Through the past year Chilliwack experienced a sharp rise in real estate sales, and experts in the field predict that this trend will continue throughout this year and into the next.
The numbers for the area recently released by the British Columbia Real Estate Association (BCREA) for the second quarter of 2016 indicate that in May of 2016, 529 residential properties were sold in Chilliwack and the surrounding area, bringing in a total value of $219m. This is a definite increase over the 321 that were sold in May of 2015, which were valued in total at $103m.
According to data collected by the Chilliwack and District Real Estate Board (CADREB), both March and April showed brisk activity. The forecast for the rest of this year is for housing prices to rise by as much as 15.8% by the end of 2016 and a further 5.5% by the end of 2017. Companies that provide services such as sign printing may see a corresponding upswing in their business are they are called upon to produce promotional materials for the real estate market.
Cameron Muir, who is the chief economist for the BCREA, does not feel that there will be much of a slowdown in demand in the near future. Further, the BCREA expects that the levels of new housing starts will continue to climb up to and beyond the start of 2017.
Further details about Chilliwack housing market can be found in the BCRA’s housing forecast, which was released on June 2.
