Low-rise condos have become big business in Willoughby, Langley and will continue to lead most development activity as the city focuses on adding density to its main arterials.
Though not widely discussed publicly, it is well-known within the development community that the current leaders of the Township of Langley are prioritizing higher density development in the Willoughby neighbourhood. Several projects initially zoned for townhomes have been replaced with plans for higher density low-rise communities.
Affordability is a key factor driving these changes. Entry-level townhomes are nearing the $1,000,000 mark, making it increasingly difficult for first-time buyers, young professionals, couples, and families to purchase homes in one of the region's most family-friendly areas.
However, the cost of delivering these low-rise condos is also rising. The council has made it clear that although these lands are zoned for higher density, development cost charges will increase accordingly.
Developers must pay a range of fees to local governing bodies when building new homes. These fees can include, but are not limited to, Translink fees, Metro Vancouver fees (sewer and water), community amenity charges (CACs), and municipal development cost charges. These costs are ultimately passed on to the buyer.
Highlighting the increasing expenses, an executive from Wesgroup Properties, one of the region's largest master-planned community developers, was recently quoted saying that "Government fees and charges now make up roughly 30% of the cost of new housing. The price of a new 2-bedroom condo in the City of Vancouver now includes over $360,000 of government fees, taxes and charges."
Like much of the Fraser Valley over the past 12 months, Willoughby has experienced consistent demand for new low-rise presales by reputable developers with a proven track record of successful completions.
According to data produced by Zonda Urban, there have been 6 new low-rise developments brought to the Willoughby market over the past 12 months bringing 965 new homes to market. As of Zonda’s last quarterly update, over 70 percent of these homes have been reported sold:
- Azure Grove by ML Emporio Properties – 273 homes
- Walnut Park by Quadra Homes – 127 homes
- Unison by Mortise Construction – 89 homes
- The Commons by Zenterra Developments – 199 homes
- Latimer South Village by Vesta Properties – 186 homes
- Kensington Gate by Quadra Homes – 91 homes
The average price per square ranges from $850 to $900 currently in this submarket.
Willoughby’s Unique Selling Point
Willoughby has emerged as a hot spot for millennials seeking a blend of suburban and urban lifestyles. Although it currently lacks direct SkyTrain access, its proximity to Highway 1 and major roads like 200th Street provides residents with convenient routes across the region.
Willoughby will soon be just minutes away from the upcoming Surrey-Langley SkyTrain extension, with a station located at Willowbrook Mall. The area also boasts a mix of new retail, schools, and community amenities designed for families. While Willoughby faces challenges such as congested roads, it is an area in transition with growth pains that are actively being addressed.
For first-time buyers, young professionals, couples, and families, Willoughby is a highly sought-after neighborhood due to its relative affordability compared to other end-user markets like Surrey and the Tri-Cities.
With new presale projects in the Tri-Cities nearing the $1,100 PSF mark, Willoughby presents an appealing investment opportunity.
Tri-Cities, Surrey, and Langley Poised to Drive Demand over the Next Decade
As a specialist in the sales of new presale condos across the Tri-Cities, Surrey, and Langley, I foresee Willoughby continuing to be a strong investment opportunity for presale purchasers. I'm particularly optimistic about all three submarkets for their unique advantages.
The Tri-Cities offer more "affordable" new home and presale options compared to other transit-oriented markets north of the Fraser, such as Burnaby and Vancouver. The price per square foot for newly launched high-rise properties in areas like Brentwood can be up to $300 higher than in West Coquitlam, driving more investors to Coquitlam and Port Moody.
Surrey is a city undergoing significant transformation, with several catalysts acting as tailwinds. These include one of the fastest-growing populations in Canada, greater affordability compared to the rest of the region, and a rapid expansion of post-secondary institutions like SFU and UBC.
Langley, and particularly the Willoughby area, offers a blend of suburban and urban lifestyles, making it attractive for millennials and families. With new retail, schools, and upcoming SkyTrain access, Willoughby is set to become even more desirable. The combination of affordability, ongoing development, and improved transportation infrastructure positions these submarkets for strong growth and investment potential over the next decade.
Investing in Willoughby, Langley
Willoughby, Langley has caught the attention of some of the region’s largest developers over the past few years. You can expect to see several new communities being brought to market soon. Key developers involved include:
- Zenterra Developments
- Hayer Builders Group
- Essence Properties
- Qualico Communities
- Polygon Homes
- Mosaic Homes
- Wesgroup Properties
- Vesta Properties
- Quadra Homes
- Lorval Developments
These builders will introduce thousands of new homes over the next decade, contributing significantly to the growth and maturity of the Willoughby community.
