By Janet Chen, Financial Reporter | Chilliwack Today | May 16, 2025
The Chilliwack housing market continues to reflect a cautious approach from both buyers and sellers as we move through spring 2025, according to the latest data from the Chilliwack and District Real Estate Board.
Market Activity Shows Significant Cooling
April saw just 229 homes change hands through the MLS® System in Chilliwack and District, marking a substantial 18.5% decline from the same month last year. This puts current sales activity 30% below the five-year average and 31.3% below the 10-year average for April.
The year-to-date numbers tell a similar story, with the 817 units sold in the first four months of 2025 representing a 15.1% decrease compared to the same period last year.
“Sales and listings were both downbeat in April as buyers and sellers alike seem to be in no rush to get back into the market,” said Emily Vernon, President of the Chilliwack and District Real Estate Board. “With the Canadian election now in the rearview, there is hope that with greater clarity on domestic policies and the possible resolution or productive negotiations on the trade front that consumers may regain some of their confidence with respect to the medium term outlook.”
Local mortgage experts are noting similar patterns in client behavior. Jordi, a top peforming Chilliwack Mortgage Broker at Browne Mortgage Broker + More, told Chilliwack Today that while interest remains high, commitment has slowed.
“We’re seeing plenty of potential buyers exploring their options and getting pre-approvals, but there’s definitely a more measured approach to actually making offers,” Browne explained. “People are attending open houses and researching neighborhoods, but many are waiting for stronger economic signals before pulling the trigger.”
This local slowdown mirrors broader trends observed across the Fraser Valley, where total sales increased just 1% from March while dropping 29% year-over-year, according to the Fraser Valley Real Estate Board.
Price Stability Despite Slowing Sales
Despite the decreased activity, Chilliwack home prices have remained remarkably stable and even shown modest growth in some segments:
- The overall MLS® HPI composite benchmark price was $764,200 in April 2025, up 1% compared to April 2024
- Single-family homes saw a benchmark price of $936,400, essentially unchanged with a 0.9% year-over-year increase
- Townhouse/row units reached a benchmark price of $645,600, up 1.6% from a year earlier
- Apartment prices showed the strongest growth at $425,000, increasing 3.8% from year-ago levels
The average sale price in April was $820,889, reflecting a 6.7% increase from April 2024, while the year-to-date average price remained virtually flat at $763,537.
These figures show Chilliwack continuing to offer significantly better value than many Fraser Valley communities, with the overall benchmark price well below the Fraser Valley average of $972,700.
Inventory Climbing to Five-Year Highs
Perhaps the most notable shift in the Chilliwack market is the steady accumulation of listings. Active residential listings climbed to 1,203 units at the end of April – a 4.5% increase from last year and the highest April inventory level in more than five years.
This growing inventory represents:
- 21.2% above the five-year average
- 25.6% above the 10-year average for April
The months of inventory – a key measure of market balance – now stands at 5.3 months, up from 4.1 months a year ago and well above the long-term average of 3.4 months for this time of year.
New listings also declined significantly, down 16.6% from April 2024, with 507 new residential properties coming to market. This suggests that while inventory is building, it’s primarily due to slower sales rather than an influx of new sellers.
What This Means for Chilliwack Residents
First-Time Homebuyers
With the benchmark apartment price at $425,000 (up 3.8% year-over-year), Chilliwack continues to offer entry-level options that have become increasingly rare in other Fraser Valley communities. The abundant inventory means first-time buyers can take their time to find the right property without facing intense competition.
Many see this as an advantage for first-time buyers who previously felt rushed.
“The current environment gives first-time buyers breathing room to make careful decisions,” Browne told Chilliwack Today. “We’re helping many young professionals and families in Chilliwack find financing solutions that match their long-term goals rather than rushing into decisions based on FOMO or market pressure.”
Browne points out that many first-time buyers are using this slower market to secure properties that would have seen multiple offers in previous years.
Move-Up Buyers
For those looking to move from a condo or townhouse to a single-family home, the narrow price growth gap between housing types presents interesting opportunities. With single-family homes showing the lowest year-over-year price growth (0.9%) compared to townhouses (1.6%) and apartments (3.8%), the “step up” to a detached home may be more achievable than in previous years.
Sellers
While the market has undoubtedly shifted to favor buyers, properly priced homes in desirable Chilliwack neighborhoods continue to sell. The average days on market for April was approximately one month – longer than during the height of the market but still reflecting reasonable timeframes for properly prepared properties.
Local real estate experts recommend consulting with professionals familiar with specific Chilliwack neighborhoods to develop accurate pricing strategies in this more competitive selling environment.
Economic Factors at Play
Several key factors continue to influence buyer and seller behavior in Chilliwack:
- Trade Tensions: Ongoing Canada-US trade disputes have created economic uncertainty, particularly in regions like the Fraser Valley where cross-border commerce is significant.
- Post-Election Adjustment: With federal elections now concluded, the market is waiting to see how new policies might impact housing and the broader economy.
- Interest Rate Environment: While the Bank of Canada has begun its cutting cycle, many potential buyers are waiting to see if more substantial reductions might come before making major purchase decisions.
- Local Employment Considerations: Chilliwack’s economy includes agriculture, manufacturing, healthcare, and education, offering some insulation from broader economic concerns. Still, cautious consumer sentiment remains prevalent.
Looking Ahead: Potential for Market Rebound
Market analysts and local real estate professionals suggest that the current slowdown could be setting the stage for increased activity later in 2025 if economic conditions improve.
“What we’re seeing is likely a temporary pause rather than a fundamental shift in Chilliwack’s housing market,” Jordi Browne from Browne Mortgage Broker + More told Chilliwack Today in an exclusive interview. “The region continues to offer tremendous value, quality of life, and all the amenities families need. Once economic uncertainties clear, we anticipate that the substantial inventory currently available will attract buyers looking for opportunities in our community.”
Browne points to historical patterns following periods of market hesitation, where accumulated demand often leads to surges in activity once confidence returns.
“We’ve seen this cycle before – periods of caution followed by renewed interest,” he explained. “The difference now is that buyers who decide to move forward during this slower phase have significantly more negotiating power and selection than we’ve seen in years.”
For those interested in learning more about how these market conditions might affect their specific situation, local mortgage professionals recommend scheduling a consultation to review options and develop strategies tailored to individual circumstances.
For Chilliwack Today’s complete real estate coverage, visit our Housing & Real Estate section. Readers looking for personalized mortgage advice can contact Browne Mortgage Broker + More at their Chilliwack office at 604-795-2933.
