FEATURE | YEAR IN REVIEW
Latimer Village features lavish outdoor amenities.
THE YEAR THAT WAS 2021 REBOUNDING AND REBUILDING by SUSAN M BOYCE
It’s been another year of dramatic change, a year that tested people’s courage in the face of natural disasters and economic uncertainly. But through it all, we showed our resilience and adaptability. And as 2021 draws to a close, it’s gratifying to look back on some of the highlights that prove it’s going to take more than a pandemic to stop us. MARKETS BOUNCE BACK
Industry watchers are unanimous in saying the sheer strength of the market rebound came as a welcome surprise after last year’s global meltdown. “By the end of this year, we will see more sales than we saw in 2016, which was the peak of the market,” notes
Michael Ferreira, principal and well-known market analyst with Zonda Urban. He cites renewed interest in highrise developments as one component of this escalating demand. Areas of note, he says, were Metrotown, Burquitlam, and one that caught many people off-guard, the Fraser Valley. “Tein Sher’s Flamingo One tower sold out in a weekend. And earlier this year, Vesta Properties launched two new towers at Latimer Village in Langley. The site is at 200th Street and Highway 1 in a predominantly ground-oriented neighbourhood that isn’t near the upcoming SkyTrain stations. And yet the majority of those homes were still sold within a few months.”
24 New Home + Condo Guide | Dec. 11, 2021–Jan. 8, 2022
Tien Sher Group of Companies also made history in April when they sold 138 of the 142 suites at Q5 in Whalley in a single day with not one person entering the discovery centre — the entire sales process was done electronically in the order contracts were received. “People were, quite literally, able to buy a home from the comfort of their sofa,” says Charan Sethi, president and “chief visionary officer.” SUPPLY AND DEMAND
Lack of supply is the greatest challenge Tracie McTavish, executive director of rennie, sees both now and moving forward. “MLS listings in October were under 10,000. Normally they would be 14,000 to 15,000.”
