by : Richard Admiraal, REALTOR®
This Real Estate stats year end report from Admiraal Real Estate concentrates on CADREB (Chilliwack and District Real Estate Board) comparing December, 2023 to December, 2024. It also compares CADREB to FVREB (Fraser Valley Real Estate Board) as well as reviewing benchmark prices for various property types and areas.
The Benchmark price on all types of properties are up 1.6% in Chilliwack and District compared to one year ago. All property types are up very slightly; townhouses saw the highest increase at 4.9% compared to a year ago. We predicted this last year and I think there is a good chance this trend will continue.
Total MLS® active listings inventory is up 10.5% in CADREB and up 33.6% in the Fraser Valley compared to one year ago The Chilliwack number is not significant at only 41 more properties than in 2022.
Median sale price for a single family home in Chilliwack is $850,000, in Sardis is $935,000, in East Abbotsford it is $1,156,000 and in Langley (all areas) it is $1,636,000
Median sale price for a townhouse in Chilliwack is $621,524, very close to what it was in December 2022. In Sardis it is $645,450, in East Abbotsford it is $745,000 and in Langley it is $856.000.
SUMMARY
I’d characterize the real estate market as slow and steady and it has been this way for close to three years now, below the 10 year average for unit sales. Considering there are more people and more homes now this is not a strong market, but it has been steady and this trend is likely to continue in the year ahead.
Inventory levels in Chilliwack are not high with just 41 more properties (all types) for sale in December, 2024 compared to December 2022 and we can note the 6% reduction in inventory in December, 2023. Should home-owners run into problems affording their homes due to economic challenges and higher interest rates at renewal into the year ahead and into next year we could see an increase in housing inventory, particularly, with single family homes, but interest rates may have reduced enough already to not lead to this being a significant issue. A large increase in new listings (housing inventory for sale) without an increase in buyer demand would lead to lower prices, but these home-owners will still need homes in the local market unless they are leaving the area.
We recently looked at new housing starts which were 8% lower in Abbotsford with much of the new housing being built for rent and not for purchase. https://www.admiraal.ca/blog/87151/british-columbia-new-housing-starts
This slow and steady market has been going on close to 3 years now due primarily caused by the rise in interest rates. It will be worthwhile to see if interest rates continue to go down in the upcoming months, but some are believing we may not see further reductions as interest rates will need to remain where they are or inch higher in support of the Canadian Dollar.
It is important to keep in mind that foreign buyers are banned from buying Canadian real estate until January 1, 2027 (although there are exemptions many can take advantage of).
I believe this slow and steady market makes it a good time to upsize/downsize and find what you believe is best for you and yours moving forward. It is also a good market to enter into as a first time home buyer. Even if this market continues slow for another few years, you’ll have that many more years into paying down a mortgage and you’ll be in the market enjoying the dream of home ownership for when prices may scream upwards once again. When will that be? Maybe January, 2027 when the ban on foreign buyers is lifted. Canada’s economy should grow strong again, if not this year, then in the years ahead, and even if it doesn’t, foreign buyers with US dollars may see Canada’s real estate as a real bargain in 2027.
The timing seems good to be making real estate moves. Keep in mind, Chilliwack pricing is down 9.6% over 3 years, but up 50.9% over 5 years.
We follow the market very closely to do accurate CMA (comparative market analysis) reports for our clients. There’s a lot that goes into the analysis of a client's property to come up with an estimated sale price. We are experienced with this market and know how to achieve smart results for our clients. We’re looking for our next best sellers in 2025 in areas Langley thru Hope and invite you to be in touch to schedule a real estate consultation with Admiraal Real Estate.
Wishing you the very best for the year ahead,
Richard.