Chilliwack – CADREB the Chilliwack and District Real Estate Board, has released their index report for October 2022.
The highlights include:
Single Family Benchmark price down 9.5% but still up 42.3% from 5 years ago. Real Estate still remains an solid long term investment.
Sales are moving towards 2013 number of units sold.
Actuive listings are up 138% from October of last year meaning that Buyers have more selection than the did a year ago.
Months of inventory is now 7 months
Year to date Sales back to pre Covid numbers
Sale prices are expected to flatten as we approach the slight recession projected to be coming
Sellers will need to be patient, in this type of market
Buyers who can qualify for the current mortgage realities will be able to take advantage of the selection that has now become available.
