by Steve Lerigny | Mar 04, 2022


    March 3, 2022

    A backlog of home buyers continues to hold prices strong in Chilliwack and area, as February was a month of lightning quick sales, multiple offers, demand for inventory and record dollar values.

    “Demand for housing will continue as we recently learned that the population growth in Chilliwack is the second highest in the province”, said the newly installed President of the Chilliwack and District Real Estate Board (CADREB), Daryl Moniz.

    A REALTOR® with Century 21 Creekside Realty, Mr. Moniz grew up and graduated in Abbotsford but has lived in Chilliwack since 2004. He has a 19-year-old daughter. When not working you’ll find Daryl in Chilliwack and areas great outdoors whether camping, kayaking, hiking. As CADREB President he is forward to the year ahead and representing the Chilliwack and District Real Estate Board and it’s members and the clients they serve.

    While home sales were strong last month at 420, there were 533 sales in the same month last year. However, the total dollar value was over $7 million higher, reflecting the higher price levels due to supply and demand.

    Of those sales, the highest number (31) were in the $750,000 - $799,999 range, followed by 30 sales in the $1.2 million - $1,2999,999 range. There were unprecedented sales of 146 homes over the $1 million mark, including four over $2 million.

    Even with the Bank of Canada poised to increase lending rates slightly, don’t expect prices in the area to cool down anytime soon, according to the CADREB President.

    “Supply issues will continue to keep the market at current levels of increases. There is still lots of demand for housing, but inventory isn’t keeping pace, which keeps prices buoyant”.

    At the end of February, there were 543 home listings on the market, approximately half of what is available in a typical year. However, with the busy springtime housing market just approaching, listings are starting to pick up.

    If you are planning to downsize, or a move for any reason, the timing couldn’t be better. REALTORS® do advise however that you have a solid plan in place for where you are moving to, as some properties are literally selling in hours from listing and the rental options as an interim move are very restricted and pricey, also driven by supply and demand.

    If you are buying, be sure to get a recent pre-approval, as regulations have changed over the pandemic. There are a lot of great options out there, and real estate remains one of the most solid investments a person makes in their lifetime.