'This is an ugly market': A look at Langley, Abbotsford and Chilliwack real estate

Real estate prices in the Fraser Valley have jumped significantly over the last year, making it a challenge to break into the market.

"It's a very difficult market for first-time home buyers,"said LeoRonse, a seasoned realtor with over two decades of experience in theLangleyarea.

"This is an ugly market," saidRonse, one where prices are high, inventory is low and multiple offers are common practice.

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According to theFraserValley Real Estate Board. Aprilsaw thehighest sales the regionhas experienced in the last 10 months.

The biggest price increases were fortownhousesand apartments, the prices for those increased nearly 30 per cent since last year and over 3 per cent since last month.

So, we took a look at what you can buy in Langley, Abbotsford and Chilliwack if you have$250,000 and $500,000.

Langley

In Langley, a quarter million dollars will score you a decent apartment.

That's if you snag it in time.

• Asking price: $248, 800 | Sale price: $255,000
• 731 sq.ft. condo, 1 bedroom, 1 bathroom

This apartment on201AStreet was in the market for 12 days and sold with multiple offers, said realtor Jeremy Sutton, who sold the place to a first-time home buyer.

Evenif you doubled your money and had a budget of half a million dollars, you'd be hard pressed to find a single detached home inLangley for that price.

• List price: $399,900 | Sale price: $400,000
• 1,742 sq.ft. single family house, 3 bedrooms, 2 bathrooms

"You're not going to find a house for $500,000 and if you do, they'll be in less than stellar neighbourhoods and will be in deplorable conditions," said Ronse.

A nice three bedroom, two bathroom townhouse goes for $500,000 in Langley.

• List price: $469,900 | Sale price: $500,000
• 1,550 squarefeet townhouse, 3 bedrooms, 2 bathrooms

"I'm not saying this is affordable, but it is an area that is a little better than the Vancouvers, Richmonds andthe Burnabys," said Ted Schaffer, the mayor of the city of Langley.

Schafferbelieves townhouses are the new reality for young families.

"We are looking atit as a place families can go, I think there areseventownhouse projects out of the 15 or 17 which are on the books right now," saidSchaffer.

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But for Sean Kanea townhouse doesn't cut it.

"They're not really that big enough I find for threekids and two adults," he said.

Kane has been lookingin Langley for a few months andwith his budget of $400,000, he's had no luck.

"It's frustrating," he said, "pretty much anything on MLS is sold or taken."

Once you find something, it's a race to put an offer in, he said.

"You don't even know if you're going to like it yet, you don't have time to compare it to other things," he said.

Realtor Michael O'Gradyknows the pain all to well.

"We are having a lot of trouble finding places for clients," he said, adding that inventory is low in Langley because of thecommute time to Annacis Island, Delta and Vancouver.

"People have decided that Aldergrove isn't that bad of a drive, and it has pushed out to Abbotsford now," he said.

Abbotsford

But even in Abbotsford buying a housefor less than $500,000 is unlikely.

"They aren't going to be a homebuyer, they are going to be a townhome buyer," said Kevin Rolland, a realtor based out of Abbotsford.

"Townhouses are selling up into the $500,000's now. If I told someone that a year ago, they would've thought I was crazy," he said.

• Listprice:$524,900 | Sale price:$529,900
• 1,762 squarefoot brand-new townhouse,3 bedrooms 4baths

Rolland said Abbotsford is now seen as a good investment.

"A lot of people are buying investment condos because rents are so high," he said and with less than $250,000 you can purchase an 805 square foot apartment.

• Listprice:$235,500| Sale price:$247,250
• 805 sq. ft apartment,2 bedrooms,2 baths

Thevacancy rates inAbbotsford- Mission arethe lowest in the country at 0.5 per cent.

Evena rancher homeisadvertised as aninvestment property, with a notethat the family renting it for $1,700 a month would like to stay.

• Listprice:$525,800 | Sale price:$520,000
• 930 squarefoot rancher,3 bedrooms,1 bath

Rolland said ifpeople are looking to buy a nice housethey'll have to head toChilliwack.

Chilliwack

This is where $500,000 will buy you a house.

On the Sardis side, options range from a B.C. box house or a really nice townhouse.

On the Chilliwack side, $500,000dollars will get you a bigger house.

• Listprice:$449,300| Sale price:$482,000
• 1,837 bungalow in Chilliwack, 4 bedroom, 2 bath

The more affordable option $250,000 will land you an apartment onthe Sardis side or a single level townhouse or teardown in Chilliwack.

• List price: $249,900| Sale price:$250,000
• 1,093 sqarefeet apartment inSardis, 2 bedroom, 2 bath

• List price:$249,900| Sale price:$245,000
• 1,320 squarefoot townhouse in Chilliwack, 3 bedroom, 1 bath

Butthese listingsare attracting multiple offers.

"They're asking me to door knock find properties that aren't on the market so they are not competing against other people," said realtor Aaron Tschritter.

"This is the first time that sales are down a little bit, not because people don't want to buy. It's just that there is nothing to buy," said GregNord-Leth, president of theChilliwackand District Real Estate Board.

Nord-Lethbelieves part of the attraction is thatChilliwackis theLangleyof 10 years ago. AsLangleybecomes more urban, people are opting forChilliwack, he said, where they can get more for their money and get a calmer atmosphere.

He said the foreign buyers tax has also had rippling effects on the Chilliwack housing market.

"Foreign buyers were buying in Vancouver, Vancouver buyers were leaving and coming to Langley, and the people from Langley werecoming to Chilliwack," said Nord-Leth.