SEPTEMBER MARKET UPDATE

Market acivity has been holding steady the past month.

Single Family Homes from the Chilliwack Board in the last 7 days received:
56 New Listings
19 Expired
31 Price Changes
79 Sold

For the most updated market information on what is happening in your neighborhood, give me a call/text at (604) 793 6103 or e-mail at evert@evertguliker.com

Chilliwack Real Estate Market Stats Sept, 2024

Single Family Stats - Sept 2024

*Click the link above to scroll through multiple page PDF's for various stats. The stats are based on single family resale homes only.

Sale Price decreased 2.5% from $908 in July to $852k in August.
New Listings decreased from 279 in July to 225 in August.
Total Inventory decreased from 736 in July 697 in August.
Unit Sales decreased from 108 in July to 98 in August.
Sales to Active Ratio also decreased from 15% in July to 14% in August. (February/2022 we were sitting at 62%). 12%-20% is considered a balanced market. Under 12% is a buyers market.

FOR MORE STATS, VISIT: Chilliwack Stats

Weekly Mortgage Digest

Weekly Mortgage Digest: CMHC halts dividend payments to boost rental housing.

Read here...

Vancouver Home Sales Fall

Vancouver home sales fall 17% in August despite interest rate cuts: real estate board.

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APRIL MARKET UPDATE

Activity is holding steady with increasing inventory.

Single Family Homes from the Chilliwack Board in the last 7 days received:
78 New Listings
3 Expired
36 Price Changes
43 Sold

For the most updated market information on what is happening in your neighborhood, give me a call/text at (604) 793 6103 or e-mail at evert@evertguliker.com

Chilliwack Real Estate Market Stats Apr, 2024

Single Family Stats - Apr 2024

*Click the link above to scroll through multiple page PDF's for various stats. The stats are based on single family resale homes only.

Sale Price increased 4.6% from $856k in February to $897k in March.
New Listings increased from 284 in February to 290 in March.
Total Inventory increased from 551 in February 584 in March.
Unit Sales increased from 107 in February to 129 in March.
Sales to Active Ratio also increased from 19% in February to 22% in March. (February/2022 we were sitting at 62%). 12%-20% is considered a balanced market. Under 12% is a buyers market.

FOR MORE STATS, VISIT: Chilliwack Stats

Mortgage interest still driving inflation, as overall rate nudges up to 2.9%

Canada's inflation rate went up slightly in March compared to February, with Statistics Canada pointing out gasoline prices are partly behind the increase.

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B.C. cracking down on ‘unfair’ evictions in Tenancy Act amendments

The B.C. government is proposing amendments to the Residential Tenancy Act, which it hopes will better protect renters from “bad-faith evictions.”

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FEBRUARY MARKET UPDATE

Activity increased throughout January with 189 new listings, doubling December's 92. At the same time, few multiple offer situations have been reported once again. 

Single Family Homes from the Chilliwack Board in the last 7 days received:
53 New Listings
14 Expired
13 Price Changes
33 Sold

For the most updated market information on what is happening in your neighborhood, give me a call/text at (604) 793 6103 or e-mail at evert@evertguliker.com

Chilliwack Real Estate Market Stats Feb, 2024

Single Family Stats - Feb 2024

*Click the link above to scroll through multiple page PDF's for various stats. The stats are based on single family resale homes only.

Sale Price decreased 3.4% from $880k in December to $850k in January. (February/22 was at 1100k).
New Listings increased from 92 in December to 189 in January.
Total Inventory Total inventory decreased from 505 in December to 444 in January. (Inventory sat at 835 in July/22 and 157 in Dec/21)
Unit Sales increased from 70 in December to 108 in January. (March/21 was at a whopping 355)
Sales to Active Ratio also increased from 14% in June to 24% in July. (February/22 we were sitting at 62%). 12%-20% is considered a balanced market. Under 12% is a buyers market.

FOR MORE STATS, VISIT: Chilliwack Stats

Douglas Todd: Why Vancouver housing prices became so out of whack

Opinion: Metro Vancouver suffers a double whammy in regard to outrageous house prices. It's a gateway city for foreign capital. And it's located in a country that compounds unaffordability through unrivalled population growth.

