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BUSINESS – July Home Sales in Chilliwack Affected by Heat, Wildfires

Chilliwack (CADREB) – Prolonged summer heat, forest fire smoke in recreational areas and low inventory has slowed the feverish pace of real estate sales in Chilliwack and area, however the market remains buoyant for a typically slow month.

A total of 306 homes sold in July, according to statistics released by the Chilliwack and District Real Estate Board (CADREB). The 12% decrease from July of 2020 is the first reported drop all year, and there are various factors that contributed, according to Andrew Verschuur, CADREB President.

“With higher Covid vaccination rates and the lifting of provincial and national travel restrictions combined with the sunniest summer in recent history, many families put home shopping on hold and hit the road. Also, the forest fire situation has understandably affected the home buying situation in many areas of the province”.

With the village of Lytton located within the CADREB boundaries, local REALTORS® care deeply about the devastation of that community and others in the province, and in addition to helping with food and clothing drives, are able to assist financially through the CADREB Realtors Care program.

“Our members were given the opportunity to take the money that they would have paid in dues to the real estate board in August and donate it in support of those affected by the wildfires,” said Mr. Verschuur.

“The CADREB donations, with matching funds from both the Federal and Provincial government, should total $111,000 that will go to help our neighbours”.

On the housing scene, don’t expect to find any falling prices later this summer. Declining inventory will keep prices steady at current levels or higher. The July median sales price is $670,000, up over 25% in July 2020.

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