NEW MARKET SUMMARY LANGLEY/CLOVERDALE

The Langley/Cloverdale market area is poised to maintain its “Yellow Light” status for the Fourth Quarter of 2023. Recording a total of 219 sales, there was a slight decrease of 14 percent compared to the preceding quarter, which had 255 sales. Notably, three new project launches occurred, all within the Low Rise sector, introducing 300 units. These projects reported a robust 44 percent absorption rate, resulting in 132 sales. The Low Rise sector remains a focal point, encompassing 91 percent of all total sales, driven by affordable entry price points and ongoing community development, appealing to both first-time home buyers and investors. However, in the Low Rise and Townhome sectors, absorption rates reduced to 29 percent and 13 percent, respectively. With the current stabilization of market conditions, developers are gaining confidence to release more inventory. The upcoming year is projected to witness multiple project launches, fostering increased sales activity and supplying the market area with a greater inventory.

Market Highlights

Zenterra released their first building of The Commons, a Low Rise Development in Willoughby. The 84-unit building was launched in in October and achieved 51 sales at an overall blended price of $903 per square foot

Walnut Park, Quadra Homes’ Low Rise Development released their first building that consisted of 127 units. The project achieved 48 sales at an average price of $889 per square foot

Mortise Group of Companies released Unison, a 178-unit Low Rise development in October. The project launched their first building that consists of 89 units an achieved 33 sales at an overall blended price of $850 per square foot

Vera, a Low Rise development by Anxin Projects, sold 38 units at a blended price per square foot of $875 over the quarter. The project offered a reduced deposit structure and assignment fee

Increased activity in the market area is expected in the Low Rise sector with the release of the following projects in the upcoming year such as Scale by Scale Projects, Azure Grove by ML Emporio Properties, and Jericho Crossing by Essence Properties

Oakley released its final phase comprised of stratafied single-family homes early in the fourth quarter after selling all available inventory of their townhome product