The avg price in Chilliwack ↑ 5.1% yearly in August.
August avg price was $748.2K.
There were 147 sales in Chilliwack.

Chilliwack still had annual value gains in August

Chilliwack still had annual price gains in August

The avg residential price in BC was $918.4K in August, ↑ 2.1% yearly.
5,645 residential housing sales were recorded in BC, ↓ 40.8% yearly.
Total sales dollar volume was $5.2B, ↓ 39.6% yearly.
Housing activity across the province remains well below normal but is showing signs of stabilizing, according to experts.

Housing market stabilizing in BC, despite deals declining

Housing market stabilizing in BC, despite sales declining

The announcement of BC capping 2023’s annual allowable rent increase at 2% was welcome news to many renters.However, Vancouver Tenants Union members would prefer resumption of the rent freeze.This is because renters are more squeezed than ever due to the rising costs of groceries, gas, etc.
Tenants' advocates have also pushed for the province to adopt vacancy control, a system that ties rent to the unit, rather than the renter.

How BC’s capped rent hike affects landlords and tenants

The avg price in Greater Vancouver ↑ 1.8% yearly in August.
August avg price was $1.2M.
There were 1,892 sales in Greater Vancouver.
Sales number ↓ 40.9% yearly.

Greater Vancouver still had annual value gains in August

Greater Vancouver still had annual price gains in August

Metro Vancouver residents think of moving out due to unaffordable housing costs and quality of life concerns.
People most likely to leave the region are between 18-34 y.o, and residents of the City of Vancouver.
The group least likely to consider moving are residents in the southwest sub-region of Metro Vancouver.
64% of Canadians are willing to relocate if it means they can afford a home. 
Prices in the region have escalated by as much as a third compared to just before the pandemic.

Housing Affordability Issues in Vancouver

The national avg home price in Canada is forecast ↑ 4.7% yearly to $720.2K in 2022.532.5K properties are forecast to trade hands in 2022, ↓ 20% yearly.

Annual price gains are forecast to be largest in Quebec and the Maritimes.
Also, national home sales are forecast to ↑ 2.3% to 520.1K units in 2023.

Canada’s market forecasts in 2022 and 2023

Experts say  BC’S 3-day cooling-off period aimed at protecting potential homebuyers will not make a big difference in a market.
This mandatory 3-day period gives buyers time to hire a home inspector, arrange financing, etc.
Consumer protection policy would provide people making unconditional offers with peace of mind.

BC’s consumer protection policy for homebuyers

5,645 residential housing sales were recorded in BC in Aug 2022, ↓ 40.8% yearly.The avg residential price was ~ $918K, ↑ 2.1% yearly, from avg price of ~ $899K in Aug 2021.Also, the total sales dollar volume was $5.2B, ↓ 39.6% yearly.
The Greater Vancouver area saw the highest total prices in Aug, reaching $1.19M.

BC market showing signs of stabilizing

In Aug, national home sales ↓ 24.7% yearly, but just ↓ 1% MoM, which was the smallest decline after 6-mo.Along with steady MoM sales, demand/supply conditions were also more stable in many markets.
This could be an early sign that the sharp adjustment in Canadian housing markets is ending.

Is Canada's housing market adjustment ending?

BOC ↑ its key interest rate for the 5th time in 2022, to 3.25% in an attempt to curb inflation.
It ↑ 0.75% from the institution’s full percentage point hike in July to 2.5%.
COVID-19 outbreak, ongoing supply disruptions, and the war in Ukraine dampen growth and boost prices.
Also, the global inflation is rising, so central banks are responding by tightening their monetary policies.
BOC’s goal is to stabilize prices by reaching its 2% inflation target.

BOC’s goal is to stabilize prices

Repeated interest rate hikes continue to drive the market from feverish activity to more stable and “balanced” conditions.
The avg price in B.C. was $918,378 in August, ↓ 17%, but still ↑ 2.1% yearly.
While total sales dollar volumes ↓ 39.6% yearly.
BCREA still considers the market balanced between buyers and sellers.

B.C. house sales entering 'balanced market'

B.C. home sales entering 'balanced market'

BoC ↑ their policy interest rate by 75 basis points, ↑ the Overnight Lending Rate to 3.25%.BoC aims to achieve the 2% inflation target.
The benchmark price for residential properties in Metro Vancouver in Aug was ~ $1,180M.After the increase in policy interest rates, monthly mortgage payments also increased.

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Chilliwack still had annual price gains in August

Housing market stabilizing in BC, despite sales declining

How BC’s capped rent hike affects landlords and tenants

Greater Vancouver still had annual price gains in August

Housing Affordability Issues in Vancouver

Canada’s market forecasts in 2022 and 2023

BC’s consumer protection policy for homebuyers

BC market showing signs of stabilizing

Is Canada's housing market adjustment ending?

BOC’s goal is to stabilize prices

B.C. home sales entering 'balanced market'

BoC’s new policy rate affecting the Vancouver market

Localized Real Estate Videos to Win Leads using Vancouver real estate Social Media Content

Sign Up to Add Your Branding to Social Media-Ready Real Estate Videos

Chilliwack still had annual price gains in August

Housing market stabilizing in BC, despite sales declining

How BC’s capped rent hike affects landlords and tenants

Greater Vancouver still had annual price gains in August

Housing Affordability Issues in Vancouver

Canada’s market forecasts in 2022 and 2023

BC’s consumer protection policy for homebuyers

BC market showing signs of stabilizing

Is Canada's housing market adjustment ending?

BOC’s goal is to stabilize prices

B.C. home sales entering 'balanced market'

BoC’s new policy rate affecting the Vancouver market

Localized Real Estate Videos
to Win Leads using Vancouver real estate Social Media Content

Sign Up to Add Your Branding to Social Media-Ready
Real Estate Videos