The number of new homes that have started construction in Langley Township and City so far this year is down significantly from 2023 numbers, according to data from the Canada Mortgage and Housing Corporation (CMHC).
From January to the end of October 2024, there were 1,985 housing starts in the Langleys. That compares to 2,724 in the same period of time in 2023.
Langley City saw 390 housing starts, down from 526 the previous year, and Langley Township saw 1,595, down from 2,198 the previous year.
However, a reduction in the total number of housing starts from last year's numbers may only bring the local construction boom back down closer to the average after a recent high point.
According to CHMC historical data, 2023 was the peak year for actual housing starts in Langley, with 3,146 homes starting construction.
Over the past decades, housing starts in Langley have risen sharply as the building boom intensified. Numbers combine Langley City and Township data:
2014: 1,301 homes
2015: 1,497 homes
2016: 1,415 homes
2017: 2,083 homes
2018: 1,584 homes
2019: 2,561 homes
2020: 2,703 homes
2021: 2,067 homes
2022: 2,288 homes
2023: 3,146 homes
If Langley continues on its current pace, it will still likely see more than 2,000 housing starts this year, putting it roughly on par with the construction levels of the last decade, if far lower than last year's very high peak.
Housing starts show the number of homes that actually begin construction, as opposed to development approvals or building permits, which count the number of homes given the go-ahead by local councils. Some homes approved by local governments may never actually be built because builders change their plans or run into financial issues or other delays.
Builders in the Lower Mainland have seen a number of headwinds on projects in the last year, including higher interest rates on loans, stagnant prices, and slower pre-sales for multi-family projects.
