LANGLEY, B.C. -- It’s a red-hot real estate market in the Metro Vancouver city of Langley.
How hot, you ask?
A detached home in a gated community recently sold for a half-million dollars over the asking price.
“It’s crazy,” said realtor Suki Bahi.
Bahi listed the two-bedroom, two-bathroom rancher, which was built around 1995, for $820,000. She says a home in the same complex sold for $770,000 last year.
The property is stratified, meaning it is owned by the buyer, but there are also common features or amenities within the complex that are maintained by someone other than the owner, in exchange for monthly strata fees.
Neither Bahi nor the owner expected what happened next. There were 110 showings in five days and 20 offers. The accepted offer came in at $500,000 over the asking price.
“It did break a record for Fraser Valley (for the) highest price sold for a strata property,” she said. “I never thought the market would get this hot.”
She said the interest came mostly from local seniors who are selling their two- and three-storey homes, but still want to live independently.
“Nobody wants to go to a care facility and they said this is it,” she said.
Langley also sold more townhomes in February than any other community within the region covered by the Fraser Valley Real Estate Board. The average sale price in Langley was $611,600.
But it’s not just Langley seeing a big jump in sales.
The managing broker at Holywell Properties says last month in Chilliwack, almost three-quarters of the homes sold at list price or above.
“I assume this is a COVID-driven, ‘let’s get out of the city’ momentum that is causing this,” Adam Major said.
Whatever the cause, it’s a tough time for would-be buyers.
“If you’re a buyer, do you want to get in a bidding war on a house right now? I think buyers are feeling the pressure because a lot of people are wanting more,” Major said. “I know a lot of them have been prequalified for a mortgage. Mortgage rates have never been lower.”
The Fraser Valley Real Estate Board says the pressure on prices could ease with the volume of new listings significantly increasing since February.
“As of March 24, new listings are up 58 per cent in the Fraser Valley compared to last year. On Feb. 25, they were up by only 27 per cent compared to 2020. This is positive news for Fraser Valley home buyers,” said Chris Shields, president of the FVREB in a statement to CTV News Vancouver.
But Bahi is convinced prices will keep going up.
“I feel like this market is going to get higher and higher,” she said.
