Record-setting housing sales in September appear to be driving up the price of homes in Langley.
Fraser Valley Real Estate Board statistics showed that September continued the trend of strong sales in the summer and fall after the traditional spring housing market was crushed by COVID-19 lockdowns.
Across the region from North Delta to Abbotsford, the FVREB recorded 2,231 housing sales, a 66.1 per cent increase from the same month last year, and the highest recorded sales for any September.
Langley saw similar numbers, especially for detached houses.
There were 145 sales of detached houses, up from 88 in September 2019, a 64.8 per cent increase. Numbers were up from August by nine per cent.
Townhouse sales hit 128, a 47.1 per cent year-over-year increase, and 103 condos sold, a 39.2 per cent jump.
Prices were also going up for all housing types.
The benchmark price of a detached house in Langley remained just above $1 million at $1,078,100, a 9.8 per cent increase from the $982,300 benchmark at the same time last year.
The benchmark price of a townhouse rose 4.2 per cent year over year to $576,900, and condos were up to $404,100, a seven per cent rise.
The number of homes listed for sale continued to rise, but remained below levels seen in 2019 and 2018, and were far below the years between 2010 and 2015, when inventory was far higher.
There appears to be a trend towards single-family homes and townhomes across the region, according to Chris Shields, the FVREB president.
And despite the still-high unemployment caused by the COVID-19 pandemic, others are seeing more buying power, he said.
“Interest rates are very low, people have saved money over the last few months, and they’re choosing to invest it in their most important asset,” Shields said. “Sellers are also recognizing that with lower than normal inventory, this is a smart time to list.”
