Sunday, December 6, 2015

The Stephen Mullock Report: Chilliwack* Real Estate Review and Analysis November 2015

The Chilliwack and District Real Estate Board* (CADREB) boomed with a total of 243 residential sales in November 2015. This was almost a 44% increase over the same month in 2014. This is a very good time to sell real estate property in the Chilliwack* end of the Fraser Valley. Demand is strong and the inventory is shrinking.  I am ready to help. Send me a message using the form in the left margin and let's get started.

There are rumours that interest rates in the United States may increase shortly and a worry for some home purchasers that the Canadian Bank of Canada will follow a similar policy. A concern about paying more on a mortgage may in part be reflecting the surge of real estate sales in the local area. 

Also some of the surge seems to be from newly retired "boomers" relocating to our more affordable Fraser Valley communities of Chilliwack, Agassiz and Harrison Hot Springs.  Many of these "boomers" are coming from out of province but, like most of us, cannot afford the "Vancouver" real estate market. An hour and half drive on a good day takes you to the Vancouver core and its' many big city amenities such as the sports teams, stadium events and theatre. It is not such a bad tradeoff.  Regional sports, theatre and concerts thrive out here as well but at a much smaller scale.

Monthly statistics provide us with some insight on the overall strength and condition of the Chilliwack* real estate market. I will concentrate on the 3 most popular housing choices of the 6 available.

Sales in all three categories, single family detached homes, town houses and apartments are down when compared to the October numbers but up over those of 2014.  The inventory is shrinking but this is common as we approach a winter market.


MONTHSales Average Sale Price 
Active Listings
Nov 2015 136$411,000
Oct 2015 158$392,000545
Nov 2014 108$357,000   


MONTHSales Average Sale Price    Active Listings
Nov 2015 62$292,000
Oct 2015 76$272,000
Nov 2014 37$232,000


MONTHSales Average Sale Price Active Listings
Nov 2015 26$186,000
Oct 2015 33$150,000
Nov 2014 17$141,000

Upward price pressure is not consistent in all areas of Chilliwack* and every housing choice. To get today's value for an individual property comparing recent neighbourhood sales is the best approach to value - contact a local Realtor© or a real estate appraiser for that task.

Imagine living here....

The Chilliwack* real estate board area (CADREB) which includes the outlying communities of Agassiz, Harrison Hot Springs, Hope and parts of the Fraser Cascade Regional District.

The information presented in this post has been prepared by the author Stephen Mullock, using information from the Chilliwack and District Real Estate Board.  The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information are not guaranteed.

In providing such information, neither Stephen Mullock nor the Chilliwack & District Real Estate Board assumes any responsibility or liability.

Copyright © 2015 Stephen Mullock. All rights reserved. Reproduction in whole or part is prohibited without written permission.

Stephen Mullock
is an award winning full-time real estate specialist with 30 years of experience and hundreds of sales. Thinking of buying or selling real estate in the Fraser Cheam communities of Chilliwack, Agassiz or Harrison Hot Springs? Contact Steve (click here) of Royal LePage Wheeler Cheam Realty for experience, local knowledge and friendly service you’ll be happy you did.

No comments:

Post a Comment