The market is still doing well but things are starting to level out a bit in Chilliwack, mainly due to the low inventory. There are currently only 597 listings in the Chilliwack area. Sales are down 13.9% compared to July 2020. This summer market started out really strong, but things have started to slow down a bit. The bidding wars have calmed down significantly. There are still multiple offer situations happening but it is far less than it was in February and March. The average days on market are only 23 days. Chilliwack has seen an 29.3% increase in prices for detached homes when compared to last year. It is still a seller’s market and everything is selling for asking price or slightly below in most instances. It is a great time to get into the market because interest rates are still fairly low, which means you can qualify for much more and your monthly payments are significantly less. If you have any questions about the increase in the stress test and how this will affect your buying power, feel free to reply to this email or give me call/text at 604-812-1326. I would love to hear from you!
If you are thinking about getting into the market give me a call and we can chat further about your options!