Chilliwack & District Real Estate Board

The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 181 units in May 2025. This was a substantial decline of 37.8% from May 2024.

Home sales were 38.6% below the five-year average and 44.7% below the 10-year average for the month of May.

On a year-to-date basis, home sales totaled 997 units over the first five months of the year. This was a large decline of 20.4% from the same period in 2024.

“Sales momentum continued to wane in May as more buyers are moving to the sidelines,” said Emily Vernon, President of the Chilliwack and District Real Estate Board. “New listings are still coming onto the market at a steady pace, which means that inventories are continuing to build up and now stand at levels comparable to the beginning of 2015. Buyer confidence seems muted and MLS® Benchmark Prices are wavering between small year-over-year declines and increases, indicating that the market is in a holding pattern until the outlook improves or becomes more certain.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $760,400 in May 2025, up modestly by 1.4% compared to May 2024.

The benchmark price for single-family homes was $934,100, a minor increase of 2.8% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $632,900, a small reduction of 2.3% compared to a year earlier, while the benchmark apartment price was $428,800, increasing by 3% from year-ago levels.

The average price of homes sold in May 2025 was $771,351, decreasing by 7.1% from May 2024.

The more comprehensive year-to-date average price was $764,267, a modest decline of 2% from the first five months of 2024.

The dollar value of all home sales in May 2025 was $139.6 million, down sharply by 42.2% from the same month in 2024.

The number of new listings saw an increase of 10.9% from May 2024. There were 610 new residential listings in May 2025.

New listings were 1.3% above the five-year average and 5.2% above the 10-year average for the month of May.

Active residential listings numbered 1,415 units on the market at the end of May, a sizable gain of 18.6% from the end of May 2024. Active listings haven’t been this high in the month of May in more than a decade.

Active listings were 30.3% above the five-year average and 35% above the 10-year average for the month of May.

Months of inventory numbered 7.8 at the end of May 2025, up from the 4.1 months recorded at the end of May 2024 and above the long-run average of 3.9 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.