Chilliwack & Fraser Valley Real Estate
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Ben Truscott Real Estate Report - January 2021
There's still extremely low inventory and a lot of buyers. We're seeing lots of bidding wars on townhomes and detached homes.

The best way to capitalize on current market conditions are those who are considering selling a single-family home and downsizing to a townhome or condo.

Those who are considering moving in to an age restricted community can benefit as well since they are not selling quite as fast as freehold non-strata land.

Make sure you talk to a mortgage broker early to get your financing 100% ready before shopping since you might not have the time before your favorite listings sell.

Give me a call or text at 604-798-3960 if you ever have more questions about the market conditions.
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Ben Truscott Real Estate Report - December 2020

What a year! Even though the real estate market was at a standstill for months due to COVID-19, total annual sales in the Chilliwack-Hope District still finished 18.8 per cent above the 10-year average due to intense pent-up consumer demand during the second half of 2020.


Current inventory is still extremely low making the market very competitive with many homes selling on day one, often with multiple offers.

With low interest rates sticking around, prices are expected to continue to rise. If you are thinking of buying or upsizing now is a great time to consider doing so!

Make sure you talk to a mortgage broker early to get your financing 100% ready before shopping since you might not have the time before your favorite listings sell.

Give me a call or text at 604-798-3960 if you ever have more questions about the market conditions.
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Ben Truscott Real Estate Report - November 2020
Of the 699 active listings in November, 371 of them sold. There are still a surprising amount of buyers out there rushing to get a home before prices climb any further.

For the fifth consecutive month, demand for real estate in the Fraser Valley showed no signs of waning. Overall property sales for the month of November again set a new Board record.  Sales records were also broken in September and October; and since July, all activity including new listings, has continued to be inordinately high.
 
Interest rates are at a record low and banks have indicated they intend to keep rates low for at least a few years longer so we can expect this kind of action to keep up!

We expected November activity to moderate due to the season, but the desire for family-sized homes and their benefits continues to dominate. Since the summer, we’ve seen the strongest demand in our Board’s 99-year history specifically for single-family detached and townhomes.

Just this month I had two townhomes listed that received multiple above-list price offers on the very first day. If you know anyone tossing around the idea of selling, it could be the best chance they get to upsize in to a detached home right now.
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Ben Truscott Real Estate Report - October 2020
Even as we head in to November, the real estate market continues to show no signs of slowing down.
 
With 32% less listings on the market than there was pre-COVID, but 61% more sales thanks to increasingly low interest rates, we are seeing a strong Seller's Market.
 
Listings are often receiving multiple offers within the first day because buyers are still out there patiently waiting for the right home to be listed.
 
Nearly every type of home is selling for record high prices right now. If you are thinking of selling, this is one of the safest times to do so.
 
It is definitely a competitive market for Buyers right now but with the help of an experienced Realtor it is still possible to get it done! One of the advantages to working with a real estate agent is that you have the chance to get in to a listing before it even hits the market so you can beat the rush and avoid getting in bidding wars with several other buyers.
 
The Bank of Canada has stated they intend to keep interest rates low until at least 2023 so it's a safe bet that this activity will keep up for a couple years and prices will rise.
 
If you're thinking of buying a home for the first time, or up-sizing out of your condo or townhome, this could be the best opportunity you get!
 
Call or text me at 604-798-3960 if you have any questions.
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Ben Truscott Real Estate Report - September 2020

Despite a slight slowdown of 2% in BC’s economy, home sales in Chilliwack and area have jumped dramatically from the same time last year.


Last month, a total of 281 homes sold locally, up from last month and up significantly from the 162 sales in September of 2018. The total dollar value reached almost $147.6 million, compared to just over $84 million in September of last year.

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Ben Truscott Real Estate Report - August 2020
I'll keep this market update nice and short. The market throughout Chilliwack and the Fraser Valley are still active with no signs of slowing down!

We saw 62% more sales than August of 2019 with prices all 11-13% higher than they were this time last year within the Chilliwack area.
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Ben Truscott Real Estate Report - July 2020

Last months real estate market statistics:

Low inventory and increased sales are continuing to push prices up to near record highs with average detached homes climbing over 12% since July last year.

While the conditions are favoring sellers at the moment, there are still good opportunities for buyers out there, my best advice is to be as prepared as possible!

Talk to your mortgage broker or bank ahead of time to make sure they have everything prepared so you can be ready to write an offer right away when the right house is listed.

Give me a call or text at 604-798-3960 if you have any questions about market conditions!

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Ben Truscott Real Estate Report - June 2020
Looks like the real estate market is the only thing hot about this summer so far!
 
Massive 31% increases in sales compared to June last year, at the same time carrying a -17 to -30% decrease in active listings.
 
Seriously low supply, with a huge increase to demand is keeping us in a Seller's Market.
 
We're seeing similar conditions to when the market was at peak activity, with multiple offers, accepted offers on the first day on the market, above list price offers, etc.
 
With all this action, if things keep up at this rate, prices will continue to increase until things balance out.
 
My best advice to buyers is to be as prepared as possible! Make sure you are pre-qualified with your bank or mortgage broker so you can be ready to write an offer the moment your dream home is listed. If you wait even a day or two it might be gone!
 
Give me a call at 604-798-3960 if you ever have questions about buying or selling a home!
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