The consensus seems to be among the industry that a steady-as-she goes attitude has prevailed. Buyers are hesitant, waiting to see if the Big Correction is going to happen, while Sellers are sitting back and taking a "wait-and-see" mentality as the Vancouver Sun so put it. Fraser Valley Real Estate Board President Scott Olson put it best in describing the last few months:

Buyers kept hoping for greater price drops while sellers who didn’t have to sell just took their home off
the market rather than lower their price.

So, yes, sales are WAY down across the board, BUT so are listings. Because the ratio isn't changing, the demand doesn't change and therefore the prices aren't dropping. Home sellers don't need to sell, there aren't a rush of foreclosures dragging the market down, and people aren't desperate. Markets, such as Vancouver, held up by unrealistic hype are going to see some correction, as we are seeing in the 5.8% benchmark decline.

A quick synopsis between fall and winter 2012: Abbotsford is improving in detached homes, Cloverdale came back from a poor fall to finish strong. Surrey Central took a huge hit in sale numbers, yet maintained its large increase from 2011, expect some softening in 2013. White Rock/South Surrey, where sales have faltered for the better part of the year, yet maintained high prices, has finally hit its tipping scale. Sellers are finally letting go of high expectations and the benchmark price in the area has fallen rapidly over the last few months. Langley numbers softened slightly overall, but have mainly held steady.

Market Breakdown:

ABBOTSFORD (Detached homes)
Inventory: 10.2 Months (Buyers Market)
Last December: 11.7 Months
Benchmark Price: $421,200 (+3.3% from 2011)

CLOVERDALE (Detached homes)
Inventory: 5.6 Months (Balanced Market)
Last December: 5.5 Months
Benchmark Price: $562,300 (+2.0% from 2011)

LANGLEY (Detached homes)
Inventory: 7.7 Months (Buyers Market)
Last December: 5.7 Months
Benchmark Price: $540,000 (+ 1.0% from 2011)

SURREY CENTRAL (Detached homes)
Inventory: 10.0 Months (Strong Buyers Market)
Last December: 5.9 Months
Benchmark Price: $565,600 (+5.1% from 2011)

WHITE ROCK/SOUTH SURREY (Detached homes)
Inventory: 10.2 Months (Strong Buyers Market)
Last December: 5.9 Months
Benchmark Price: $822,500 (-6.5% from 2011)

For any additional municipalities or property types, please contact me directly. 604-510-4825 or email bradrichert@macrealty.com

For raw data, click here.

So another Langley Township Open House to report on from yesterday (click on the graphic to see the full review). It would appear to me that when compared with the options presented at an Open House in June 2010, the planners have combined the two options presented, shifting some of the density (both previous options are available at this township document page).

Previously, Option 1 saw much more residential detached homes staying on the western side along 207th. Additionally, there was added commercial along 72nd, and medium density townhomes on the Southwest corner of 68th and 207th.

Option 2 maintained the idea of having commercial along 72nd, while removing single family detached homes almost completely from the area. High density was added all along 68th Avenue along the North and South.

Both plans offered a Pocket Park around what I am guessing would be 71A with an adjoining Wildlife Habitat. There would also be a "Green Link" running from this Pocket Park all the way to a detention pond on the Willowbrook Connector. They also feature some sort of unique amenity feature just south of 68th on 207th.

The proposed plan that I saw on Thursday lightened the commercial along 72nd, keeping it to the area immediately around 208th Street, but adding to the mixed residential/commercial idea around 207th and 68th. Single family detached homes were reduced to 4 lots in the Northwest corner, along 207th and 72nd, while the area that Option 1 showed single family detached now will receive a light density (10-12 units per acre) townhouses - a density category not on either of the previous plans. The density along 68th was increased from Option 1, but decreased from Option 2.

The new plan also features 2 new detention ponds, one at the very south point of 208th and another north of 68th, between 206th and 207th. The Pocket Pond, Wildlife Habitat, amenity feature have all been retained. The "Green Link" has been replaced by a "Blue Link" - take a look at the full presentation (click on the graphic) to see details of this feature. It should be noted that Options 1 and 2 both mentioned "traffic calming elements" at most interesections; these have been clarified to be roundabouts.

Any questions regarding real estate in Langley or throughout the Fraser Valley? Give Brad Richert a call at 604.510.4825.

Earlier this year (first week of June I believe),I attended a workshop for the Routley Neighbourhood Park. The Township of Langley had asked residents to come by and draw up their dreams for the park and vote on what features they would like.

The park sits on the location where an elementary school was sited to go prior to the development of the area. Due to a very controversial land swap, the site will now play host to 100+ townhouses and a neighbourhood park. So on October 30th, the Township presented us the results of our hard work. See PDF here.

Currently there is just a playground (although small, it is quite nice) in the Northeast corner, surrounded by an unattractive field of half dead bushes and trees. The plan features an additional playground, picnic area, community garden, informal baseball & soccer field, a fenced dog off leash area, some sports courts and parking area.

Routley is a subneighbourhood in Willoughby (Langley, BC). The location of the park is between 70th and 72nd Avenue and off of 198A Street. Photo credit to Pete P.