A new survey shows that while house price hikes in Greater Vancouver have slowed considerably, the Langley area is outperforming most of the region.
According to the Royal LePage House Price Survey released Friday, aggregate home prices in Greater Vancouver increased 2.1 per cent in the fourth quarter to $1,274,831, compared to the same period last year.
Langley’s aggregate home price witnessed one of the highest increases of any region within Greater Vancouver, rising 2.4 per cent year-over-year to $1,015,021.
There are higher inventory levels and less transactions in the housing market, said Randy Ryalls, general manager of Royal LePage Sterling Realty, with “a significant reduction in the number of sales across all housing types.”
Condominiums increased 4.6 per cent to $680,991. Meanwhile, the median price of a two-storey home grew at a moderate pace, rising 2.9 per cent to $1,599,785. However, the median price of a bungalow decreased 1.4 per cent to $1,402,002.
“While the condo market is showing balance, in contrast, sales activity within the detached housing market has slowed down considerably and is firmly in a buyer’s market,” Ryalls said.
He said tighter mortgage qualifying regulations “have severely attenuated the purchasing power of interested buyers.”
A report by BC Assessment showed that as of July 1, 2018, residential, business, and light industrial property in the Township was all up.
In Langley Township, detached housing values rose by six percent, hitting $972,000 average assessed value. Overall housing values, including condos and townhomes, were up 8.17 per cent.
Langley City single-family-home values rose seven per cent, to $862,000 in 2018. The overall residential increase was 14.39 per cent in the City.
That’s actually a slowdown from the assessments released last year when residential values overall had increased in Langley Township by 17.29 per cent.
“The majority of residential home owners within the Fraser Valley can expect a modest change compared to last year’s assessment,” said Fraser Valley deputy assessor Brian Smith.
“As of July 1, we continued to see strong market activity in the strata residential market throughout the region, where as the single family residential market was relatively stable.”