Located just outside of Vancouver, Chilliwack has a robust agricultural, industrial, and booming business sector. Due to continuing lower taxes and respected quality of life, housing purchases have been increasing in this city year after year.
Chilliwack is considered the top 3 fastest growing markets for new construction homes in BC. This is for two main reasons. High employment rate within the local market and foreign investments. Chilliwack has always attracted multiple types of development in the commercial and agricultural sectors. Now, most of these developers have made Chilliwack their home which has naturally increased the number of new construction homes in the city.
Considered part of the Fraser Valley region, the city of Chilliwack contains developing areas and established large communities. An increase in population and a growing multi-ethnic economy is increasing the overall new housing growth of this region, especially when compared to the previous 7 years.
Due to its medium-range housing price, Chilliwack is considered a great area for the first-time home buyer and entry-level to mid-range investors. The Chilliwack municipalities are actively taking part in making sure the housing market here stays stable for good. Unlike the high-end housing prices of Vancouver. Which makes Chilliwack a city that has a proven history for successful investing especially in the $534,332 to $3,234,343.00 price range.
The demographics of Chilliwack are slightly different than Vancouver and other major cities in BC. With the majority of the population being local and 15% of Asian and South Asian descent, Chilliwack is also considered a good buyer’s market for foreign or new immigrant investors.
Most of Chilliwack is moving towards much more dense housing types. This includes multiple styles of housing including townhomes, detached homes, condos, ranchers, etc. Since a 279% increase in population that started from the 60s, single-family homes have been shifted to multi-family homes. This trend seems to continue as permits for multiple family homes have surpassed any other types of housing permits. This also includes secondary homes.
Although the highest growth has occurred in the condo sectors, census data has shown this will only continue for the next 5 years until it resets again. Although single-family homes by far outpace multifamily housing, both are very important for investors and first-time home buyers alike.
However, due to limitations presented by the current topography of Chilliwack, single-family homes have dramatically risen in prices. The average price for a single-family home has risen by 30% in the last 3 years.
Which is great news for first-time and experienced investors. The CMHC (Canada Mortgage and Housing Corporation) predicts the pricing of new construction homes will continue to rise. This increase has led to high demand and almost rapid construction of multi-family housing which contains secondary suites.
Since most of the homes being developed are single and multi-family homes, it has created a very diverse investor-friendly market. New home developments in Chilliwack are one of the broadest and diverse. This is presenting multiple opportunities for mid and high-level investors to purchase real estate products at various mortgage rates.
New home developments in Chilliwack has been and will continue to be influenced by the changing demographics of the city. It is predicted that within the next 20 years, the large baby-boom population in the city will be in their 60s. This will create a buyer’s market as demands for housing will change.
Although the overall population will remain in the 18-34 bracket, the family housing space still continues to be the leading type of real estate development.
The long-term growth of the housing market in Chilliwack is expected to grow by 23% annually.