Vancouver’s red hot real estate market has been raging for quite some time now, and surrounding suburbs like Langley, Abbotsford, Coquitlam and Surrey are no longer bastions of low housing prices. In fact, they haven’t been for a while. Langley house prices have been climbing for quite some time.
Langley House Prices Have Been Rising For Years
Over the last 5 years, the average price of a detached home in Langley has grown by 46%. This 5 year trend of Langley house prices hasn’t shown much evidence of slowing lately either. According to the Fraser Valley Real Estate Board’s statistics, the median price of a detached home in Langley is $832,500 up from $640,000 one year ago. This is a spectacular 30.1% jump.
With Langley house prices being so high in Vancouver proper, it is unsurprising that demand has reached epic proportions in the outer areas of the lower mainland including Langley. And the price gains are not just hitting detached homes. Townhome and apartment prices have risen by 17% and 15% in value throughout the Fraser Valley respectively.
The latest in a long line of indicators that Langley real estate prices are going through the roof comes by way of a townhome complex here, whose comparatively affordable selling prices spurred people to camp out as much as 2 weeks before the units went on sale.
These 1100 square foot townhomes were going for $389,000. This is a price which is seen as more than reasonable when compared to the $430,000 average price of a townhome. Buyers were also relieved that they would not have to encounter a bidding war, an activity which is becoming more and more common in the lower mainland, resulting in selling prices many thousands of dollars over the asking price.
There are a lot of factors contributing to this current real estate climate, but it can all be boiled down to high demand, with a lack of supply. In April of 2016 the sales-to-active listings ratio was 63%, which indicates a seller’s market.
Demand is coming from a multitude of places. Many buyers are those cashing out of the red hot real estate market of Vancouver and taking their millions further east. Then you have offshore investors who already own property in Vancouver and are looking to expand their portfolio. They are snapping up homes in Langley in multi-million dollar deals and some are even commuting to and from Vancouver via helicopter.
So if you live in Langley and you are not sure if you are interested in selling or not, it may be worth it to ask some questions and find out what you could get for your property.