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Chilliwack Real Estate Was Doing Well in March… and Then Came COVID-19

Chilliwack – Home sales in Chilliwack and area were poised for a banner month in March, but don’t expect to see any drastic drops in price when self-isolation is over.

Prior to the new safety regulations associated with the COVID-19 virus, home sale activity was brisk. Last month posted 267 completed sales, with some listings and sales still catching up and coming in slowly at the start of April.

While home viewings are still taking place for those who need to buy or sell, The Chilliwack and District Real Estate Board (CADREB) reminds buyers and sellers that personal health and safety is of utmost priority during these times.

“Buyers and sellers need to let their REALTOR® know if they are sick or have been in contact with someone who is ill if they are to view a home or have their home viewed,” explained Kim Parley, CADREB President.

Mr. Parley noted that real estate agents have been instructed to wear gloves and sanitize any touch points when they leave, such as door handles and light switches. The Board has also strongly recommended that Open Houses not occur at this time. Open Houses have been removed from being posted on realtor.ca to help discourage these.

“While REALTORS® post photos of their listings, many are adding or enhancing virtual tours on their listings during this time of self-isolation,” he added. “It’s a great way to view a property from the safety of your home, learn all the specifications and be poised to view it either now with the safety regulations in place, or at a later date”.

Listings are expected to drop as many sellers whose listing expires will opt to wait until the social distancing rules are changed. However, when the market starts to rebound, pent up demand will mean that prices are not likely to drop much, particularly with such attractive mortgage rates currently being offered.

Of the 267 home sales that occurred mainly in the first half of March, the most sold (29) were in the $450,000 – $499,999 range, followed by 27 sales in the $400,000 – $449,999 range, indicating strong demand in the townhome and condo sector. There were 14 sales over the $1 million mark, including one over $2 million.

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