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BUSINESS OPINION – CADREB – Chilliwack Real Estate Going Into 2022- Demand Continues To Outweigh Supply

Chilliwack (CADREB) – As a new year was ushered in. little has changed on the local real estate scene – the theme remains scarce inventory and high demand for existing listings.

“Continued demand outweighs supply by a long shot,” said the Chilliwack and District Real Estate Board (CADREB) President Andrew Verschuur. “At the end of last month, there were only 264 active listings on the Chilliwack and area market, that’s down 49 percent from last year”.

With prices driven by supply and demand, home prices continue to nudge upwards. With many single family homes benchmark prices now rising above the $1 million mark, in most areas single family dwellings have increased a further 5 to 6.8% over the last month.

As the pandemic drags on and working from home becoming a permanent option for many, demand from buyers in the metro area remains strong.

“Even though prices are up considerably, houses in our area are still attractive to these buyers, as it’s often the only hope for them acquiring a yard for their children and pets, and the bonus of a more relaxed lifestyle” Mr. Verschuur noted.

There were 236 sales in December, down about 40 from the same month last year, but largely due to lack of inventory. The dollar value however was $197.7 million, up over $33 million from the December 2020 total.

Of the 236 home sales, the highest number (22) were in the unprecedented $1.1 million – $1,199,999 range, followed by 19 sales in the $1.2 million – $1,299,999 range. Strongest sales by far were single family homes, and there were 7 sales of homes with acreage.

Inventory supply shortages will continue to keep prices going in an upward pattern, but those hoping to downsize, cash out and head for smaller communities are finding their dollars don’t go as far as they used to.

“We are seeing strong demand in the Agassiz and Harrison areas lately,” added the CADREB President. “Again, with people working from home, a smaller community lifestyle, recreation at their doorstep and the chance of a larger property are very appealing”.

If you are looking to downsize to a condo or a gated community, there are still affordable options out here. Talk to any of the 381 qualified and experienced REALTORS® of the local Real Estate Board to find out what your house is worth in this hot market.

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