{"id":16541,"date":"2020-10-06T10:10:00","date_gmt":"2020-10-06T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16541"},"modified":"2020-10-01T08:14:01","modified_gmt":"2020-10-01T15:14:01","slug":"fvreb-56-chilliwack-56-home-sales-were-up-as-price-increases-hit-double-digits","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/10\/fvreb-56-chilliwack-56-home-sales-were-up-as-price-increases-hit-double-digits\/","title":{"rendered":"FVREB (56%) &#038; Chilliwack (56%) Home Sales Were Up as Price Increases Hit Double-Digits"},"content":{"rendered":"<p style=\"text-align: justify;\">The Fraser Valley, including Chilliwack, posted impressive sales increases in August as total home sales across BC soared from the same month a year earlier.<\/p>\n<p style=\"text-align: justify;\">BC home sales rose nearly 43% in August, year-over-year, according to the British Columbia Real Estate Association (BCREA), and were up 55.9% in the Fraser Valley and 63% higher in Chilliwack.<\/p>\n<p style=\"text-align: justify;\">Seasonally adjusted sales have continued their sharp V-shaped recovery after dropping off steeply during the height of the COVID-19 pandemic, the BCREA notes. Strong sales are expected to continue through this fall, with total higher sales expected this year than in 2019, despite a global pandemic.<\/p>\n<p style=\"text-align: justify;\">Sales recorded on the Multiple Listing Service (MLS) in August were up 42.8% year-over-year. The increase follows similar double-digit gains in July (26.6%) and June (16.9%). Sales were down more than 45% in May and by nearly 51% in April, year-over-year.<\/p>\n<p style=\"text-align: justify;\">\u201cVery strong provincial home sales continued in August,\u201d noted British Columbia Real Estate Association (BCREA) chief economist Brendon Ogmundson.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile pent-up demand from the spring is driving much of the increase, we anticipate a sustained strong level of sales through the fall.\u201d<\/p>\n<p style=\"text-align: justify;\">Sales in Greater Vancouver rose by 38.4% year-over-year for the month of August. The average home price rose 10.6% in Greater Vancouver, to $1.07 million, and 14% in the Fraser Valley, to $820,585. The average Chilliwack home price is up 14% to nearly $587,000.<\/p>\n<p style=\"text-align: justify;\">Across BC, the average MLS residential price increased 12.7% to just over $771,000 last month, compared to August 2019.<\/p>\n<p style=\"text-align: justify;\">The biggest year-over-year price increase is in the South Okanagan, where average home prices surged 32.7% to $539,451; and in Central Okanagan, including Kelowna, where the average home price is now $636,431,up 23.2% from August of 2019.<\/p>\n<p style=\"text-align: justify;\">The latest data published by the BCREA also shows that the August sales dollar volume rose 61.1% to $7.8 billion.<\/p>\n<p style=\"text-align: justify;\">For the first eight months of 2020, the total BC sales dollar volume is up 15.8% to $40.4 billion, compared to a year earlier.<\/p>\n<p style=\"text-align: justify;\">The BCREA noted that active listings remain down 10% across the province, with some markets even more under-supplied, which has led to higher home prices.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2020\/09\/fraser-valley-home-sales-increase-leads-province\" target=\"_blank\" rel=\"noopener noreferrer\">Fraser Valley Home Sales Increase Leads Province<\/a> by Western Investor | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Fraser Valley, including Chilliwack, posted impressive sales increases in August as total home sales across BC soared from the same month a year earlier. BC home sales rose nearly &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/10\/fvreb-56-chilliwack-56-home-sales-were-up-as-price-increases-hit-double-digits\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-16541","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FVREB (56%) &amp; Chilliwack (56%) Home Sales Were Up as Price Increases Hit Double-Digits &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/10\/fvreb-56-chilliwack-56-home-sales-were-up-as-price-increases-hit-double-digits\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FVREB (56%) &amp; Chilliwack (56%) Home Sales Were Up as Price Increases Hit Double-Digits &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The Fraser Valley, including Chilliwack, posted impressive sales increases in August as total home sales across BC soared from the same month a year earlier. BC home sales rose nearly &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/10\\\/fvreb-56-chilliwack-56-home-sales-were-up-as-price-increases-hit-double-digits\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/10\\\/fvreb-56-chilliwack-56-home-sales-were-up-as-price-increases-hit-double-digits\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"FVREB (56%) &#038; 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