Hopeful buyers camp out for weeks for new Langley condos
Published Thursday, May 5, 2016 10:16AM PDT
Last Updated Thursday, May 5, 2016 12:07PM PDT
Units don’t go on sale until the weekend but that hasn’t stopped dozens of people from lining up to get a piece of a presale condo development in Langley.
More than 50 people have lined up – some have been there for two weeks already – to get in on what they consider reasonably priced condos in B.C.’s red-hot real estate market.
The roughly 130 units go on sale this Saturday. The suites start around $389,000 and most are over 1,100 square feet.
The Fraser Valley hasn’t been immune to the large real estate price hikes seen across Metro Vancouver.
The average price of a townhome in April was $430,487, up 17.7 per cent compared to last year, according to the Fraser Valley Real Estate Board.
"My concerns are with the other mayors of this region. House prices are rising rapidly it's hard for young families and seniors,” said Jack Froese, the mayor of Langley Township.
Some of those lining up for the new Yorkson Creek development are looking to downsize and consider the suites a fair price.
“The bidding wars that are going on all the time…I don’t want to deal with it. So I am so happy with this one that we can go in and pick our place,” said Elizabeth Hodgson.
Jim Walker agreed, saying he believes camping out is a better alternative to getting into a bidding war.
“You know where you stand. You know the prices,” he said.
One 82-year-old camper said his home sold in three days and now he has nowhere to move.
However, not everyone in line is looking to buy a place for themselves.
“There’s other gentlemen buying and flipping them. There are a few of them here,” said condo buyer Mel Matychuk.
In some cases, would-be buyers have actually hired students to stay in line for them here until Saturday morning at 7 a.m.
The buyers won't be able to move into the units for two years.
Some condos will be flipped (mostly by buyers who hire others to wait) These condos wont be livable until 2018. pic.twitter.com/TPT2MfDeoM— Sheila Scott (@Sheila_Scott) May 5, 2016
On the plus side, campers tell me this is a great way to get to know your future neighbours! pic.twitter.com/eHHSoolyAU— Sheila Scott (@Sheila_Scott) May 5, 2016