Chilliwack – Patience is definitely a virtue heading into the month of Spring, as home sales locally continue their sluggish pace. While up 37% from the month before, at 154 completed sales, this number is down 40% from February 2018, which saw 260 sales.
“There is no doubt that the federal government’s ‘stress test’ implemented a year ago has stalled the economy,” said Kyle Nason, the Chilliwack and District Real Estate Board’s (CADREB) newly installed President.
The stress test is particularly hard on first-time buyers, as not only do potential buyers need to qualify for a mortgage at existing rates, but they need to prove that they can withstand a potential interest rate hike. For sellers, patience is the key, said Mr. Nason.
Of the 154 sales last month, the highest number sold (16) were in the $450,000-$499,999 range, followed by 15 sales in the $600,000-$649,999 range. There were three sales over the $1 million mark. Total value of sales in February was just under $79 million, compared to over $132 million in February of last year.
Further testament that home sellers are willing to wait – median single-family resale home prices are up slightly at 1.6%, $594,500 compared to $585,000. It’s a great time for pre-approved buyers to shop for a first or move-up home, with 1,191 active listings on the market, compared to only 693 at this time last year.
