Langley housing prices skyrocket

Langley is far from immune to the rising cost of housing.

The real estate mania gripping the Lower Mainland reached a new pitch in May, according to Fraser Valley Real Estate Board (FVREB) statistics.

The benchmark price of a detached home in Langley rose 35.3 per cent in one year, from May 2015 to last month.

The benchmark shot up from $606,200 to $820,900.

The average price was even higher, at $907,662.

Townhouses also saw a sharp jump in price, rising 28.8 per cent year-over-year from $300,000 to $386,000.

The long period of relatively slow increases in prices for condos also seems to be over. Apartment prices rose to $229,400 from $196,300 year over year.

Average prices for condos and townhouses were higher than for detached homes.

The number of townhouses and condos sold were also increasing at a faster rate than the number of detached houses sold in Langley.

There were 222 houses sold in May this year in Langley, compared to 177 last year, a 25.4 per cent increase.

Townhouses saw a 45 per cent increase in sales, from 80 in May 2015 to 116 this May.

Condo sales almost doubled, from 56 to 109, a 94.6 per cent jump.

Home buyers were moving to townhouses and apartments in record numbers, said FVREB president Charles Wiebe

“This year, so far, is the busiest those markets have ever been,” he said.

 

 

 

 

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