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BC allowing up to 6 units per lot

On November 1, the provincial government announced a big piece of legislation that would override municipal governments and allow up to four units per single-family residential lot and up to six units for larger single-family lots that are also close to transit.

Read more...

AUGUST MARKET UPDATE

Activity has been slightly subsiding over the past couple months and now holding steady.  This may hold on into the September months before cooling off coming into the late fall. 

Single Family Homes from the Chilliwack Board in the last 7 days received:
83 New Listings
13 Expired
30 Price Changes
30 Sold

Many sellers are still taking advantage of the low inventory market which could change soon depending on the results of the rising interested rates. 

For the most updated market information on what is happening in your neighborhood, give me a call/text at (604) 793 6103 or e-mail at evert@evertguliker.com

Chilliwack Real Estate Market Stats Aug, 2023

Single Family Stats - Aug 2023

*Click the link above to scroll through multiple page PDF's for various stats. The stats are based on single family resale homes only.

Median Sale Price decreased from $880k in June to $820k in July. (February/22 was at 1100k).
New Listings dropped from 292 in June to 275 in July.
Total Inventory Total inventory increased from 559 in June to 588 in July. (Inventory sat at 835 in July/22 and 157 in Dec/21)
Unit Sales decreased from 118 in June to 113 in July. (March/21 was at a whopping 355)
Sales to Active Ratio also decreased from 21% in June to 19% in July. (February/22 we were sitting at 62%). 12%-20% is considered a balanced market. Under 12% is a buyers market.

FOR MORE STATS, VISIT: Chilliwack Stats

Another Bank of Canada rate hike likely in September.

The Bank of Canada hiked interest rates yet again in its July decision – and it’s unlikely to be the last increase of 2023, according to a leading economist.

Full Article

Mortgage Defaults and Foreclosures Rise as Interest Rates Climb

As interest rates in Canada increase, mortgage defaults and foreclosures continue to see a big spike. For the Canada housing market, higher rates might make the rate-sensitive housing market even more problematic.

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JUNE MARKET UPDATE

Activity has substantially increased in the past 3 weeks with multiple offer situations happening once again. How long this will go on and whether we will experience a cool down during the holiday season is anyone's guess.

Single Family Homes from the Chilliwack Board in the last 7 days received:
85 New Listings
03 Expired
17 Price Changes
49 Sold

Many sellers are beginning to take advantage of the low inventory market, which has recently been driving up the sale prices.

For the most updated market information on what is happening in your neighborhood, give me a call/text at (604) 793 6103 or e-mail at evert@evertguliker.com

Chilliwack Real Estate Market Stats Jun, 2023

Single Family Stats - Jun 2023

*Click the link above to scroll through multiple page PDF's for various stats. The stats are based on single family resale homes only.

Median Sale Price decreased from $852.5k in April to $850k in May. (February/22 was at 1100k).
New Listings increased from 256 in April to 317 in May.
Total Inventory Total inventory decreased from 480 in April to 462 in May. (Inventory sat at 835 in July/22 and 157 in Dec/21)
Unit Sales jumped up from 154 in April to 210 in May. (March/21 was at a whopping 355)
Sales to Active Ratio increased from 32% in April to 46% in May. (February/22 we were sitting at 62%). 12%-20% is considered a balanced market. Under 12% is a buyers market.

FOR MORE STATS, VISIT: Chilliwack Stats

B.C.’s rescission period: ‘Harmful, not helpful,’ says Phil Soper

“Unfortunately, we are seeing people blatantly abusing the program by making offers on multiple homes as they shop around, locking up scant housing inventory as if clothing in a retail store. The legislation is harmful, not helpful, and should be amended or scrapped.”

Read more...

FEBRUARY MARKET UPDATE

We have noticed lots of activity happening early January and feel this will continue into the spring market as things begin to heat up.

Single Family Homes from the Chilliwack Board in the last 7 days received:
75 New Listings
18 Expired
21 Price Changes
52 Sold

Many new listings are coming onto the market as buyers are actively looking to find something before the spring rush. Will be interesting so see how the market will unfold. 

