Chilliwack (Chilliwack and District Real Estate Board) – Despite a slight slowdown of 2% in BC’s economy, home sales in Chilliwack and area have jumped dramatically from the same time last year.
Last month, a total of 281 homes sold locally, up from last month and up significantly from the 162 sales in September of 2018. The total dollar value reached almost $147.6 million, compared to just over $84 million in September of last year.
“Seasonally adjusted, that’s a 25% increase,” said Kyle Nason, Chilliwack and District Real Estate Board (CADREB) President. However, don’t look for rising prices anytime soon that supply and demand sometimes creates.
“Home prices remain flat, with competitively prices homes moving the fastest,” he added.
The highest number of home sales (58) were in the $500,000 – $599,999 range, followed by 50 sales in the $400,000 – $499,999 range, and 45 sales priced between $600,000 – $699,999. The number of active listings at the end of the month stood at 1.476 compared to just three fewer in September of 2018.
First-time buyers in Chilliwack and area have a bit of an edge over their counterparts in the more metropolitan areas, with a new incentive offered on homes under the $500,000 mark.
The incentive is intended to help reduce monthly mortgage payments without increasing the amount needed to save for a down payment.
“While any relief for first-time buyers is welcome, some people are reluctant to take part in this program as they don’t want the government to have a share in their home equity,” said Mr. Nason. He encourages prospective buyers to talk to their financial institutions about this, and for them to be sure to pre-qualify for a mortgage before shopping for a home.
