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CADREB – HOME PRICES STABILIZE AT HIGHER VALUATION

Spring may not yet be right around the corner, but the housing sales frenzy seen last spring will not likely materialize again.  What has remained is a stabilized market, with the new reality that Chilliwack and area home prices have settled into a much higher valuation than a year ago.

At 182 sales last month, January slightly outperformed January of 2016, however the $23 million higher valuation of the sales speaks to the significant increase in value of local Real Estate property in the last year.

That points to an excellent time to list, said the President of the Chilliwack and District Real Estate Board (CADREB), Richard Admiraal.

“There are buyers on the sidelines looking to buy in the current market, which is still very much favouring sellers. It’s a great time to list and take advantage of higher valuations and limited inventory; however, we are seeing some gains in Inventory giving more choices to Buyers and there are a number of new projects underway that will rise to meet buyer demand“.

He added that the detached single family home market has slowed over the past few months in Metro Vancouver and Surrey, but Chilliwack is very much so on the map and considered affordable and a smart destination for people moving from these areas.  The economy in the Province is still the best in the country.  There is job growth and population growth and immigration to areas like Chilliwack from other Provinces like Alberta and with continued low interest rates, buyer demand is expected to continue.

Of the 182 sales last month, the highest number (39) sold in the $400.000-$499,999 range, followed by 29 sales in the $350,000-$399,999 range. There were 17 sales over the $700,000 level, including three over $1 million. Townhomes and condos showed particular strength, at 47 and 33 sales respectively.

The outgoing President noted that the BC government’s recent change to the Property Tax for Foreign Buyers will likely have a net positive effect on the market, and the local Board is looking forward to a stable market ahead.

“It has been a pleasure and an exciting and welcome challenge to be of service to the Real Estate Community in Chilliwack and surrounding areas over the past year, during one of the best performing times in Chilliwack’s history” said Mr. Admiraal.

“I am pleased to be passing on the responsibility to our newly-elected CADREB President, Greg Nord-Leth at the upcoming AGM this month”.

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For more information contact CADREB President Richard Admiraal 604-795-2955

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