Chilliwack & District Real Estate Board

The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 194 units in October 2023. This was up sharply by 32.9% from October 2022.

Home sales were 27.8% below the five-year average and 28.1% below the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 2,306 units over the first 10 months of the year. This was essentially unchanged, up just 0.3% (six sales) from the same period in 2022.

“Although home sales are still running well below the long-term averages for the month of October it was nonetheless a solid showing given current economic and market conditions,” said Brad Latham, President of the Chilliwack and District Real Estate Board. “The strength in momentum from the recovery earlier in the year has somewhat subsided but is still generally moving higher compared to the end of 2022. New listings marked the second highest October in history and overall inventories are trending closer to historical norms, both of which are priming for a well-balanced market for buyers to return to once they feel more at ease with the Bank of Canada’s pause in interest rate hikes.”

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 $726,600 in October 2023, a minor increase of 2.5% compared to October 2022.

The benchmark price for single-family homes was $875,800, a small gain of 3.5% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $612,100, increasing by 2.3% compared to a year earlier, while the benchmark apartment price was $415,600, a gain of 5% from year-ago levels.

The average price of homes sold in October 2023 was $737,331, a small gain of 3.5% from October 2022.

The more comprehensive year-to-date average price was $745,055, a substantial decline of 10.3% from the first 10 months of 2022.

The dollar value of all home sales in October 2023 was $143 million, an advance of 37.6% from the same month in 2022.

The number of new listings was up by 11.2% from October 2022. There were 417 new residential listings in October 2023. This was the largest number of new listings added in the month of October in more than 25 years.

New listings were 7.4% above the five-year average and 15.4% above the 10-year average for the month of October.

Active residential listings numbered 1,100 units on the market at the end of October, a minor decrease of 2% from the end of October 2022.

Active listings were 18.1% above the five-year average and 14.4% above the 10-year average for the month of October.

Months of inventory numbered 5.7 at the end of October 2023, down from the 7.7 months recorded at the end of October 2022 and above the long-run average of 4.1 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.