Tuesday, January 5, 2016

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

The Chilliwack and District Real Estate Board* (CADREB) continued strong sales growth with 231 residential sales in December 2015. This was a 42% increase over December 2014 which had 163 sales. This is one of the best times to sell real estate property in the Chilliwack* end of the Fraser Valley that I have ever seen. Demand is firm and the inventory is shrinking.  I am willing to help. Send me a message using the form in the left margin and let's get started. 

What fuels the Chilliwack* real estate market? In my opinion that is a complex question. There are, I believe, various forces at play: 1. High, near impossible prices in Vancouver; 2. "Echo" boomer family homes;  3. An increased pace of "boomer" retirement throughout Canada with Chilliwack, Agassiz and the Harrison Hot Springs communities being viewed as affordable retirement havens; 4. Worries about interest rates and, 5. Strength in the local economy. It's complicated.

Monthly statistics give us some insight on the overall strength and condition of the Chilliwack* real estate market. This report looks at the 3 most popular housing choices of the 6 available - single family detached homes, town houses and apartments.

Reflecting seasonal effect sales in Single Family Detached and Town houses was down when compared to November numbers but up over those of 2014.  Sales of apartments were up and the average sale price down as much of the lower priced end of the inventory is getting purchased. 

Inventory is shrinking in all housing types but following a cyclical trend. However, when compared to a year ago the inventory was down by a significant amount - 25%.  This means increased pressure on Chilliwack* housing prices will be sustained.


MONTHSales Average Sale Price 
Active Listings
Dec 2015 123$413,000
Nov 2015 136$411,000486
Dec 2014 82$353,000   


MONTHSales Average Sale Price    Active Listings
Dec 2015 52$304,000
Nov 2015 62$292,000
Dec 2014 44$267,000


MONTHSales Average Sale Price Active Listings
Dec 2015 38$133,000
Nov 2015 26$186,000
Dec 2014 19$134,000

Upward price pressure is not uniform 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 © 2016 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.

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