The Market is moving...but how fast?
As we get close to the halfway point of 2026, we reflect back on the year and to be honest, we are quite surprised! We expected that a lot more people on the sidelines would be jumping into the market more aggressively. But we are happy for the current buyers that we have been working with that this was not the case over the last couple months. We were allowed to take our time, do our due diligence and help our Buyers achieve a good price for their purchases. We do believe that the market is poised for more action, very soon.
Just last week, we firmed up 3 deals with Buyers, 2 of which were First Time Buyers! (Our favorite) One Buyer contacted us from Ontario and we sold them a place in Harrison Hot Springs, so we can also call them First Time Buyers too, in BC anyway !
Our Board produced just over 400 sales in the month of May, which is an increase, in activity but the overall pricing of the sales dropped. This can be misread to believe that prices are going down. It is our opinion, that it is simply a case, of the higher end homes, staying on the market, NOT selling, that is bringing the average sale price Lower, for each product type. This is the biggest factor, just knowing what is reporting as SOLD, over the last month.
However, in the ACTIVE price points, we are seeing a lot of action, and sometimes, even multiple offers.
The TWO Biggest OPPORTUNITIES in our Chilliwack REAL ESTATE MARKET right now,
are in two very different segments of the market.
- The OVER $1.5M Market with homes that are larger than 4000 sqft, and can house multiple family living, is the absolute best opportunity. These homes are selling under replacement cost right now, as lot prices and building costs have increased. The Government Incentives don't really apply to the new homes in this category so there is no advantage there for new homes keeping the prices up, so the "resale" market in this category can be a great deal for the right buyers. In addition to that, there is a lot of choice.
- Condo's - in NEW DEVELOPMENTS are a great opportunity for the right buyer, whether you are an investor or First Time Buyer, because of the myriad of incentives currently being offered by both the Government and the Developers. This combination makes for a great opportunity. The Condo market will be the first to experience an uprising when the market turns on again, so the timing is perfect for either new or used Condo's, if you are able to buy right now.
SELLERs, this is a tough market to navigate for you. It really is all about the plan. If you can sell, and make a move to a different product type, or area, that will benefit you in the long run, then it can be the perfect time to sell. Your price expectation might need to be re-calibrated, but as long as the plan can work, then it could be a great time to make a move. Otherwise, if the numbers are the most important part of your decision to sell, then perhaps it is better wait for a bit. Just remember, you sell and buy in the same market. If you sell when prices are rising, then you are also buying when prices are rising.
Feel free to reach out anytime, if you have any questions about your specific situation. We would love to help you make a great move!