Willoughby neighbourhood update

April 5, 2022

By Mike Harrison

For the 6-8 months leading up to February 2022, the development land market in Willoughby was on an absolute tear with a record quantity of land transactions and land values rising as much as 20-30% in some neighbourhoods. With new homes selling as fast as they were released to market, builders were franticly purchasing land to bring as many projects to market as possible. All that came to an end in April when the government instituted the first of many interest rate increases. The market shifted almost overnight and we’re beginning to see land values pull back from the peak as builders watch the prices of new homes decline.

Surrey Willoughby neighbourhood
Source: City of Surrey

Despite the widespread correction, many builders and developers remain confident in the market long term and remain interested in purchasing land, albeit with far more caution and at lower values.

With all the recent land purchases came a flood of new development applications and we’ve summarized them in this report to show just how much has been happening and how many homes are coming.

Like in past reports, we’ve also provided an update on the development status of each neighbourhood in Willoughby.

For more information on the residential development land market in the Fraser Valley or to sign up for my monthly newsletter, please contact:

Mike Harrison

    • Principal, Development Land Sales
    • Land and Development
[email protected]

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Data sourced from Fraser Valley Real Estate Board