Langley Apartment Building Sales: Price Per Unit Analysis (2016–2024)

Langley’s apartment investment market is among the Fraser Valley’s most compelling growth stories. Encompassing both the City of Langley and the Township of Langley, the municipality has experienced rapid population growth, significant transit investment through the Surrey–Langley SkyTrain extension, and a steadily maturing rental market that has attracted increasing attention from Metro Vancouver’s investor community.

This report analyzes 12 apartment building transactions recorded in Langley between October 2016 and March 2024, representing $75 million in total transaction volume. While the transaction count is modest compared to Vancouver or Burnaby, each sale carries outsized significance in a market where purpose-built rental supply is limited and buildings rarely trade. The data is drawn from publicly reported sales compiled on Vancouver Market.

Price Per Unit Over Time

The chart below plots every transaction against its date of sale, with each point sized to reflect the number of units. Hover over any point for property details.

Market Observations

2016–2017: The Starting Point

The dataset opens with pricing that underscores just how far Langley’s multifamily market has come. In January 2017, a 50-unit building at 6465 201st Street sold for $7,450,000 — just $149,000 per unit, the dataset’s all-time low. A 6-unit building on 268th Street traded at $191,667 per unit in late 2016. These were entry-level prices that reflected Langley’s historical positioning as a secondary suburban market — a perception that has changed dramatically in the years since.

2018–2020: Value Discovery and the Small-Building Premium

Two transactions during this period signaled an important shift. In January 2018, a 7-unit building at 20669 Eastleigh Crescent traded at $392,143 per unit — more than double the 6465 201st Street result from just a year earlier. In October 2020, 5769 201A Street sold for $6,700,000, or $515,385 per unit for a 13-unit building. The smaller building format commanded a significant premium, a pattern consistent with every other Metro Vancouver submarket in the dataset.

The July 2019 sale of 20727 Fraser Highway at $164,054 per unit for a 37-unit building represents a notable outlier — and likely reflects building condition, below-market rents, or a value-add buyer thesis, given that it traded below the 2017 low on a per-unit basis.

2021–2022: Volume and the Pricing Peak

Four transactions in 2021–2022 brought $21.9 million in volume. The standout was 20214 54A Avenue, which traded at $625,000 per unit in June 2022 — the dataset maximum — for an 8-unit building. This figure represents more than four times the per-unit pricing seen just five years earlier and reflects the extraordinary premium that smaller, well-located buildings command in the Langley market. The 28-unit building at 20672 Eastleigh Crescent traded the same month at $221,429 per unit, illustrating the persistent gap between small-format and mid-size product.

2023–2024: The 204th Street Corridor Emerges

The two most recent transactions in the dataset are both on 204th Street — an emerging apartment corridor near the City of Langley’s downtown core. In February 2023, 5400 204th Street sold for $8,500,000 ($250,000 per unit, 34 units). Thirteen months later, the adjacent 5375 204th Street traded for $18,535,000 ($343,241 per unit, 54 units) — the largest single transaction in the dataset by dollar volume. The concentration of activity on 204th Street, combined with the significant price increase between the two transactions, suggests this corridor is becoming a focal point for institutional-scale apartment investment in Langley.

Key Observations for Investors and Property Owners

Small buildings command a dramatic premium. Buildings under 15 units have traded at $325,000–$625,000 per unit, while buildings above 30 units typically price between $149,000 and $343,000 per unit. This spread — roughly 2x — is consistent with patterns observed in Burnaby, North Vancouver, and Vancouver.

The Surrey–Langley SkyTrain is a transformative catalyst. The extension, currently under construction with completion expected in 2028–2029, will bring rapid transit directly into the City of Langley. Properties in and around the future station areas stand to benefit from increased tenant demand, improved connectivity to Metro Vancouver’s employment centres, and a long-term repricing of the municipality as a transit-accessible rental market.

Langley offers a significant yield premium over Vancouver and Burnaby. At an average of $305,000 per unit, Langley apartment buildings trade at a meaningful discount to Vancouver’s westside ($280,000–$428,000), Burnaby ($310,000), and North Vancouver ($465,000). For yield-focused investors, this pricing gap represents an opportunity — particularly as the SkyTrain extension closes the perceived distance to central Metro Vancouver.

Repeat corridor sales confirm appreciation. The 204th Street corridor has seen two transactions in 13 months, with per-unit pricing increasing from $250,000 to $343,241 — a 37% increase. The Eastleigh Crescent corridor has also seen two sales (2018 and 2022), reinforcing long-term value creation for holders in established locations.

Transaction volume is thin — which is the point. Twelve transactions in eight years reflects extreme scarcity of available product. Langley apartment buildings are tightly held, and when they do come to market, they attract competitive interest from buyers seeking scale in one of the Fraser Valley’s fastest-growing municipalities.

Transaction Table — All 12 Sales (2016–2024)

All transactions sorted newest to oldest.