We reported a few weeks back that the Fraser Valley Real Estate Board had increased sales month-on-month and year-on-year according to its Multiple Listing Service (MLS®) stats. Fraser Valley real estate sales showed an increase of 9% in May (1,608 property sales) up from 1,477 sold during May of 2010 and up 6% on April's 1,516 sales.
One part of the Fraser valley that is really booming is the Langley Township area. It was reported in the Langley Advance newspaper and website that housing construction almost doubled Fraser Valley real estate since 2010. There are more homes, suites, and apartments going up fast in the Langley Township area, this can be seen especially with the growth of Willoughby Heights real estate and other neighbourhoods. According to the article, the number of building permits for homes in Langley Township has almost doubled in the first five months of 2011 compared 2010.
According to MLS® stats issued by the Board of Fraser Valley Real Estate, sales of townhouses in Langley in May were up 25% on May 2010 numbers. The Langley real estate market had however almost 25% less new townhouse listings in May, compared to the previous May. Also in regards to listings, it was the same for detached properties and apartments/condos. New listings for detached properties were down 27% and new listings for apartments or condos were down 25%. There were also slight decreases for both detached properties and apartments or condos in May across all Fraser Valley real estate, compared to the previous May--down 2.8% and 11.9% respectively.
The outlook for the Fraser Valley is According to the Canada Mortgage and Housing Corporation (CMHC), housing demand will remain steady as favourable mortgage rates and lower home prices in comparison to other major centres in the Vancouver CMA attract home buyers to the Fraser Valley.
You can read the full stats package for May on the Fraser Valley Real Estate Board website. They issue a monthly press release with a summary and statistics document outlining sales and listings for each month.