2017 Outlook: Optimism
In Willoughby, demand remains incredibly strong for well-located land with a townhome or apartment land use designation. This demand exists as a function of the townhome and apartment markets maintaining strength despite a softening of the detached home market. We anticipate land prices to remain relatively flat for at least the first half of 2017 except in neighbourhoods where servicing challenges become resolved or where advances are made on the neighbourhood concept plan. For example, both the Williams and Smith neighbourhoods should see milestone advances this year. See our recent blog post TOL Modifies Land Use in Draft Smith Plan for an update on the Smith neighbourhood and the blog post Township on Schedule with Williams Plan for an update on Williams. The status of all other Willoughby neighbourhoods are outlined below.
While the majority of Yorkson is built out, focus has started to shift to the lagging southwest quadrant. A local developer has submitted a development application which includes the quadrant’s prerequisite school and park site. The satisfaction of the school/park site requirement will unlock this area for development. The Township of Langley planning department anticipates build-out over the next 2 to 5 years.
The destiny of Carvolth continues to be in the hands of Quadra Homes and Arcadeco Developments. Those two groups have the ability to drive the necessary servicing solutions for the residential portion of the neighbourhood. We anticipate significant progress in 2017 as Quadra has submitted their application and Arcadeco is not far behind.
Township of Langley planners indicate that Vesta Properties has acquired the land for the school/park site in the northeast of the neighbourhood and will be commencing development in early 2017. Southwest Latimer still hinges on the movement of Isle of Mann Construction who purchased the school/park site from Canadian Horizons in early 2016.
North East Gordon
The detention pond we noted in our last update has since been secured by the Township and a number of large assemblies are now able to move ahead. The final approval of Vesta Properties’ 6 storey condo project on the southwest corner of 72nd Avenue and 208th Street is precedent-setting density for this area of Willoughby and will provide a much-needed supply of housing.
While considered an infill area from a servicing perspective, the prerequisite storm water detention ponds have yet to be secured by the Township. Despite the risk in the consequentially unknown development timeline, developers have been working to secure a number of very sizable assemblies in the area. Assembly activity of this scale is historically a sign that development is just around the corner and increased competition among buyers should result in strong offers.
South West Gordon
This area is substantially built out with only a select few development sites remaining. The Township of Langley is excited to see how quickly the Forewest Construction rental apartments on the northeast corner of 68th Avenue and 200th Street became fully leased and hopes to see more purpose-built rental projects in the coming years.
The Langley Events Centre makes up a significant portion of this neighbourhood and servicing challenges continue to deter development on the west side of 200th Street. In September it was announced that a much-needed secondary school will be constructed adjacent to R.E. Mountain school, which will subsequently be converted to a middle school.
Routley is substantially built out so recent activity in the area is comprised of only a couple in-fill detached home developments.
As always, if there is any additional information we can provide don’t hesitate to reach out.