The Cost of Living in Langley, British Columbia
For the first time in Langley’s Township, the cost of living in Langley BC for a detached home is at an average price of one million dollars. Now enjoying its ranks among the million dollar club, however, it’s making home ownership even harder for citizens and for some people just a dream. In a recent report in May 2017, the (FVRB) Fraser Valley Real Estate Board announced the average cost for a detached home is at a premium of $1,018,052. Which in fact is a 100,000 dollar increase in just the last year, resulting in condos and townhouses being more in demand.
The Cost of Living in Langley BC Bench Marked
In Langley, an apartment is at a benchmark price of 311,000 dollars which is up 35.6% from last year. FVRB President Gopal Sahota said, “ Despite the overall price people still want to buy here, and detached houses are a sought out commodity. Houses in Surrey and Langley are more reasonable than houses in Vancouver or Richmond with Langley being a great area to raise a family. With all of the attractions, transportation, and parks; people just want to live in Langley over other locations.”
Who Can Afford a Luxury Million Dollar Home?
People who live in the west of Langley are selling their houses and property for a reasonable value for their investments. There are also people who are selling their townhouses to get into a detached house, and people are leaving Canada to come live in Langley. People are also immigrating from other parts of the world as well which means the cost of living in Langley BC is at a premium with so many people from different parts of the world wanting to live there. Langley Township is the quickest expanding municipality in the Metro Vancouver with an estimated 117,000 thousand residents. By the year 2041, Metro Vancouver population is estimated to be at 1.2 million residents this because condos and townhouses are in very high demand. While Langley sees people are downsizing they also see the younger generations are wanting to live in condos and houses to avoid all of the manual labor that is required for living in a detached house. It looks like the housing market and the cost of living in Langley BC is super-hot and there are no signs of the trend slowing down. Bidding wars on places to live are no understatement; people pitch a tent outside of the building while they’re on the waiting list for the next available unit. Finding a good reality agent who knows this area can be a task in itself. However, we have found one for you.
How are Supply and Demand Still an Issue?
According to Gopal Sahota, there just isn’t enough property to meet the demand in Langley. Despite that being said the FVRB noticed an increase in new inventory for the housing market in last May which has supported the increasing demand for residential properties in Langley. The most sales Fraser Valley ever recorded for a single month was in June of last year. The FVRB processed more than 2,700 sales in May, a slight decrease of 7% compared to May at this time last year was at 2,900 in sales. With the 2,700 processed sales last month 609 were apartments, and 620 were townhouses. This trend continued for ten months exceeding detached home sales in the region. Sellers are in an excellent financial position as the demand for housing increases. There are some resident who is refusing to sell; they want to upgrade, however, if they don’t see the physical inventory, they would instead save their money and see if something else will come up in the future. Investors and residents wonder if the demand will continue or will the bottom fall out? The cost of living in Langley BC doesn’t seem to matter; people just want to live there.
Current Benchmark Prices
- Detached Single Family: $915,800 / 9.8% increase from May 2017
- Townhomes: $458,900 / 25.7% increase from May 2017
- Apartments: $295,000 / 31% increase from May 2017
The cost of living in Langley BC is all going to depend on where you want to live and in some cases how long are you willing to wait. Langley is a growing community and is ideal for raising a family. There are a lot of reasons why the economy is booming in Langley and has become a hot-spot to live. For more information on finding a place to live in Langley, please feel free to visit our site now by clicking here.