The market has gotten more competitive in the last month. This is mainly due to the lack of inventory and too many buyers. There are currently only 352 listings in the Chilliwack area. There multiple offers on most detached properties, along with bidding wars. We are starting to see sale prices going $50,000 – $100,000 over asking price on average for detached homes. The average days on market are only 27 days. Chilliwack has seen an 24.2% increase in prices for detached homes when compared to last year at this time. It is definitely a seller’s market and everything is selling for close to asking price or above asking price in the case of popular detached listings that are priced well. 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!