LANGLEY/CLOVERDALE RESALE MARKET SUMMARY

MLS Resale Highlights

Resales for Low Rise and Townhome products both decreased by 151 when compared to the Fourth Quarter of 2021

Total listings increased by 139 when compared to the same quarter last year

The sales range decreased by $65,000 on the lower-end and decreased by $146,562 on the upper-end for Townhome product since four quarters ago

Average price per square foot values rose for Low Rise condominiums by $42 and dropped by $23 for Townhomes when compared to this quarter last year

The average price per square foot value for one and two bedroom Low Rise units rose by $39 and $10, respectively, when compared to the Fourth Quarter of 2021

Since the Fourth Quarter of 2021, the months of supply for Townhome product has risen from 0.0 months to 2.4 months

The Abbotsford/Mission market area will take a ‘Green Light’ status for the Fourth Quarter of 2022. The market area experienced a significant jump in sales activity as it achieved 138 total sales compared to the four sales achieved in the previous quarter. The significant increase in sales can be attributed to the release of a new masterplan, that launched two Low Rise buildings and Townhomes releasing 188 units into the market with an absorption rate of 71 percent. The new inventory that was released over the quarter accounted for all the sales in the market area. The success of the new launches showcased that buyer interest is still present despite market conditions. The low entry price points that are offered in the new products attracted many investors and end users to enter the market. Buyer activity is expected to persist into the new year as more inventory and project launches are expected in the following quarter.

Market Highlights

The first building of Highstreet Village, a 77-unit Low Rise Condominium in the masterplan community by AB Wall, was released in early November and sold out all 77 units at an overall blended price of $734 per square foot

Following the success of the first building, AB Wall released the second building of Highstreet Village in early December, an 80-unit Low Rise building, and achieved sold 40 sales at an overall blended price per square foot of $749

AB Wall also released 31 Townhomes in Highstreet Village in early November and achieved 16 sales at an average price of $566 per square foot

Westminster Plateau by Pacific Hills and Milkai Developments, a masterplan community, had a soft release of the Townhomes in Q4-2022 and sold 5 units at an overall blended price of $475 per square foot

Redekop Faye’s 140-unit Low Rise building in Abbotsford, Jacob is expected to launch its sales campaign in the following quarter with units starting at $379,900