NEW MARKET SUMMARY LANGLEY/CLOVERDALE

The Langley/Cloverdale submarket has been given a ‘Yellow Light’ status for the First Quarter of 2023, with a total of 93 sales recorded, indicating a decrease of 27 percent from the previous quarter. The sales activity in the Low Rise sector decreased steeply by 47 units, while there were 13 additional Townhome sales. Townhome sales constituted 77 percent of the total sales recorded in the quarter. Demand for Townhomes increased towards the end of the quarter, and it has been anecdotally reported that the demand for this product type under one million dollars is strong. This demand may be attributed to the announcement of a pause on rate hikes by the Bank of Canada. The Langley/Cloverdale market has also seen the continued launch of additional phases of existing projects, indicative of the stability in demand for this product type.

Market Highlights

Oakley, a new Townhome development by Warwickshire Homes, began sales in mid-February and sold 20 of its 21 units in the first phase within the first quarter, with an average price of $581 per square foot

Garcha Homes’ Union Willoughby Townhome development achieved 25 sales, with just 10 released and unsold units remaining

Canvas, a low-rise development by Redekop Reddale Group, sold 18 units in the first quarter of 2023, with a monthly absorption rate of 12.4 units since it started selling last summer

BM Group’s Heath Townhome development released additional units and recorded 16 sales at an average price of $643 per square foot

The Townhome portion of Jayen Properties’ Park & Maven has expedited its construction process and is scheduled to complete a year earlier than its original timeline, in Fall 2023

Zenterra’s Newbury Townhomes have resumed sales after being on hold for the past year, with units starting at $899,900, which is $177,000 lower than their starting price a year ago