All Predictions for the Chilliwack Real Estate Market are wrong!!!!

HERE is a Story from the Chilliwack Progress on the stats from 2021...

below that, I have the story of the predictions for 2021!  Not even close!  
I have to admit...I was blown away myself....each month.  

TOP STORIES 2021: Record-setting year for real estate prices

Average single-family home price approaches $1 million

A record-setting year for real estate in the eastern Fraser Valley saw home prices rise sharply in the area.

Each month, statistics from the Chilliwack and District Real Estate Board (CADREB) painted the picture of a red-hot market.

In January of 2021, the price of a single family home in the CADREB region, which stretches from Yarrow to Lytton, sold for $762,066. By the end of November it had risen to $994,230, representing an increase of 30.5 per cent.

The average price of a townhouse sold jumped 17.5 per cent, from $557,974 to $655,590.

The average price of an apartment skyrocketed from $266,146 to $387,449 representing a 45.6 per cent increase.

The average price of all residential properties hit $794,605 in November, up 25.6 per cent from $632,495 in January.

A total of 4,594 residential properties were sold through November at a combined value of $3.3 billion. In 2020, 3,515 properties were sold for a combined value of $2 billion.

The meteoric climb in prices was fuelled by high demand and record-low inventory.

There were only 352 listings on the market at the end of November 2021, the lowest end-of-month total CADREB posted in stats dating back to 2007. Comparatively, there were 655 listings on the market at the end of November, 2020, and 1,191 available at the end of November, 2019.

“It was an interesting year to say the least,” said Rob Pellegrino with Hope’s Re/Max Nyda Realty.

“We had most homes selling in a week, at or just above list price. The market appreciation was great for sellers if they had a place to go but not good if you were a buyer. It was not a case of not enough supply as it was too much demand.”

Pellegrino also noted that with Hope outside the government-imposed speculation tax zone, the local market was flooded with investors and speculators.

“Without getting too political, it was an unfair playing field when pitted against genuine move-up, downsizing and first time homebuyers,” he said.

AND NOW ... the article published last January predicting the 2021 Real Estate Market in Chilliwack...

Chilliwack housing market projected to be among B.C.’s hottest in 2021

B.C. Real Estate Association projects Chilliwack and District to grow by 17.1 per cent

Chilliwack’s red-hot housing market doesn’t figure to cool off in 2021.

The first quarter forecast from the B.C. Real Estate Association (BCREA) projects a 17.1 per cent increase over 2020, placing Chilliwack and District second in the entire province, behind only Greater Vancouver at 21.8 per cent.

The Chilliwack and District Real Estate Board (CADREB) area saw 25.5 per cent growth last year, with 3,505 units sold at an average price of $577,430.

The BCREA projects Chilliwack’s housing values to rise another 7.4 per cent to $620,000.

As the B.C. economy emerges from recession and COVID immunizations proceed, the BCREA anticipates a flood of consumer spending. Near record-low Bank of Canada interest rates are expected to remain in place while the national economy recovers, providing more incentive for home buyers.

“After an unprecedented and often surprising performance in 2020, the provincial housing market is setup for a very strong year in 2021,” according to BCREA chief economist Brendon Ogmundson. “A strong economic recovery and record-low mortgage rates will continue to drive strong demand this year.”

Low supply remains a huge factor in the real estate projections.

According to the BCREA, the rate of new listings recovered in the back half of 2020, but overall housing inventory in most markets remains near historic-low levels. With low supply and high demand, the new listings that do pop up have the potential to generate bidding wars and sell for higher prices than they otherwise might if home buyers had more options.