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.

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