NEW MARKET SUMMARY LANGLEY/CLOVERDALE

The Langley/Cloverdale market area will have a ‘Yellow Light’ status after recording a total of 127 sales and experiencing a 52 percent decrease in total sales when compared to the previous quarter. The downward slope of sales experienced over the quarter can be contributed to the lack of new projects released in the market area. There has been only one new Townhome project over the quarter releasing 25 units with a 50 percent absorption rate. There is a common consensus for developers to release new products when more opportunistic market conditions arise. Despite developers offering reduced pricing on new projects and incentives including decreased deposit structures and assistance with mortgage payments to attract buyers, sales activity continues to decrease. An overall absorption rate of 28 percent has been achieved over the Fourth Quarter of 2022 with the Townhome sector absorbing 36 percent of unsold inventory.

Market Highlights

Heath, a 40-unit Townhome project by BM Group commenced sales in mid-November and achieved 12 sales at an overall blended price of $705 per square foot

Janda Group’s Aldergrove Town Centre masterplan fourth building, Creekside, a 66-unit Low Rise Condominium continues to report strong activity as it led all Low Rise sales with 32 sales over the quarter

The second phase of Hayer Town Centre by Hayer Builders Group achieved 24 sales through the quarter at an overall price of $919 per square foot

Union by Garcha Homes achieved a total of 23 townhome sales throughout the quarter with an overall blended price per square foot of $643

Oakley by Warwickshire Homes is expected to release 30 Townhomes into the market area in early 2023