What is a

By: Brad Richert

What is a "Typical" Langley Home?

Tags: HPI Benchmark, housing prices, Langley

While the media may often use "average" housing prices in articles, you'll likely find that REALTORS like myself will instead opt for something called the "benchmark price" for housing in the area when providing real estate statistics. The benchmark price is a shorthand for the Home Price Index (HPI) Benchmark which follows what someone has deemed the "typical" home in a market area, be it a city or neighbourhood.

Unlike an "Average price", which can bounce around a fair bit from month to month since just a few very high or very low sales can significantly change the average price, the Benchmark price tends to see relatively conservative changes from month to month. The idea is to track what the value of the same home would be over time. So what exactly is a "typical" home in your area? Well, the Fraser Valley Real Estate Board has something called the MLS(R) HPI Benchmark Attribute Report which actually defines what these typical homes are in each market and housing type.

You may now be curious to know not only what a typical home is in Langley, but how about the typical townhome in Walnut Grove? Or detached home in Aldergrove? Or apartment in Langley City? Well, you've come to the right place. 

The Typical Single Family Home in...

...LANGLEY:

...ALDERGROVE:

...BROOKSWOOD:

...CAMPBELL VALLEY:

...FORT LANGLEY:

...GLEN VALLEY:

...LANGLEY CITY

...MURRAYVILLE:

...OTTER DISTRICT:

...SALMON RIVER:

....WALNUT GROVE

...WILLOUGHBY
 

THE TYPICAL TOWNHOME IN...

...LANGLEY:

...ALDERGROVE:

...BROOKSWOOD:

...CAMPBELL VALLEY:

...FORT LANGLEY:

...GLEN VALLEY:

...LANGLEY CITY

...MURRAYVILLE:

...OTTER DISTRICT:

...SALMON RIVER:

....WALNUT GROVE

...WILLOUGHBY
 

THE TYPICAL APARTMENT IN...

...LANGLEY:

...ALDERGROVE:

...BROOKSWOOD:

...CAMPBELL VALLEY:

...FORT LANGLEY:

...GLEN VALLEY:

...LANGLEY CITY

...MURRAYVILLE:

...OTTER DISTRICT:

...SALMON RIVER:

....WALNUT GROVE

...WILLOUGHBY