The Chilliwack real estate market is experiencing gradual and consistent improvements, despite a slight dip in March sales figures.
According to the monthly report from CADREB, the Chilliwack and District Real Estate Board described home sales as “subdued but still rising” for the month of March.
In January 2024, there was a rise in sales accompanied by a decline in new property listings, contributing to sustained higher sales prices compared to the previous year. However, on a month-to-month basis, sales prices experienced a decrease compared to the preceding month. Chilliwack witnessed the sale of 201 units in January 2024, marking a notable 67.5% surge year-on-year, with a benchmark price of $705,900.
In February 2024, Chilliwack maintained its stable sales market compared to February 2023. There was a 13% increase in unit sales year over year, with a total of 218 units sold, and a benchmark price of $724,700. Inventory saw a rise of 6.3%, while new listings surged by 42.5% compared to the previous year.
In March 2024, the total listing inventory surged by 14.7% compared to March of the previous year. However, unit sales witnessed a decline of 8.6% year over year, marking the first instance of such decrease. Despite the decrease in unit sales, the average price showed a notable increase of 8.2% compared to the previous year, representing a 3.2% rise from the previous month.
Year to date, the Chilliwack market has seen an overall increase in sales activity by 13.1%, with 684 total units sold. New listings have also increased by 11% year over year, with 1,332 new listings on the market. With the upcoming Bank of Canada interest rate announcement scheduled for June 5, 2024, buyers are speculating a reduction in the interest rate, which is expected to create an uptick in activity in the market.