For the most updated market information on what is happening in your neighborhood, give me a call/text at (604) 793 6103 or e-mail at evert@evertguliker.com

Chilliwack Real Estate Market Stats Feb, 2023

Single Family Stats - Feb 2023

*Click the link above to scroll through multiple page PDF's for various stats. The stats are based on single family resale homes only.

Median Sale Price increased from $742.5k in December to $820k in January. (February/22 was at 1100k).
New Listings increased substantially from 66 in December to 217 in January.
Total Inventory Total inventory increased for first time since July going from 442 in December to 460 in January. (Inventory sat at 835 in July/22 and 157 in Dec/21)
Unit Sales dropped for second month in a row from 64 in December to 57 in January. (March/21 was at a whopping 355)
Sales to Active Ratio decreased from 14% in December to 12% in January. (February/22 we were sitting at 62%). 12%-20% is considered a balanced market. Under 12% is a buyers market.

FOR MORE STATS, VISIT: Chilliwack Stats

New Anti-Flipping Rule

Under the proposed new rules, where there has been a disposition of a “flipped property,” any gain realized is taxable as business income and not as a capital gain. As such, the PRE will not be available, and the entire gain is taxable as 100% business income. 

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Bank of Canada increases policy interest rate by 25 basis points, continues quantitative tightening

The Bank of Canada today increased its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening.

Continue Article Here...

DECEMBER MARKET UPDATE

Buyers of the Chilliwack real estate still have a significant amount of inventory to choose from as we head into winter. 

Single Family Homes from the Chilliwack Board in the last 7 days received:
31 New Listings
33 Expired
18 Price Changes
16 Sold

New listings are outnumbering sales by almost 2 to 1 and expired listings have surpassed new listings.    

For the most updated market information on what is happening in your neighborhood, give me a call/text at (604) 793 6103 or e-mail at evert@evertguliker.com

Chilliwack Real Estate Market Stats Dec, 2022

Single Family Stats - Dec 2022

*Click the link above to scroll through multiple page PDF's for various stats. The stats are based on single family resale homes only.

Median Sale Price dropped from in $807.5k in October to $740k in November. February/22 was at 1100k.
New Listings dropped for second time in a row from 175 in October to 150 in October.
Total Inventory dropping for third month in a row from 658 in October to 561 in November. (Inventory sat at 835 in July/22 and 157 in Dec/21)
Unit Sales increased from 70 in October to 74 in November. (March 2021 was at a whopping 355)
Sales to Active Ratio increased for the 4th time in a row from 11% in October to 13% in November. February of this year we were sitting at 62%. 12%-20% is considered a balanced market. Under 12% is a buyers market.

FOR MORE STATS, VISIT: Chilliwack Stats

BC bans all rental restrictions and most age restrictions

BC has announced that it has banned all strata rental restrictions and all age restrictions except for 55+ communities.

Continue reading...

Mortgage rate forecast for 2023

To help determine mortgage rate forecast, one of the best perspectives we have available is a historical one.

Read more...

OCTOBER MARKET UPDATE

Buyers of the Chilliwack real estate still have a significant amount of inventory to choose from due to a record-breaking volume of new listings received for the month of September. 

Single Family Homes from the Chilliwack Board in the last 7 days alone received:
64 New Listings
43 Expired
58 Price Changes
17 Sold

New listings are still outnumbering sales by almost 4 times leading to a substantial increase in inventory. Price changes are also rapidly increasing with price reductions almost at the same amount of new listings.

For the most updated market information on what is happening in your neighborhood, give me a call/text at (604) 793 6103 or e-mail at evert@evertguliker.com

Chilliwack Real Estate Market Stats Oct, 2022

Single Family Home Stats - Oct 2022

*Click the link above to scroll through multiple page PDF's for various stats. The stats are based on single family resale homes only.

Median Sale Price dropped for the 7th time in a row from $815k in Aug to $750k in Sept. This is a 350k drop from February which then stood at 1100k. 
New Listings are up for the first time since May from 219 in Aug to 245 in Sept.
Total Inventory dropping for the 2nd month in a row from 764 in Aug to 687 in Sept.
Unit Sales Slightly rose for 2nd month in a row from 76 in Aug to 80 in Sept.
Sales to Active Ratio picked up for the first time and rising form 10% in August to 12% in September. 12%-20% is considered a balanced market. Under 12% is a buyers market.

