April Sales Update

mike58557
May 7, 2025
2 min read

Langley’s housing market continues to face significant challenges, with recent data from the Fraser Valley Real Estate Board (FVREB) highlighting ongoing declines in home sales across all property types.

📉 Sales Decline Across the Board

In April 2025, Langley experienced notable year-over-year decreases in home sales:

Single-family homes: 67 units sold, down 34.3% from April 2024.
Townhouses: 76 units sold, a 28.3% decline.
Condos: 76 units sold, marking a 24.8% drop.

These figures indicate a persistent slump in the local real estate market, reflecting broader regional trends.

📈 Inventory Levels Rise

Contrasting the decline in sales, the number of homes listed for sale has increased:

Single-family homes: 543 listings, up 35.4% year-over-year.
Townhouses: 310 listings, a 62.3% increase.
Condos: 475 listings, up 37.7%.

This growing inventory suggests a shift toward a buyer’s market, with more options available but fewer transactions occurring.

💰 Prices Remain Relatively Stable

Despite the downturn in sales, home prices have shown minimal fluctuation:

Single-family homes: Benchmark price at $1,650,700, a 0.4% increase.
Townhouses: Benchmark price at $861,800, down 0.7%.
Condos: Benchmark price at $611,200, a 1.4% decrease.

The stability in pricing, despite decreased demand, may be attributed to sellers' reluctance to lower asking prices.

🏦 Economic Factors at Play

Several economic elements are influencing buyer behavior:

Interest Rates: Although the Bank of Canada has implemented rate cuts, mortgage rates remain higher than during the pandemic, affecting affordability.
Economic Uncertainty: Concerns over tariffs and the broader economic outlook are causing potential buyers to hesitate.
Subject-to-Sale Conditions: An increasing number of buyers are making offers contingent on selling their current homes, a practice less common during previous market highs.

🔮 Looking Ahead

While the current market conditions present challenges, there is cautious optimism for recovery. The FVREB notes that with the federal election concluded and a new administration in place, there may be a fresh approach to strengthening the economy, which could positively impact the real estate sector.