The MLA Canada Spotlight Series is designed to deliver actionable intelligence into the residential real estate market. This report series is to provide insight into the up-and-coming marketplace for homebuyers, developers, and real estate industry professionals alike, offering a comprehensive overview of both the quantitative and qualitative characteristics of trending sub-markets in the Lower Mainland.
This article is one of many in this unique feature series, focusing on the City and Township of Langley. Brought to you by the MLA Canada Advisory Team.
THIS EPISODE IS NOW AVAILABLE IN AUDIO ONLY
In recent years, Langley has become one of the fastest-growing sub-markets in British Columbia, attracting both young families and investors. With sales soaring to record heights in the last 12 months, this growing city in the Fraser Valley continues to lead year-over-year price appreciation in both the townhome and condominium markets. In terms of the resale market, Langley has seen some of the highest numbers of inventory turnover since 2018.
“Langley is attracting home buyers from essentially every age cohort, and profile, from young families to portfolio investors. Even today, both the City and Township of Langley are still performing, despite some pullback in other communities across BC,” Ryan Lalonde, President, MLA Canada.
With 6 new pre-sale wood frame condominium and townhome projects within the City and Township of Langley that have recently launched, there has been incredible buyer demand that followed with strong absorptions, resulting in higher Price Per Square Foot in markets that were previously smaller.
“The price per square foot for presale wood frame condominium products is hovering around $650-$675 in the City of Langley. Similarly, Langley Township is seeing prices of around $675-$700 PPSF for wood frame condominiums and $565-$585 for Townhomes. Our expectation is that these values will continue to increase with upcoming launches,” states Lalonde.
As Langley looks towards a brighter future, there are two key insights that homebuyers and investors should keep in mind. The first is the projected growth within the Fraser Valley. By 2050, Surrey, The City of Langley, and Langley Township are expected to increase their population by 420,000. Secondly, transit within the area is also in the works for expansion, with the Surrey-Langley Skytrain extension anticipated to complete in 2025. Both the projected population growth and accessibility for transit is said to drive economic activity within Langley, accelerating the demand for more residential developments.
Click below to access the full report on Langley’s Neighbourhood Spotlight, featuring both an in-depth look at its Community and Market.