FOR MORE STATS, VISIT: Chilliwack Stats

Canadian housing inventory drops below 10-year average

“Historically, recession comes about when there's huge amounts of inventory, high interest rates or increasing interest rates, and no buyers and here we have low inventory,” he said.

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First-time buyers: Is now the right time to enter the market?

The recent cooldown has presented opportunities for new buyers, agents say.

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AUGUST MARKET UPDATE

Buyers of the Chilliwack real estate still have significantly more inventory to choose from last month due to a record-breaking volume of new listings received for the month of July. 

Single Family Homes from the Chilliwack Board in the last 7 days alone received:
70 New Listings
22 Expired
48 Price Changes
17 Sold

New listings are now outnumbering sales by over 4 times leading to a substantial increase in inventory. Price changes are also rapidly increasing with more price changes then that have sold.

For the most updated market information on what is happening in your neighborhood, give me a call/text at (604) 793 6103 or e-mail at evert@evertguliker.com

Chilliwack Real Estate Market Stats Aug, 2022

Single Family Home Stats - August 2022

*Click the link above to scroll through multiple page PDF's for various stats. The stats are based on single family resale homes only.

Median Sale Price dropped for the 5th time in a row from $900k in June to $870k in July. This is a 230k drop from February which then stood at 1100k. 
Total Inventory finally stopped growing and dipped slightly from 776 on June to 757 in July.
New Listings are down from 348 in June to 261 in July.
Unit Sales however still continuing on a steep decline dropping for 5th month in a row from 85 in June to 67 in July.
Sales to Active Ratio dropped significantly again from 11% in June to 9% in July. This has been the lowest since May 2020. 12%-20% is considered a balanced market. Under 12% is a buyers market.

FOR MORE STATS, VISIT: Chilliwack Stats

BC enhances consumer protection for homebuyers

The homebuyer protection period will come into effect on Jan. 1, 2023. It includes a recission (cancellation) fee of 0.25% of the purchase price, or $250 for every $100,000, for those who choose to back out of a deal. For example, if the purchaser exercises the right of rescission on a $1-million home, they would be required to pay $2,500 to the seller.

Read More...

JUNE MARKET UPDATE

Buyers of the Chilliwack real estate had significantly more inventory to choose from last month due to a record-breaking volume of new listings received for the month of May. 

Single Family Homes from the Chilliwack Board in the last 7 days alone received:
89 New Listings
65 Price Changes
26 Sold
25 Open Houses

As we can see, new listings are outnumbering sales by over 3 times leading to a substantial increase in inventory. Price changes are also rapidly increasing with more price changes then that have sold.

For the most updated market information on what is happening in your neighborhood, give me a call/text at (604) 793 6103 or e-mail at evert@evertguliker.com

Chilliwack Real Estate Market Stats Jun, 2022

Single Family Home Stats - Jun 2022

*Click the link above to scroll through multiple page PDF's for various stats. The stats are based on single family resale homes only.

Median Sale Price finally dropped for the 3rd time in a row from $1,048 in April to $950k in May. This is a 150k drop from February which then stood at 1100k. 
Total Inventory continuing upwards for 5th month in a row from 608 in March to 688 in May.
New Listings are up from 370 in April to 395 in May.
Unit Sales continues on steep decline dropping for 3rd month in a row from 156 in March to 109 in May.
Sales to Active Ratio dropped significantly from 62% in Feb, 35% in March, 27% in April to 16% in May. This has been the lowest since May 2020. Below 20% is considered a balanced market.

FOR MORE STATS, VISIT: Chilliwack Stats

Average detached home prices in Surrey, Langley seeing double-digit drop

By Lisa Steacy for CTV News, May 24, 22

While home prices in Metro Vancouver remain sky-high, the price for single-family detached homes in two of the region's fastest-growing markets have seen a significant dip recently, according to one industry group.

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The Bank of Canada Hikes Rates Again By 50 bps. Another Jumbo Rate Hike, Signaling More To Come

By Sherry Cooper - DLC Chief Economist - June 1, 22

The Governing Council of the Bank of Canada raised the overnight policy rate by a full 50 basis points once again today, marking the third rate hike this year.

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