In 2016, the real estate market in Chilliwack experienced one of the most robust years to-date. Even though there was a lot of sale activity, inventory levels remained low throughout the year, resulting in significant price increases in pretty well all segments of the market. This, in turn caused the value of all transactions completed in 2016 to reach over $1.7 Billion.
Buyer interest in Chilliwack reached a peak in the first 6 months of the year as a result of low interest rates, strong local economy, positive exchange rates, and a significant number of new residents to Chilliwack, those moving from less affordable metropolitan areas and millennials entering into their home-buying years. As a result, the first half of 2016 was stronger than the second half of the year.
Family-oriented properties (single family detached homes and attached townhouses) experienced the highest level of interest and therefore saw the greatest appreciation in prices. Meanwhile, the market for Apartments also experienced a peaked interest and prices increased through the course of 2016. Sales of houses with acreage peaking in the spring combined with consistent low inventory drove the prices upward in 2016.
LOOKING FORWARD TO 2017
As 2017 gets underway, the current real estate market in Chilliwack is comprised of low levels of inventory (properties being offered for sale) in almost all market segments. As a result, we expect activity levels (number of sales) to drop despite continued buyer demand. This, in turn, will pressure prices upward.
Although, there are a number of factors which could affect our local market including the unpredictable influence of a number of expected changes in external circumstances such as:
The bottom line is that through 2017 we expect supply to be limited and this, in hand with buyer demand, will direct pricing. Buyers will continue to buy and sellers will continue to sell.
The real estate market in Chilliwack continues to be a desirable alternative to metro area living. If you have any questions about how the state of the market may impact your decision to buy or sell, or if you have any other questions about real estate in Chilliwack contact Bryan Van Hoepen and Associates. Staying up-to-date in our highly dynamic market is key to making the best real estate decisions, whether you are buying, selling, or just thinking about it.
*All stats & data deemed to be accurate and taken from CADREB (Chilliwack & District Real Estate Board), January 2017
LISTED VS. SOLD STATISTIC GRAPHS.