Vancouver's high real estate prices even effecting Chilliwack

Not too many people commute  to Vancouver from Chilliwack, but that doesn't mean the skyrocketing homes prices in the Lower Mainland hasn't had an effect out there.

This spill over means home price fluctuations in Vancouver have an effect on neighbouring municipalities, but even communities that do not include commuters to Vancouver.

This is all according to a Canada Mortgage and Housing Corporation (CMHC) report issued last week that addressed the 'spill-over effect'

None of this should be surprising to those who have witnesssed the out migration from Vancouver to the suburbs, and that includes to the most affordable real estate board area in the Lower Mainland, namely Chilliwack. But prices are rising.

Over the first 4 months this year, the average sale price of a home in Chilliwack was $439,000, up 16.3% from the $378,089 over the same period last year.

That price jump was the highest of the 12 BC real estate boards. That compares to a 6.5% increase in price to $657,015 in the Fraser Valley Real Estate Board (Abbotsford to Surrey) and an 8.8% in the Greater Vancouver Real Estate Board, by far the largest market in the province.


No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.