Chilliwack (Steve Lerigny CADREB) – With demand far outstripping supply, don’t expect housing prices in the Eastern Fraser Valley to come down anytime soon.
It’s a sellers’ market locally, as housing inventory remains at all time low. A total of 667 listings were active at the end of September, less than half of what is typical.
“Home prices are driven by supply and demand,” said Chilliwack and District Real Estate Board (CADREB) President-Elect, Daryl Moniz. “Sitting in on the latest statistics call, it’s clear that this is a situation not unique to our area, but is being experienced right across the country”.
A total of 324 homes sold last month in Chilliwack and area, down from 421 during the same period last year. The highest numbers (26) sold in the $700,000 – $749,999 range and the $750,000 – $799,999 ranges. There were 54 sales of homes over the $1 million mark, including three over $2 million. While single family houses were the strongest, there was a surge in sales (54) of apartments/condominiums, perhaps reflecting first time buyers or empty nesters.
Mr. Moniz added that the prolonged pandemic may be adding to the uncertainty of home owners to list at this time, plus the recent federal election did little to stimulate the housing situation.
“The election platforms did little to address the need for additional housing to come on the market, and supply is not keeping up with demand”.
New construction is active as housing starts are starting to increase, but completion dates are expected to be longer due to product supply chain issues and labour shortages.
