Chilliwack is expected to do well in 2017

(February 20, 2017 )

Ozzie Jurock says Chilliwack is expected to do very well in 2017!

"As the rest of the Lower Mainland saw housing sales and prices slide over the past few six months, Chilliwack has posted sales increases and seen a dramatic jump in values. It is all tied to Chilliwack’s ability to plan for and attract big public and private sector employers who can deliver big-city wages in a town with low housing prices.

Since 2004, through smart civic planning and incentives, Chilliwack has landed facilities for the Canada Border Services Agency, the Canadian Police College, the RCMP Pacific Region Training Centre as well as a satellite campus for the University of the Fraser Valley. Private sector employers Convergys and trailer-maker Tycrop Manufacturing now also have a major footprint in the city. This month, Molson Coors will break ground on its new brewery on a 36-acre site just off Highway 1 in Chilliwack. The new beer plant will employ 200 union-wage workers, many of them relocating from Molson Coors’ Vancouver brewery site on Burrard Street that was sold in 2015 for $185 million to a developer.

Chilliwack provides job-generating industrial developers with a five-year property tax break.

The result has been a steady stream of people moving into Chilliwack from the western Lower Mainland, local real estate agents say. Chilliwack’s average detached house price is around $550,000, compared with $2 million in Vancouver. Its composite home price is $432,000, compared to $858,000 in Metro Vancouver and $626,00 in the Fraser Valley.

In January, Chilliwack posted 88 detached house sales. The City of Vancouver had 89. Chilliwack also had the highest home price increase in the province, up 38% from a year earlier.

In January, Chilliwack posted $78.6 million in sales: 57% were detached houses, 23% townhouses and 9% apartments.

Of the 182 sales in January, the highest number (39) sold were in the $400,000 to $499,999 range, followed by 29 sales in the $350,000 to $399,999 range. There were 17 sales over the $700,000 level, and only three over $1 million, said the Chilliwack and District Real Estate Board.

Major Point: Chilliwack’s success is showing some strain due to a shortage of homes for sale. Multiple bids are being seen, agents say, though the bidding is not going crazy, about $2,000 to $5,000 over ask for detached houses."