Chilliwack & District Real Estate Board

The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 148 units in December 2024. This was an increase of 12.1% from December 2023.

Home sales were 19.2% below the five-year average and 19.7% below the 10-year average for the month of December.

On an annual basis, home sales totaled 2,757 units over the course of 2024. This was a moderate gain of 6.5% from 2023.

“Thanks to a gradual and sustained recover in 2024, annual home sales came in above levels from the previous two years and established solid momentum going into 2025,” said Steven Kelly, President of the Chilliwack and District Real Estate Board. “There’s still a moderately high level of inventory to work through and our market is firmly in the middle of balanced territory, so even if current trends hold steady we don’t expect to see strong price growth in the short term. That said, with interest rates still on their way down and new mortgage rules that should be supportive of demand, our spring market will provide a better lens on what the rest of the year might shape up to be.”

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 $732,200 in December 2024, a modest gain of 1.6% compared to December 2023.

The benchmark price for single-family homes was $893,100, up modestly by 1.7% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $626,500, an increase of 4.9% compared to a year earlier, while the benchmark apartment price was $405,100, a small gain of 2.2% from year-ago levels.

The average price of homes sold in December 2024 was $783,840, edging down 0.1% from December 2023.

The more comprehensive annual average price was $768,377, a modest gain of 3.3% from all of 2023.

The dollar value of all home sales in December 2024 was $116 million, up by 12% from the same month in 2023.

The number of new listings saw a decrease of 4.8% (eight listings) from December 2023. There were 160 new residential listings in December 2024.

New listings were 6.9% below the five-year average and 3.3% below the 10-year average for the month of December.

Active residential listings numbered 792 units on the market at the end of December, a moderate decrease of 5.4% from the end of December 2023.

Active listings were 27% above the five-year average and 27% above the 10-year average for the month of December.

Months of inventory numbered 5.4 at the end of December 2024, down from the 6.3 months recorded at the end of December 2023 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.