Chilliwack real estate market slowed by flooding – Abbotsford News

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For months people have been wondering, ‘What’s it going to take to slow down the Chilliwack real estate market?’

The answer? Catastrophic flooding.

According to the latest statistics from the Chilliwack and District Real Estate Board, 304 homes sold in November. With Vancouver-based buyers cut off from the eastern Fraser Valley market, that number was down substantially from the 375 sold at this point in 2020.

Construction has also been disrupted by flooding. With supply routes disrupted, new construction has slowed, and completion times on new homes have been pushed back. That’s contributing to record-low inventory, which limits the volume of sales but keeps prices high.

“That’s not expected to rise anytime soon, at least until the flooding situation improves,” said CADREB president Steve Lerigny.

The average price of a single-family (detached) home hit $994,230 in November, after settling in at $916,289 one month ago.

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