A local real estate agent and industry blogger is calling Langley’s current condo market “insane.”
Looking at stats from the Real Estate Board of Greater Vancouver, Steve Saretsky said inventory has nearly quadrupled in the last 12 months, a six-year high.
He said Langley was the hottest condo market this time last year but now prices are dropping off as the area becomes flooded with condos.
“So you had all these people speculating that prices were going to rise and jump 40 per cent last year. You have all these new developers competing in the real market. There was one developer in Langley a couple weeks ago to pay for first year’s mortgage payments. … That’s not really a good sign of a healthy market,” Saretsky said.
He says it’s concerning. The Fraser Valley condo market saw sales drop 50 per cent, year over year, in October.
“And then you have inventory jump 149 per cent. That’s not really a trend that you want to fight.”
The region has seen a slump in the housing market.
“Vancouver is going through something similar. It’s just not as severe. … Langley is the most severe. Abbotsford is off, too. One of the areas that is doing better is Surrey,” Saretsky said.