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Price of typical house for sale in Langley now more than $1.6 million

A year ago, detached homes were going for $1.1 million
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The number of homes for sale in Langley is increasing somewhat, but prices remain stratospheric. (Matthew Claxton/Langley Advance Times)

The supply of housing for sale increased slightly in the Lower Mainland in January, but prices for all types of homes continued to climb at high annual rates in Langley according to the latest statistics from the Fraser Valley Real Estate Board (FVREB) released on Feb. 2.

Sales finally slid after more than a year of frantic activity, while the number of homes for sale increased somewhat over the course of the month.

“It’s early days yet, but if this trend continues into spring, we could see an easing of the supply‐demand dynamic in our region,” said FVREB president Larry Anderson. “We have a long way to go to replenish our housing stock and bring much‐needed balance to the market, but this is a step in the right direction.”

In Langley, there were 63 sales of single-family homes, down from 89 in December. A total of 49 townhouses changed hands, a decline from the 90 the month before, and 96 condo apartments sold, a drop from the 120 of December.

New listings were generally up from the month before, with 92 detached houses, 107 townhouses, and 138 condos put on the market in January. Those marked significant increases from December, when 63 houses, 48 townhouses, and 70 condos were listed for sale.

For comparison, in January 2019, before the pandemic, Langley had 52 detached houses sell, with 148 new listings, 58 townhouses sold, with 100 new listings, and 55 condos sold, with 149 new listings.

READ MORE: Number of homes for sale in Langley crashes as prices keep rising

It remained a sellers market despite the slight increase in housing stock, and prices continued to climb month-over-month for every category of housing in Langley.

The benchmark price of a single family house in Langley hit $1.64 million, up 5.2 per cent in just a month from December’s benchmark of $1.56 million.

That price is also up by 41.1 per cent from January of a year ago, when houses were going for around $1.16 million.

The benchmark price for a townhouse in January was $793,500, up 2.9 per cent from December, and up 33.8 per cent from the $593,200 buyers were paying a year ago.

Condo prices rose to $534,400, up 2.6 per cent in a month, and 31.6 per cent in a year from the $406,100 benchmark in January 2021.

The housing market in the Lower Mainland, and across Canada, has seen tremendous sales activity and sharp price increases over the last year and a half, following a brief pause in the first few months of the pandemic.

Prices have risen for years in Metro Vancouver without major corrections, with prices only dipping briefly after the Great Recession in 2008 and again after the last major runup in prices between 2015 and 2018.


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Matthew Claxton

About the Author: Matthew Claxton

Raised in Langley, as a journalist today I focus on local politics, crime and homelessness.
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