Willoughby State of the Market 2018

DEVELOPMENT ACTIVITY IN WILLOUGHBY

2017 was another incredibly active year for new development and land transactions in Willoughby. The area continues to be one of the most sought-after communities in the Fraser Valley to live. As forecasted, demand is strongest for development land with a townhome or apartment land use designation as these more affordable home types experienced enormous price growth and rapid sales in Willoughby throughout the year. We anticipate this trend to persist through 2018 and expect an equally strong year.

The green highlighted regions on the below map indicate areas containing a high concentration of new development applications where we can expect to see the next influx of new construction. The red and yellow highlighted regions represent high concentrations of recent residential development land sales. We anticipate future development will pick up in Central Gordon in 2018, as development generally follows closely behind recent transactions. The concentration of sales in Smith (highlighted in yellow) may be an exception to that rule as a majority of the purchasers in those transactions are investors rather than developers and will be holding the properties until the neighbourhood’s future school and park requirements are met.

CURRENT STATE OF EACH NEIGHBOURHOOD

Carvolth

The Township of Langley (TOL) considers Carvolth a highlight neighbourhood for 2018 with the advancement of Quadra Homes’ development of over 600 multi-family homes and a neighbouring 10 acre townhouse development by Arcadeco Developments. Neighbouring parcels will likely develop shortly after as a handful of new applications were submitted in 2017.

Yorkson

The prerequisite elementary school and park site that has, to date, prevented development in the southwest quadrant is rumored to have been secured. This should allow current applications to proceed and likely drive a handful of new applications in 2018 with construction starting as early as 2019. The remainder of Yorkson is substantially built out but should still see the launch of a few new multi-family developments.

Central Gordon

Central Gordon was one of the most active neighbourhoods in 2017 with an extensive list of land acquisitions including a few large assemblies. This investment should spur several new development applications in 2018.

Smith

The Smith neighbourhood plan was adopted in June 2017, triggering a flurry of land transactions and a significant increase in land values. It will still be some time until development occurs as the neighbourhood plan’s prerequisite future elementary school and park site has yet to be secured by the School Board.

Williams

The new Williams neighbourhood plan remains a priority for TOL planning staff as they prepare a draft plan to present to council by the end of March 2018. This report to council, while only a draft, will provide significant insight into the likely future land use for each property.

Latimer

Construction in Latimer’s northeast quadrant is under way with a master-planned community of apartments, townhomes, detached homes, office and commercial space by Vesta Properties. The development timeline in the southwest quadrant remains unknown as the prerequisite elementary school and park site has yet to be secured by the School Board.

Northeast Gordon

Development is moving forward on the west side of Northeast Gordon with a handful of new development applications in 2017. The central portion of the neighbourhood remains stalled until the required storm water detention pond, at the south end of 207 Street, can be secured.

Jericho

2017 saw a handful of land trades in Jericho, focused on the west side of 200 Street, but minimal development activity. Planning staff indicate changes are coming in the Special Study Area but are unable to provide any additional detail at this time.

SouthWest Gordon & Routley

These neighbourhoods are substantially built out with minimal new development.

SOURCES

In creating this report we consult planning and engineering staff at the Township of Langley, survey multiple land transaction reporting systems (Commercial Edge, MLS) and analyze municipal development data to bring you the most relevant information. If you have any questions, don’t hesitate to reach out.

E.&O.E: This document has been prepared by Frontline Real Estate Services Ltd. for advertising and general information only. The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Frontline Real Estate Services Ltd. Any interested party should undertake their own inquiries as to the accuracy of the information. Frontline Real Estate Services Ltd. excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from.