Million-dollar homes used to be a rarity in local real estate, but last month more than 30 were snapped up by buyers looking at the top-end of the market in the Chilliwack and District Real Estate Board (CADREB) area.
With 391 sales selling for an average price of $616,857, October 2020 was another record-breaking month for sales following a similarly hot summer.
Of those 391 sales, 208 were single family homes and of the 30 homes sold over $1 million, three were over $2 million.
“What a million dollars can buy you in greater Vancouver versus what you can buy in the Chilliwack area is night and day,” according to CADREB president Kim Parley. “In general, with the increasing ability to work from home, a nice home with a yard is attainable to those living in the Metro areas, as is the opportunity to buy that first condo.”
Realtors continue to see the unexpected side effect of the COVID-19 pandemic is hot sales in the local market.
“The trend to working more safely from home continues to see strong investment in local real estate with increased affordability, more space and an attractive lifestyle being big draws,” according to a CADREB press release.
• READ MORE: Record September real estate sales in Chilliwack and surrounding area
• READ MORE: Skyrocketing August home sales in Chilliwack and surrounding area
The highest number (39) of October sales were in the $500,000-to-$549,999 range, followed by 34 sales in the ranges just below and above.
What is missing is inventory. With only 811 active listings as of Oct. 31, a number of home sales last month closed at beyond asking price.
The average selling price of a single-family home last month in the CADREB area – which includes Chilliwack, Cultus Lake, the Chilliwack River Valley, Agassiz, Harrison Hot Springs, Hope and the rural areas in between – was $695,116, while townhouses were $496,924, and apartments $306,294.
The hot sales aren’t exclusive to the CADREB area, however, as sales in the Fraser Valley Real Estate Board hit an all-time high last month as well.
• READ MORE: Property sales hit an all-time record for October, says Fraser Valley Real Estate Board
Blanket drive takes on new look
The annual CADREB Blanket Drive will take place on one specific day this year, and just requires a drive-thru.
Gently used (or new) blankets, warm clothing, or new socks and underwear can be dropped off on Saturday, Nov. 21 from 10 a.m. to 4 p.m. at 45495 Luckakuck Way (old Sears parking lot), and a volunteer will take the items.
Donors are asked to ensure all used items have been freshly laundered (for safety, as they will be cleaned again) and face coverings should be worn.
Also, non-perishable food items are also welcomed at that time, for the Salvation Army Community food Bank.
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