A construction worker unloads lumber at a Langley City construction site. Black Press photo

Langley housing market outperforms Lower Mainland, new study shows

Royal LePage House Price Survey shows area had highest year-over-year prices increases

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.”

READ MORE: Housing prices stall in Langley’s year-end numbers

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.”

Just Posted

Langley’s Cottoy has first regular season game as Lion

Former Rams standout takes field against Bombers

Opponents, supporters of Langley Township tree bylaw speak to council

Councillors received a mixed response to the proposed bylaw

Golden Ears Bridge at 10: Community had called for a crossing for decades

From nothing, to the Albion Ferry, to the bridge was a long wait

VIDEO: How Lloyd Rossnagel came to be know as ‘the strawberry guy’

A Langley senior creates a roadside garden. Feel free to sample.

Arboretum centre interpreted through Rotary structure

Rotary Interpretive Centre opens at Derek Doubleday Arboretum this weekend

VIDEO: Trans Mountain expansion project gets green light, again

Prime Minister Justin Trudeau announced the decision in Ottawa on Tuesday afternoon

MPs hear retired B.C. nurse’s petition to change compensation for fatal medical errors

Teri McGrath wants provinces to implement no-fault system for medical errors

Horgan says he’ll still defend B.C. coast after second Trans Mountain approval

Meanwhile, one B.C. First Nation has announced plans for a legal challenge

Metro Vancouver’s air quality could be the worst yet this wildfire season

As wildfire season approached, Metro Vancouver experts predict the air will be an issue for many

Demonstrators on either side of Trans Mountain debate clash in Vancouver

Crowd heard from member of Indigenous-led coalition that hopes to buy 51% of expansion project

Update: Multiple fires along the railway tracks in Pitt Meadows

CP rail has closed tracks while firefighters work

Grieving B.C. mom hopes Facebook message leads to new investigation into son’s Surrey homicide

Criminal Justice Branch didn’t lay charges, concluding no substantial likelihood of murder or manslaughter conviction

B.C.’s measles vaccination program gains traction in May

More than 15,000 doses of the MMR vaccine has been administered across the province

B.C. farmers concerned Agricultural Land Reserve changes choking their livelihood

Dozens voice concerns at special meeting hosted on Vancouver Island

Most Read