Chilliwack – The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 194 units in February 2023. This was a substantial reduction of 52.7% from February 2022.
Home sales were 34.2% below the five-year average and 24% below the 10-year average for the month of February.
On a year-to-date basis, home sales totaled 314 units over the first two months of the year. This was a sharp decrease of 51.8% from the same period in 2022.
“Sales activity was still running well below average levels for this time of year and will likely continue to do so for the next month or two. However, looking through the seasonality it appears that home sales have been on an upward trending since bottoming out in August last year,” said Brad Latham, President of the Chilliwack and District Real Estate Board. “Obviously we’re not expecting demand to return to pre-pandemic levels right away but it is encouraging to see that trends are moving in a favourable direction. We’re still not seeing as many sellers return to the market as we’d hoped, and new listings are actually currently still in decline. It goes without saying that you can’t buy what isn’t available, and we’d like to see a rebound in inventories over the upcoming spring season.”
