Langley’s $19.9M Property Surges Over 1,000% in Value

BREAKING: Langley’s most expensive residential property has skyrocketed in value, now assessed at an astonishing $19.9 million, up from just $1.9 million last year. The 9.5-acre lot, located in the 3400 block of 205 Street, is not just a home; it holds immense development potential as the area undergoes significant changes.

BC Assessment released its updated property valuations on January 2, 2024, revealing the staggering rise in value for this property, which includes a four-bedroom house built in 1954 and several aging barns. This dramatic increase of over 1,000 percent in just one year highlights the booming real estate market in Langley, fueled by new housing developments under Brookswood’s Official Community Plan.

The top property in Langley is strategically located between Noel Booth Park and Dale Ball Passive Park, making it prime real estate for future residential projects. With neighboring plots already being subdivided for houses and townhouses, the area is rapidly transforming.

In stark contrast, the second-most valuable property, assessed at $18.1 million, is located in the 19800 block of Zero Avenue. This 29.4-acre lot’s value is primarily derived from its land size, with only $1.4 million attributed to existing structures. This property’s proximity to the High Point housing development further enhances its desirability.

Meanwhile, the third-most valuable home, situated in the 5700 block of 240 Street, is assessed at $15.3 million, again mainly due to its vast 44.5 acres. The actual buildings on the lot, including a house built in 1981, are valued at just over $1 million.

Langley City’s real estate market remains significantly lower than that of the Township, largely due to a lack of expansive rural properties. The most valuable home in Langley City, assessed at $3 million, has seen a decline in value over recent years, reflecting broader trends in the real estate market. In 2023, it was assessed at $3.34 million.

As the housing market evolves, local residents are keenly watching these developments. The ongoing changes are expected to reshape the community and influence housing availability in the area.

With the rapid appreciation of property values in Langley, potential buyers, developers, and investors should stay alert as the situation continues to unfold. The implications for housing, community planning, and the local economy are substantial, marking this as a critical moment for Langley’s real estate landscape.

Stay tuned for updates as we monitor further developments in this evolving story.