Last week, the BC Assessment Authority released the values of the typical home by housing type for the whole province. The following information compares the change in value over the last year in Langley.
City of Langley (Single Family House)
July 1, 2011
$465,000
July 1, 2012
$461,000
Change
-0.9%
City of Langley (Apartment)
July 1, 2011
$206,000
July 1, 2012
$197,000
Change
-4.7%
City of Langley (Townhouse)
July 1, 2011
$206,000
July 1, 2012
$198,000
Change
-4.1%
Township of Langley (Single Family House)
July 1, 2011
$515,000
July 1, 2012
$519,000
Change
+0.8%
Township of Langley (Apartment)
July 1, 2011
$191,000
July 1, 2012
$191,000
Change
0%
Township of Langley (Townhouse)
July 1, 2011
$217,000
July 1, 2012
$220,000
Change
+1.4%
As has been reported widely, the housing market in the region has started to stabilize and correct. The Township and the City of Langley didn’t see much change in the value of housing, but it is interesting to notice the changes in both communities. While single family housing remained stable in both municipalities, multifamily housing took a bit of a hit in the City of Langley. While I can only speculate as to why there was a dip in the City, I also had a look at the change in values in New Westminster.
New Westminster, like the City of Langley, was a historical centre and ran into hard times in the late 20th century, but started to revitalize in the 21st century (more so than the City of Langley.) Between 2011 and 2012, New Westminster generally saw a marginal increase in housing values with a typical 3 bedroom high-rise apartment changing in value from $372,000 to $392,000; an increase of 5.4%. I have to wonder if rapid transit in New Westminster helped keep the value of apartments in that community. If rapid transit was provided in the City of Langley, would we see the same results?
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