Chilliwack (CADREB) – The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 290 units in April 2022. This was a sharp decrease of 48.2% from April 2021.
Home sales were 11.9% below the five-year average and 10.8% below the 10-year average for the month of April.
On a year-to-date basis, home sales totaled 1,349 units over the first four months of the year. This was down by 35.6% from the same period in 2021.
“Home sales were below average levels in April, although this is in the context of astronomically high April levels from 2016 and last year boosting up that average comparison,” said Daryl Moniz, President of the Chilliwack and District Real Estate Board. “Sales activity took a step down in April from the red-hot pace it’s been trending at for months. Whether this is the beginning of a moderation due to rising interest rates or a one-off will be determined by market trends over the remainder of the year. For now, with new listings running at very healthy levels we are seeing the start of a rebalancing of the market. On the price side, this is translating into a “moderation” of its own with price gains coming down from the 40% range into the 30% range.”
