Langley homebuyers snapped up houses in June

Langley’s market for single family homes was supercharged in June, with sales up more than 150 per cent compared to the same month a year earlier, according to data released this month by the Fraser Valley Real Estate Board (FVREB).

Across the region, prices and sales were trending upwards in June, part of a rebound that began in the spring after a long decline in sales, and then prices, through most of 2022 and into early 2023.

“As seen in recent months, prices continue to trend upward, with lack of supply and high demand for housing,” said Narinder Bains, chair of the FVREB. “What we’re seeing is sales increasing, with buyers entering the market despite current financial implications of anticipated rate hikes.”

The Bank of Canada has repeatedly increased interest rates this year to combat persistent inflation, and is expected to raise the key overnight rate another quarter point, to five per cent, this July. That will again raise the cost of borrowing for new homebuyers with a mortgage.

In Langley in June 163 detached houses changed hands, up 150.8 per cent from the 65 that were sold in the same month in 2022, and a 46.8 per cent increase over the 111 houses that were sold in May.

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Townhouses and condos saw less dramatic increases.

There were 107 townhouse sales in Langley in June, up 18.9 per cent from 90 a year ago, and 15.1 per cent from 93 in May.

Condos remained popular, with 133 changing hands in June, up 46.2 per cent from 91 sales year-over-year, while dipping 10.7 per cent from the 149 units that were sold in May.

Prices are rising, but remain below the peak levels reached in late 2021 and early 2022, before interest rate rises and slow sales began to bite.

The benchmark price for a detached house in Langley was $1.61 million in June, up 2.3 per cent from May, but still 10 per cent below the price in June of last year.

The benchmark price for a townhouse was $840,000 in June, a 2.4 per cent increase month-over-moth, and 9.8 per cent less than in the same month last year.

Condos were going for $605,300, a 3.6 per cent increase compared to May, but still 4.7 per cent below the price in June 2022.

The average price for a detached house across the Fraser Valley region, which runs from North Delta through to Abbotsford, was just over $1.6 million.

It peaked at about $1.9 million during the housing mania that began in late 2020 and continued through 2021, then abruptly plunged to just over $1.3 million during the slump that began in 2022. It has now rebounded upward almost as sharply.