Demolition and reconstruction work is underway at the former Murrayville Elementary, where the heritage school will be transformed into condos and townhomes built on the remainder of the site. (Matthew Claxton/Langley Advance Times)

Number of homes for sale in Langley swells as prices decline

The slow market continued into May, though single family home sales stabilized somewhat

Home sales were up across the Fraser Valley in May, though the market is still moving much slower than a few years ago.

Single family homes are still taking the brunt of the real estate slowdown that started in the spring of last year and continued through to this year.

However, there was an uptick in home sales in May compared to April across the region, noted Fraser Valley Real Estate Board president Darin Germyn.

“We’re seeing buyers who have been waiting on the sidelines, act, because of better price opportunities and more selection,” Germyn said. “It’s been four years since buyers had this much choice in the Fraser Valley.”

Detached home sales remain well down from the frantic buying spree that peaked in 2016 and continued into 2017.

In total across the region, there were 8,506 homes of all types available, a 26.3 per cent jump from May of 2018, and an 8.1 per cent increase from April.

There were 562 sales of single-family homes, down 14.6 per cent year-over-year.

The benchmark price for single family homes remained just below $1 million, at $964,200, down 5.9 per cent from May 2018.

Townhouse sales were closer to last year’s total, at 407 this May compared to 417 in 2018, down just 2.4 per cent, and 396 condos sold compared to 516 in 2018, down 23.3 per cent.

Benchmark prices for townhouses dropped 5.9 per cent, to $522,500, while condos dropped farther, to $416,800, an eight per cent decline.

Just Posted

Christmas Seals campaign helps British Columbians breathe easier

One in five Canadians have lung disease such as COPD or asthma

Hope and Area Transition Society planning vaping info sessions

Family-focused events to be held throughout January

Hope’s illicit drug death rate rivals Vancouver

Small Fraser Valley district listed among top five per capita in B.C.

Westbound Highway 1 crash in Langley

Accident occurred just west of 264th Street shortly before 6 a.m.

No defence witnesses in trial of man charged in killing of Abbotsford student

‘Change of instructions’ results in defence closing case without calling evidence

B.C. woman charged in connection to stolen vehicle smash-up in Kamloops

Kersten Ina Peters was arrested in the Fraser Valley on Friday, Dec. 6

Tavares scores twice as Maple Leafs earn 4-1 win over Canucks

Vancouver sees two-game win streak snapped

UPDATED: No survivors in Gabriola Island plane crash: RCMP

Coroner confirms multiple fatalities after small plane goes down Tuesday night near Nanaimo

VIDEO: Harbour Air makes history with first electric aircraft test flight

Successful flight marks first of its kind in the world

The Grinch who Stole a Hedge: Security camera captures Chilliwack tree theft

RCMP arrives as person calmly walks away with tree in downtown area

Salmonella outbreak in Canada linked to rodents and snakes

92 cases of salmonella across six provinces, including B.C.

Meng Wanzhou wins right to more documents involving arrest at Vancouver airport

Defence lawyers allege the Huawei executive was unlawfully detained, searched and interrogated

Police say they’ve identified suspects in Bradley Kline homicide in Surrey

Kline, 26, was found dead at 7055 144A St. on Dec. 7, 2018

Most Read