Local real estate sales last month were the lowest in well over a decade, lower even than during the recession in 2008 to 2009.
At just 159 sales in the Chilliwack and District Real Estate Board (CADREB) area for April 2020 – an area that includes Chilliwack, Cultus Lake, Agassiz, Harrison Hot Springs, Hope – that’s down 43 per cent for the same month last year (280), and is down 44 per cent over the 10-year average of 285.5
It is the lowest number in at least the last 14 years, according to available data on CADREB’s website.
Prices, however, remain relatively unchanged with the average selling price last month at $523,287 compared to $534,684 a year ago.
The 280 sales in April 2019 itself seemed low compared as it was to the 361 sales in April 2018. That number a year ago blamed on the then-new mortgage stress test implemented by the federal government to cool an over-heated real estate market.
• READ MORE: Mortgage stress test continues to hinder Chilliwack real estate sales
Last month just 86 single family homes sold, 42 townhouses, 22 apartments, five mobile homes, and four houses with acreages.
The average selling price for a single family home was $628,109 down from $643,644 year over year. The average townhouse sale price was $455,871, slightly up from $446,610 in April 2019. And the average apartment sold for $249,445 compared to $259,204 one year ago.
Across the country, the predictions from the Canada Mortgage and Housing Corporation (CMHC) is for a prolonged period of real estate prices weakening due to the COVID-19 pandemic with a return coming not sooner than late 2022.
• READ MORE: Home prices won’t recover from COVID for at least 2 years, CMHC says
Year – CADREB April real estate sales – Average selling price
2020 – 159 – $523,287
2019 – 280 – $534,684
2018 – 361 – $533,020
2017 – 372 – $460,388
2016 – 530 – $410,652
2015 – 281 – $334,478
2014 – 240 – $297,548
2013 – 193 – $292,811
2012 – 241 – $298,420
2011 – 198 – $297,870
2010 – 233 – $317,700
2009 – 188 – $272,239
2008 – 267 – $325,824
2007 – 300 – $291,192
Do you have something to add to this story, or something else we should report on? Email: paul.henderson@theprogress.com
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