September 2021
The Skinny
Supply levels across the Valley continue to remain low, causing Buyers to flock and sale prices to remain strong. We are actively seeing sellers hold off to review any offers they may receive on their homes until a specified date (usually one week after their home hits the MLS). This strategy was not a common occurrence in the summer months, but has continued up again as more buyers jump into the Fall market and supply levels continue to diminish. Holding off on offers creates synchronized buyer urgency, results in multiple offers and at the end of the day, a higher sales price, usually with little to no subject terms included in the contract. This strategy is being seen for all levels of homes – detached, townhomes and condos.
When looking at all levels of housing in the Fraser Valley in the month of September, there were 3,384 active listings and 1,780 sales. This puts us at 1.9 months-of-inventory. This means that if no new listings hit the market, it would only take 1.9 months for everything to sell out. To see a decline in prices, we have historically required at least 5 month of inventory. So, without a drastic increase in supply, or a major decrease in demand, I do not expect prices to decrease any time soon.
The Inside Scoop
The first ever high rise building in Langley launched sales for their North tower on Sunday October 3rd. “The Towers” at Latimer heights by Vesta Properties is a highly anticipated project located in the Willoughby Heights neighbourhood of Langley, right at the corner of 200th and 82nd. The development consists of 9, mid-rise buildings and two, 36 story towers, featuring nearly 500 homes and 75,000 sq. ft. of tower amenities.
The week prior to the October 3rd sales launch, they hosted an open house information session that was open to the public. No appointments could be made and there were lengthy line ups spilling outside of the presentation center doors with people trying to get in. In order to be considered for a purchase at The Towers, you must have registered. Once registered, you would be sent a link on October 3rd with a suite selection application to choose three of your preferred floor-plan options.
I was emailed the link at 2:02PM on the 3rd and was unable to fill out the application to purchase because their site had crashed. Needless to say, there was overwhelming interest in the project, which is set to complete in 2025. They had planned to keep applications open until that evening, however were forced to shut sales down in the afternoon due to being completely capped. The South Tower has not been launched yet, but is anticipated to launch soon. Having a high rise in Langley is a game changer. This, along with the highly anticipated skytrain which is set to land in Langley City along 203rd and Fraser will really evolve the Langley we know.
Click Here for more information about the Latimer Heights development. If you have any questions, I am here to answer them.
Average Benchmark Pricing for the Fraser Valley, September 2021:
