For the time being at least, Langley is no longer part of the million dollar club.
The benchmark price for a detached home in Langley was $999,800 in September, a minus-0.8 per cent drop from August when Langley houses for sale topped the $1 million mark, at $1,007,400 (on average).
(Benchmark represents a typical property within each market).
Still, the sticker shock is too much for many homebuyers, as local detached homes rose 13.3 per cent in price from a year ago, and are 84.1 per cent more expensive than their benchmark price back in September 2007.
Townhouses in Langley are inching towards the half million dollar mark, with a benchmark price of $465, 200 last month.
That signifies a very slight (0.1 per cent jump) from August.
Townhouses in Langley are 9.3 per cent more expensive than they were a year ago, and up (on average) 58.5 per cent in price from September 2007.
Langley condos continue to climb up the price ladder, with a benchmark price of $368,500 in September, representing a 1.8 per cent increase from August. Apartments have risen 35 per cent in benchmark price in a year.
• Fraser Valley Real Estate Board stats package for September 2017
Market still warm
Even with the cooling temperature, residential property sales in the Fraser Valley remained strong in September, with both attached and detached homes performing well throughout the region.
The Fraser Valley Real Estate Board (FVREB) processed 1,619 sales of all property types on its Multiple Listing Service (MLS) in September, an increase of 24.1 per cent compared to the 1,305 sales in September of last year, and a 13.8 per cent decrease compared to the 1,879 sales in August 2017.
This was the fifth highest sales total for a September in the board’s history.
Of the total sales processed 392 were townhouses and 470 were apartments, together representing 53 per cent of market activity in September.
“Often we see summer demand continue as far as October, so it’s not unusual to have another strong month before the seasonal cool down,” said board president Gopal Sahota, who is also a Langley realtor. “What’s unusual this year is that attached inventory sales are still driving the market despite the increased competition we’re seeing there.”
Bridge divides
Pitt Meadows and Maple Ridge, Langley’s closest neighbours north of the Fraser, are seeing their real estate numbers climb, as well.
The benchmark price for a detached home in Maple Ridge was $812,600 last month, signifying a 1.1 per cent increase in price from August and a 13.3 per cent jump from the previous September. However, houses in Maple Ridge are 72.9 per cent pricier on average than they were a decade ago.
Houses are even more expensive in Pitt Meadows, selling at (benchmark) $892,500. That’s 12.5 per cent higher than a year ago and 85.3 per cent pricier than September 2007.
The benchmark price for townhouses in Maple Ridge last month were $514,600 (up 22.2 per cent in price from the previous September) while in Pitt Meadows, townhouses sold for (on average) $572,900 in September, a 20.6 per cent price jump over a one-year span.
In Maple Ridge, apartments sold for $262,400 last month and in Pitt Meadows, the benchmark price for condos was $392,300. These numbers represent price jumps of 28.7 per cent (Maple Ridge) and 28.5 per cent (Pitt Meadows) from September 2016.
• Real Estate Board of Greater Vancouver stats package for September 2017
What a million bucks buys you
In some other parts of the world, a million dollars can fetch you quite some real gems in the real estate market.
Researchers from Point2 Homes looked at real estate in 25 locations across the globe and found what the average price of a property in Vancouver ($1,029,700) can get you in each.
A 2-bedroom Vancouver apartment worth a little over $1 million will get you:
• six-bedroom villa in Italy, France or South Africa, swimming pool included;
• three-storey palatial home in Russia, Andorra or Kenya; and
• huge 11,259 sq.ft. property in Australia.
