Langley home sales down, but stronger than neighbours

Prices and sales are down across the board for homes.

Sales are up from a dismal January, but prices are still down in several communities, according to home sale statistics released by the Fraser Valley Real Estate Board.

Across the region, which runs from North Delta through to Abbotsford, there were 982 sales of houses, townhouses, and condos in February, up 25.3 per cent from January, typically one of the slowest months of the year for home sales.

However, sales were still down 29.1 per cent compared to the 1,385 homes that sold in February of 2018.

The average price across the region dropped 9.6 per cent year over year.

“With inventory continuing to build, and prices softening across many of our areas and property types, buyers will be well positioned to make a move this spring,” said new FVREB president Darin Germyn.

In Langley, home sales were down across all types.

Just 59 single family homes sold in February, a 28 per cent drop from last year. There were 53 townhouse sales, down 24.5 per cent, and 63 condos sold, a drop of 12.5 per cent.

Both the benchmark and median prices for detached homes were down slightly from last February, and both were just below $1 million.

The benchmark price for a townhouse was $486,100, down 4.4 per cent, while the benchmark price for a condo only declined 2.1 per cent, to $415,200.

Langley outperformed most of its neighbours, including Surrey (sales down 31.9 per cent) North Delta (33.3 per cent) and White Rock (52.5 per cent).

All of Metro Vancouver has seen steep sales drops since last spring, when a slowdown hit after several years of high sales and rapid price increases.

Prices began to slip late last year.

Just Posted

Langley’s James Allenby is king of the links at RBC Canadian Open Regional Qualifier

Carded a bogey-free 7-Under 65 to take medallist honours.

Cupcakes against cancer: Langley parents rally to help family

Christine Tulloch, a crusader against cancer, has suffered a third relapse

Aldergrove chef sentenced to seven years for million-dollar drug operation

Raymon Ranu has been working as a cook since he was arrested for selling fentanyl and cocaine

Anti-gang forum aimed at helping Langley parents keep teens safe

Preventing gang recruitment is the focus of a forum to be held next week

Langley Blaze display depth despite temporary loss of pitchers

Injury and invitation to play for Team Canada leave team down three

Killer of Calgary mother, daughter gets no parole for 50 years

A jury found Edward Downey guilty last year in the deaths of Sara Baillie, 34, and five-year-old Taliyah Marsman

Raptors beat Bucks 120-102 to even series at 2-2

Lowry pours in 25 as Toronto moves within two games of NBA Finals

Body of missing snowmobiler recovered from Great Slave Lake

Police confirm the body is that of one of three missing snowmobilers

Toddler seriously injured after falling from Okanagan balcony

RCMP are investigating after a two-year-old boy fell from the balcony of an apartment in Kelowna

Cost jumps 35% for Trans-Canada Highway widening in B.C.

Revelstoke-area stretch first awarded under new union deal

Is vegan food a human right? Ontario firefighter battling B.C. blaze argues it is

Adam Knauff says he had to go hungry some days because there was no vegan food

Winds helping in battle against fire threatening northern Alberta town

Nearly 5,000 people have cleared out of High Level and nearby First Nation

Man pleads guilty in Surrey crash that killed two Abbotsford women

Sarah Dhillon and Paige Nagata died following head-on collision on Nov. 4, 2018

Most Read