‘Uncharted territory’ in our ‘microclimate’: Chris & Teresa's Story

Real Estate in qathet: A journey through the real estate market

BY PIETA WOOLLEY

One year ago – a century ago, in real estate terms – Chris and Teresa Reimer were feeling pretty content. Eight years before, the couple bought their first home, a “crack shack hoarder house” in Agassiz, and were reaping the reward for gutting and re-finishing the $225,000 property – a two-year-long project they’d hammered and drywalled and painted themselves.

Finally, their three children had a solid, stylish home to grow up in. Property values in the Fraser Valley soared, as bidding wars became the norm. In fact, the Chilliwack market (where Agassiz is) was second to only qathet during COVID, for BC’s wildest, skyward ride.

Chris and Teresa’s vision, risk, hard work and the kooky COVID market meant they were sitting on a property inching ever closer to $1 million. Little did they know they were on the very, tippy top of an enormous real estate roller coaster.

That July, Chris and Teresa ripped the grass out and deck down, in preparation to finish the last of their home’s renovations.

But in later July, their plans changed. The Powell River Ambulance Service offered Chris a job here in town. The paramedic had grown up in Cranberry, and the family always hoped to move back to qathet, if they could find jobs. Here was a job. He was due to start work here in just three months.

The couple’s Agassiz real estate agent suggested they finish the renovations before listing their house.

“August was a sticky hot mess,” Chris recalled. “We got everything done in just under five weeks – the exact five weeks when the market dropped.”

By the time they listed their home August 29, the $849,000 their agent had recommended was a price of the past. In July, that amount had seemed low enough to spark a bidding war. Five weeks later, it was far too high to attract buyers.

After the Bank of Canada boosted interest rates in September, Chris and Teresa dropped the price. Again. And again. And again. Five times in two months.

“We definitely lost some sleep,” said Teresa. Finally, an offer came in subject to the sale of the buyer’s house; for a month, they waited for that condition to lift, but it never did. “Almost nothing was selling in Agassiz or even Chilliwack. We were questioning our choices. Nothing was going well.”

The pressure weighed heavily on the family because, as Chris said, “this was our life savings.”

With their house still unsold in early October and Chris’ paramedic job starting, the family had no choice but to move to qathet. No appropriate rentals were available. So they moved into the basement of high school friends – the couple, their 15-year-old son, and 13-year-old daughter.

“We didn’t want to buy a house here without knowing how much our house there would sell for,” Teresa explained, noting that both markets were increasingly topsy-turvy through the fall. Where would prices land?

For Chris and Teresa Reimer, the newly softened qathet market meant they were able to buy here within their budget, and without a headache.

Their Agassiz home sold for just over $700,000 in January. Here, they bought a Westview home, without a bidding war, in February. By the time this magazine comes out, the family of five will be moved in. Chris is working as a paramedic. Teresa is working as an administrator. Their younger two teens are going to Brooks, and their eldest child has moved here and is looking for a job in the service industry. They win, and qathet wins, too.

“I’m happy,” said Teresa. “It’s been an overwhelming and long process.”

“We’re very glad to be here,” said Chris. “If we had advice it would be: have patience, find a realtor you mesh with and understands what you want, and trust the process.”