How did the Flooding Effect the Real Estate Market in Chilliwack?

Chilliwack (CADREB) – New construction and new home listings are both taking a big hit from the flooding in the eastern Fraser Valley.With disrupted and limited supply routes, new construction is struggling with supplies, causing completion times on new homes to be adjusted. Moving into or out of a home has also become a challenge, according to the Chilliwack and District Real Estate Board (CADREB) President, Andrew Verschuur.Last month, a total of 304 homes sold in Chilliwack and area, down from the 375 in November of last year, due not only to effects and uncertainty caused by flooding, but a lack of inventory.At the end of last month, there were only 323 active listings on the market,  just over half at the same time in November of 2020, which was already low due to the pandemic. A shortage of inventory means increased prices, as prices are based on supply and demand. The Benchmark price for a single family home in the CADREB area for November was $907,100 – up 4.5% over the previous month and almost 40% over last year.Of the 304 homes that sold last month, the highest number (23) were in the $700,000 – $749,999 range and also in the $1 million – $1.099 million range. There were an unprecedented 71 sales over the $1 million mark, including two over $2 million.Compliments of FVN - Don Lehn.