The Chilliwack REAL ESTATE Market Update

What is going on with the Market?

One of our most commonly asked questions... so here goes...
Its been a very interesting year in 2024.  We expected this year to be the "year of preparation", and it has been.  Thats kind of a funny phrase but I am not sure how to put it any other way.  The market kind of "flat lined" about 18 months ago and we are now seeing an increase starting to happen. In a small way. 
Not an aggressive way.
BUT - its happening.  So we see the market preparing to begin its next wave. 
The undercurrents are starting.

Here are the STATS for the 1st 5 months of the year 2024.
Chilliwack Real Estate Market
ALL product types included

AVERAGE SALE PRICE                      - UP 3.7%

AVERAGE $/SQFT                              - UP 4.5%

AVERAGE % OF SALE PRICE            - UP 2.2%

UNIT SALES                                         - UP 13.4%
Everyone is watching and, many times, waiting for the announcements of the "overnight rate" change.  On June 5th it went DOWN .25%.  That gives some relief to the people that had a locked in varable rate for their mortgages.  It helps a bit.  The next announcement is in the 3rd week of July and the general sentiment is that it will decrease again.  So we expect to have a very busy Fall, as the pent up demand begins to turn on.  You can see from the stats that it is already starting, and it was starting before the last rate announcement.  People have become conditioned to the new rate climate.  After all, in truth, 5% isn't so bad.  
As far as DISCOUNTED Locked in RATES (which is where we all should focus right now, in my opinion, and quit allowing the NEWS to dictate our actions) we are seeing rates as low as 4.79% being promoted.  I think we should see a move in the downward direction soon in the locked in rates too.  
We will keep you updated on the stats, and as always, feel free to contact us anytime to discuss how you can either, get into the market, or move some equity to grow your wealth in Real Estate!