Year to year real estate sales in Chilliwack continue to be way down compared to 2021.
The Chilliwack and District Real Estate Board (CADREB) released numbers for September showing a total of 151 units sold. That’s a 53 per cent decline from the same point last year, when there were 324 sales.
Sales were 43.4 per cent below the five-year average and 41.9 per cent below the 10-year average for September.
“Home sales came in below typical levels for this time of year as buyers and sellers continue to re-evaluate their stance on pricing in an evolving interest rate environment,” said CADREB president Daryl Moniz.
If interest rates are the main factor, increased supply is a close second. There were 1,247 listings on the market at the end of the month, compared to 394 at the end of September, 2021.
Inventory hit an all-time low of 264 in December, 2021.
“Some good news on the supply side is that new listings are still holding up very well, which has added a considerable amount of inventory back onto the market since we bottomed out at the end of 2021,” Moniz noted. “Once interest rates stabilize, we’re likely to see more buyers return to the market, at which point they will be facing conditions that are much more hospitable than those from yesteryear.”
Single-family homes stayed on the market an average of 41.4 days in September and sold for an average value of $835,451, dropping 9.07 per cent from August.
Condominiums took an average of 33.3 days to sell for an average of $339,943, a 15.80 per cent decline from August.
Townhouses stuck around for an average of 39.8 days, but their average value went up by 6.44 per cent, from $571,873 in August to $608,691 in September.
The average value of all residential properties was $671,783, lowest it’s been since it hit $632,495 in January of 2021.
In terms of big sellers, Chilliwack did not see a home go for over $2 million in September. There were 17 sales over $1 million and the highest number of sales happened in the $750,000 to $800,000 bracket.
CADREB is an association of 365 realtors serving Chilliwack, Agassiz, Hope, Boston Bar and Harrison.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
