THE REAL ESTATE MINUTE - Aug/2022 Edition - Top Affordable Homes, Foreclosures Lists & More

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.

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