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

Stray cats hit by cars require $11,000 in medical care, says Abbotsford SPCA

Six injured cats have been brought to branch in last two weeks

Abbotsford Liberal candidate says policies show Trudeau apology is sincere

Seamus Heffernan said ‘error in judgment’ not representative of Prime Minister or party

‘This isn’t fun and games’: Fraser Valley academic explains why brownface is hurtful

Satwinder Bains says wearing brownface and a turban is unacceptable

Trudeau brownface photos are ‘a teaching moment,’ UFV South Asian Studies professor says

Photos are ‘unacceptable,’ but Satwinder Bains says Trudeau must demonstrate his apology was sincere

Environmental rally set for Friday in Mission

Unite Behind the Science Rally takes place Friday at 1 p.m. in front of the Mission post office

VIDEO: Trudeau asks Canada to look to current, not past, actions on race

Liberal leader says he never spoke about the racist photo because he was embarrassed

Horvat paces Canucks to 6-1 pre-season win over Oilers

Vancouver improves to 3-1 in NHL exhibition action

Legislature gifts, clothing, travel need better control, B.C. auditor says

Audit follows suspensions of managers by Speaker Darryl Plecas

‘Really disturbing:’ Trudeau’s racist photos worry B.C. First Nation chief

Wet’suwet’en Chief concerned the photos will sow fear in Indigenous communities

‘Unacceptable’: What politicians have to say about Trudeau in blackface

Calgary Mayor Naheed Nenshi: ‘When I saw that picture last night, certainly it was a sucker-punch’

‘He’s trying to kill me’: Victoria police commandeer boats to reach screaming woman

No charges laid and civilians to be awarded honours after incident on Gorge Waterway

VIDEO: B.C. man accused of assaulting sex worker loses temper in interrogation

Defence lawyer says statements made by accused Curtis Sagmoen should be deemed inadmissible

John Horgan promises action after fatal mid-Island bus crash

Premier cites students, local Indigneous community as reason to repair the road

Police warn of escalating violence, weapons in Vancouver’s Oppenheimer Park

Officers issue statement about high crime in the area that includes a homeless camp

Most Read