Jericho Park by Essence Properties

Essence Properties has begun sales at Jericho Park, the first phase of its new 12-acre master-planned community, Jericho, located in Willoughby, Langley.

The first phase, Jericho Park, includes 385 homes in total constructed across four six-storey low-rise buildings.

As highlighted in my latest New(er) Homes Resale Report, the current supply and demand levels for one- and two-bedroom condos make Willoughby a prime investment opportunity. As of April 2024, the one-bedroom market is a seller's market, while the two-bedroom market is balanced.

With one-bedroom homes starting in the high $400,000s, a 10% deposit due within 6 months, and the chance to buy in the lower-priced first phase of the master-planned community of Jericho, this development presents an excellent opportunity for investors to secure a stake in one of Metro Vancouver's most affordable and highly sought-after communities.

Located at the southwest corner of 200th Street and 80th Avenue, Jericho is situated in the heart of the community's sports district.

The Langley Event Centre (LEC), a hub for some of the region's most popular professional sports associations, makes this an ideal location for young families. The LEC is home to the Vancouver Giants hockey team, the Vancouver Bandits basketball team, the Vancouver FC soccer team, and the Langley Thunder lacrosse team.

With over 120,000 square feet of commercial space also planned for this 12-acre masterplan, Jericho is set to become a major hub for the Willoughby community.

"Every aspect is designed to enrich the fabric of community life, like the convenience of The Jericho Shops’ retail, dining, and entertainment right at your doorstep."

As an owner of an investment condo in the neighborhood, I can confidently say that the high demand for rentals and the quality tenant mix make Jericho an excellent investment opportunity for those looking to expand their portfolio.

This investment potential is further highlighted by the scarcity of new condo inventory in the Willoughby market. According to the April 2024 New(er) Home Market Report, there is an extreme shortage of new condos available for sale, reinforcing the opportunity for investment.

The average one-bedroom condo rent is approaching $2,100, while two-bedroom rents are approaching $2,500.

Willoughby is fast becoming one the region's most exciting places to build. Affordability, access to transit, excellent schools and its location adjacent to Highway 1 have all contributed to its recent popularity.

For more information on Willoughby, visit my neighbourhood profile: Willoughby, Langley 

Jericho Park Key Features:

• 32,000 sq ft of retail amenities, daily conveniences, shops, and dining right outside your doorstep.
  
  
• 3,920 sq ft multifunctional community space for work, fitness, and play.
  
  
• Large Social Lounge: Kitchen, seating, pool table, TV,and outdoor BBQ area.
  
  
• Over 5,600 sq ft rooftop with communal planters, opensoftscape, BBQ area, fire pit, and kids play area.
  
  
• 1Valet Smart Building Technology, Including: Facial recognition entry, contactless mobile entry, digital lockbox for friends and family, and more.
  

Developed by Essence Properties 

Langley is our home, too–and we’re here to stay. As a local developer, we love and celebrate where we live. Behind every Essence community, careful thought goes into enriching the Fraser Valley neighbourhoods we build in. With Jericho, we’ve designed a community for the future of Langley, the city’s new heartbeat of urban vitality. It’s a central hub for connection and belonging, a place that inspires people to thrive and love where they live, just like we do. Each phase of Jericho, starting with Jericho Park, will reflect a new and nuanced way to discover what central Langley living has to offer.

Development Details

• Total Homes | 385
• Storeys | four, six-storey buildings
• Completion Date | Summer 2027
• Deposit | 10%
• Assignment | $500 admin fee

Starting Prices

• 1 Bed | 526 - 607 SF | From $499,900
• 1+Den | 542 - 622 SF | From $519,900
• Jr. 2 Bed | 563-677 SF | From $566,900
• 2 Bed | 625 - 874 SF | From $619,900         
• 3 Bed | 830 - 973 SF | From $753,900
  
  

• Some of the most affordable pricing you'll find in the market today.
  
  
• Low deposit structure at 10% - compared to concrete high-rise presales where 20% deposits are the norm
  
  
• Reputable developer with long standing track record of quality building throughout South Surrey & Langley. 
  
  
• Strong rental market fundamentals.
  
  
• Growing list of retail, entertainment and service amenities that will contribute to the overall appeal of this community.
  
  
• Community that is investing in infrastructure and amenities; new community centres, schools & retail.
  
  
• Ability to purchase in one of the most central locations of this community. As Willoughby continues to build out, development will start occurring in the outer rings of the central area. 
  
  
• Strong resale demand for newer product. First-time buyers & young families from across Metro Vancouver are choosing Willoughby because of its convenient location, community diversity and overall safety.