced between $450,000-$499,999. There were 8 home sales over the $1 million mark.
“While condo sales are lagging a bit, sales were strong in the townhome sector, as there are many affordable opportunities in this type of housing. In fact, we even saw instances of multiple offers last month,” added Mr. Parley.
Chilliwack and its surrounding areas continues to maintain stable prices, despite minor fluctuations in the BC economy, and global issues such as the Covid19 virus and the ensuing stock market turmoil.
