To some Chilliwack may seem like a sleepy little town without much of a future. What we see is the potential of what Chilliwack will be in the coming years. Unfortunately we are not the only ones who see this potential.
We have done extensive research into the housing trends in Chilliwack. Since 1978 (which is as far back as available records of real estate sales in Chilliwack go) the average appreciation for single family homes has been 7.28% (calculated to the end of 2017). This means that on average the price of a single family home has gone up by that amount per year.
In a recent real estate investment research report (published 2013), which focuses on the fundamental economics that determine the performance of real estate values, Chilliwack was listed as one of the top 10 investment towns of BC, coming in at #8. This report points to population growth and proximity to communities further down the valley as items that will help drive Chilliwack's land values up. They also point to the effects of the major transportation developments happening in the Lower Mainland as those improvements will alter the time people will need to access other communities. As people measure their commute in minutes, not miles, those seeking good land value with a reasonable commute will continue to eye Chilliwack.
Here are a few other key economic drivers that excite us about Chilliwack:
1. One of the highest growth rates from 2001-2012 of any Census Metropolitan Area (CMA) in all of BC with a growth rate of 22.5% over that time. Chilliwack grew second fastest out of all CMA's in BC from 2006-2011 (behind Squamish). Chilliwack is expected to continue to grow at a fast rate in the coming years and is expected to top 100,000 people by 2020.
2. Due to the lower cost of living in Chilliwack it is more affordable to live in than the surrounding area (which makes is more desirable).
3. Chilliwack's population age is lower than the provincial average (which means there is room for growth).
4. Chilliwack's unemployment is lower than the provincial average and the percentage of available people working is above the provincial average (which means the economy is healthy).
5. Chilliwack has some significant neighbourhoods that are being renewed and revitalized, creating excellent purchasing, rezoning and subdividing potential.
6. Chilliwack has lower than average property taxes, with one of the lowest tax rates in the province (which makes rental properties more viable).
In August 2011, Canadian Real Estate magazine pin pointed Chilliwack as one of the "Hottest Hoods", suggesting that Chilliwack is a place that property values are set to soar. This article was focused more on the downtown core, which we are not yet certain will become fully renewed (which is why we purchase our properties on the south side of the highway at this time). Yet some of the other reasons they point to Chilliwack as being a potential hot spot are not tied to the downtown area. Low cost of living, lifestyle (access to parks, public facilities, hiking, etc.), good access to amenities (good shopping, community facilities), in migration (people moving to Chilliwack from other places), and infrastructure development will help make Chilliwack a favourable
destination for people looking for a reasonably priced area to live.
When you add the value we are able to infuse into the property by developing the land, Chilliwack looks to be a location that will provide steady growth in the years to come.