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January was a crazy month for red-hot Chilliwack real estate market – Chilliwack Progress

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An already red-hot Chilliwack real estate market exploded in January, fueled by low supply and high demand.

One hundred and sixty two single family homes were sold in the first month of 2021, an astounding 83 more than at this point in 2020.

They sold for an average of $762,066, where the average price was $645,209 a year ago.

Just last month, the average sale price was almost $30,000 lower at $733,515.

RELATED: Million-dollar-home popularity in Chilliwack takes off

All this despite January traditionally being a slow time for housing sales, and housing inventory hovering near historic lows.

According to the latest numbers from the Chilliwack and District Real Estate Board (CADREB), the 474 active listings on the market at month’s end represent the second lowest inventory level ever recorded. Newly-installed CADREB president Andrew Verschuur said realtors are seeing bidding wars for the first time in recent history as buyers try to snap up whatever is available.

RELATED: Chilliwack housing market projected to be among B.C.’s hottest in 2021

The downside, Verschuur noted, is that first-time home buyers are finding it difficult to get into the market.

“Multiple offers, which create a situation of over-market prices, make it tougher than ever for first-time buyers to break into the housing market,” he said. “Buyers need to be prepared and talk to their mortgage specialist about how much they qualify for.”

Of the homes that sold last month, the highest number (33) were in the $550,000 to $599,999 range, followed by 27 in the $700,000 to $799,999 range. Sixteen homes sold for more than $1 million and two went for over $2 million.

The average median sale price is up 25 per cent over the same time last year and the average time on the market is about 14 days.

Verschuur noted Chilliwack’s increasing population as another factor in the real estate boom, with 1,800 people moving here over the past year, most from the west.


@ProgressSports
eric.welsh@theprogress.com

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Homelessness: Tiny home village to open next week in Halifax suburb

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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.

The Canadian Press. All rights reserved.

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Here are some facts about British Columbia’s housing market

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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.

The Canadian Press. All rights reserved.

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B.C. voters face atmospheric river with heavy rain, high winds on election day

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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.

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