Active listings have increased by 14.9% in Chilliwack compared to last month and increased 25% compared to April of last year, however, total home sales are down 26.1% compared to last month and down 47.8% compared to April 2021.
With active listings increasing and sales slowing down it could potentially help restore a semblance of balance to the market if this trend continues.
The median price of a Detached Homes in Chilliwack have come down significantly since the beginning of the year. In January the median price of a Detached Home was $1,100,000 which has gone down by approximately 9% to 1,000,000 in April.
Townhomes have gone down as well with a median price of $695,000 in April compared to $775,000 at it's peak in February. That is a 10% decrease.
Condos on the other-hand have risen by 19% since the beginning of the year at $452,500 compared to $380,000 in January. If you own a condo and are thinking about selling, now may be the time!
Fraser Valley Real Estate Board:
"Last month, the Board received 3,622 new listings, a decrease of 27.8 per cent compared to April 2021, and a decrease of 20.9 per cent compared to March 2022. The total month-end active inventory in April was 5,387, 14.6 per cent higher than in March. "
“In an effort to stem inflation worries, the government has moved quickly to implement interest rate hikes,” added FVREB CEO Baldev Gill. “In fact, we’re already back to rate levels we haven’t seen since 2019. This will put an added burden on homebuyers, particularly on first-timers, who will have to meet more stringent stress test conditions. Ultimately, this will likely result in a decrease in demand, which may slow price growth, however it will do little to resolve the underlying issue of low inventory.”
Have you been thinking of buying or selling but you're not sure if now is the right time? Give me a call or text at 604-798-3960, I am happy to look into your current situation and provide you will all the details you need in order to make an informed decision!
In other news
Some great information from our partners over at Thrive!
3 Things You NEED to know right now
• This is what happened: The bank of Canada increased the over night rate yet again by .50%
• CLICK HERE for a complete and thorough breakdown of all things Variable rates and a summary of what happened
• Still not sure? Check out this Fixed vs. Variable Chart over 25 years Click Here
• Consider increasing your variable rate payment to match fixed rate payments to protect against inflation.
2. Will rising interest rates mean the market drops?
• More listings = more opportunities, which is incredible news as a buyer.
• Generally for every 1% increase in interest rates there is a 10% requirement for increase of income, which means you will qualify for less and there is no guarantee house prices decrease by 10% even if they do come down.
• If you WAIT for housing to come down, remember that it is likely because rates rise, which means your cost would be actually higher if you were to wait to the prices to come down.
3. New Federal BUDGET for 2022 is out!
• There was a lot of buzz, whether that buzz translates into any noticeable impact on the housing market will be yet to be seen, our vote is no.
• Some highlights include:
o New First Time Buyer Tax Savings Account
o Increased Tax Credit & Family Tax Credit
o Taxes on Assignments & House "flippers"
o More money allocated for building
o Click Here to Listen to the ENTIRE summary
o Click Here to watch the episode
Source: Thrive Mortgage Broker