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

Charges upgraded against mother of murdered Langley girl

Kerryann Lewis now faces first- rather than second-degree murder in the death of Aaliyah Rosa.

New homes for old dogs

Langley event has high number of senior dogs up for adoption

WATCH: Farm Country Brewing in Langley City expected to open in summer

Farm Country Brewing is currently under construction and is planned to open in summer 2019.

Dr. Keith Lamont, founder of Langley Community Music School, passed away at age 89

Dr. Keith Lamont’s funeral service is on Jan. 20 at the Langley Community Music School

South Langley centre offers seniors an array of activities

Members decide which courses and activities are offered at the Brookswood Seniors Centre.

Self serve doggy-wash poised to change dog grooming industry

Add money, start spraying to wash dog in the K9000

No winning ticket in $10 million Lotto Max jackpot

No win in Friday night’s draw means the next Lotto Max draw will be approximately $17 million

Scientists ID another possible threat to orcas: pink salmon

For two decades, significantly more of the whales have died in even-numbered years than in odd years

Burnaby byelection turmoil sparks debate about identity issues in politics

The Liberals still have not said whether they plan to replace Wang, who stepped aside Wednesday

B.C. woman planned to donate a kidney to her husband, then found out she has cancer

Richard Stuart needs a kidney, his wife Tracy has been diagnosed with cancer

15 to 20 cm of snow to fall on Coquihalla

Kelowna - A snowfall warning is in effect for the highway from Hope to Merritt

Rookie Demko backstops Canucks to 4-3 win over Sabres

Young Vancouver goalie makes 36 saves to turn away Buffalo

UPDATE: Injured firefighter in stable condition

Kelowna fire crews responded to a blaze at Pope’sGallery of BC Art & Photography on Friday

Book a ride on a driverless shuttle in Surrey or Vancouver

Automated vehicle demos are being offered, as the two cities plan pilot projects with the shuttles

Most Read