Langley Township’s economic indicators are out for July and things aren’t looking pretty.
The number of building permits issued by the Township is down 12.5 per cent for January to June 2012, compared to the same time last year. For industrial buildings, it’s down 46.6 per cent from last year.
Housing starts aren’t any better, except for in the townhouse market where there has been a 48 per cent increase. It all seems to all be happening in the Willoughby area. This year, 51 per cent fewer apartments were built compared to last year, and 23 per cent fewer single family homes.
Real estate sales in Langley are steady, however. More single family homes and apartments were sold this year than last. With townhouses, 1.7 per cent fewer were sold this year, compared to last.
Prices remain steady, despite a cooling market across Metro Vancouver.
On another note, residents actually make less now than in years earlier.
According to the Township, the average Langley Township resident made $42,482 in 2009 based on income tax returns. That same resident made $43,019 in 2008. The average B.C. resident made 2.4 per cent less in 2009 than they did in 2008. Unemployment rates remain high at 6.5 per cent in Vancouver in June 2012. It peaked at 7.3 per cent last June.