Only time will tell how the recent elimination of tolls on the Golden Ears Bridge will impact Langley’s real estate market.
Gopal Sahota, Langley realtor and president of the Fraser Valley Real Estate Board, is certain the B.C. NDP government’s decision to scrap the tolls as of Sept. 1 will benefit people living south of the Fraser.
But Sahota notes that it’s too early to tell how it will affect housing prices, if at all.
“Our board has always been a proponent of fairness for Fraser Valley residents when it comes to tolling, so we’re pleased that our communities were considered in this decision,” Sahota said. “We’ll have to see what the long-term impacts are to know exactly how successful the change will be, but in the meantime it will put money in the pockets of Fraser Valley homeowners who commute every day and that’s a good thing.”
Sahota says people who were reluctant to pay tolls, could now give “greater consideration” to buying a home in the Fraser Valley.
“Now that they’re removed, I think we’ll see a lot more interest in communities like Langley and Surrey that can still be quite affordable,” Sahota predicted.
August numbers from the FVREB have yet to come in, but July statistics show the benchmark price for a detached home in Langley sitting at $991,100, up a modest 4.2 per cent from June but 13.5 per cent pricier than a year previous, and a whopping 81.2 per cent jump in price from just five years ago.
Averaging at $461,500 in July, townhomes in Langley have risen 10.8 per cent in price from the same month five years ago, and 58.6 per cent more expensive than they were in July 2007.
Finally, the benchmark price for Langley apartments were $352,200 in July, up 24.7 per cent in price from the July 2016 and 56.5 per cent higher than they were a decade ago.