CADREB president says Chilliwack home sales have picked up the past 3 months, amid 14% drop YOY

CHILLIWACK — The president of the Chilliwack and District Real Estate Board says home sales in the greater Chilliwack area have a long way to go before they’re back to what might be considered normal, but are showing some signs of life the past three months.

In a statement, CADREB says there were 194 home sales in August, a steep decline of 14.5 per cent from August 2024.

Home sales were 11.3 per cent below the five-year average and 27 per cent below the 10-year average for the month of August.

“Home sales in August were below their long-term averages, although looking through the seasonality sales have definitely picked up over the last three months,” said Emily Vernon, President of the Chilliwack and District Real Estate Board. “Demand was tepid to start the year and dragged heavily through the spring before coming back to life in June. We’ve still got a long way to go before we’re back at what might be considered normal for our market but at least things are getting back on track. Sellers appear to have cooled from earlier in the year, which has given demand a bit of room to catch up, while overall inventories are no longer steadily rising.”

The benchmark price for single-family homes was $907,700, a modest gain of 2.9 per cent on a year-over-year basis in August. By comparison, the benchmark price for townhouse/row units was $621,600, down modestly by 1.2 per cent compared to a year earlier, while the benchmark apartment price was $410,500, a decrease of 6.7 per cent from 2024 levels.

The Chilliwack and District Real Estate Board consists of 374 realtors that provide services in Chilliwack, Agassiz, Hope, Boston Bar and Harrison.