If you grew up in the Langley area, then chances are you’re familiar with the Willowbrook Mall. With 150 shops and services, the Willowbrook Mall (whose official name is actually the Willowbrook Shopping Centre), is by far the largest shopping centre in the area and offers the Langley community access to grocery stores, hobby stores, and more.
However, beloved, the mall may be among local residents, there is no denying that it has begun to show its age in recent years. Although the mall, which was originally built in 1979, has gone through many renovations with the last one happening in 2007, the surrounding area has gone through an enormous transformation at the same time. As a result, it has been difficult for the shopping centre to effectively keep up.
As many may know, the Willowbrook Mall is slated to go through yet another re-development, and this time it’s a massive one that will add upwards of 50 new stores. In this article, we will go over what this redevelopment means for the mall’s Langley neighbours, as well as what it means for the overall Langley real estate scene.
What Does the Willowbrook Mall Expansion Include?
The Willowbrook Mall is no stranger to change. In fact, over a span of time shorter than a decade, the mall has seen such significant changes as a Target store coming and going, a Sears store closing, and an H&M store opening. Recently, in 2020, Willowbrook Mall saw the addition of two popular fashion retailers: Winners and Nordstrom Rack, the latter which is a rarity in Canada.
However, the changes are not ending here. In the fall of 2021, the popular Asian supermarket chain T&T is slated to open within the shopping centre. In addition, an outdoor component similar to what is seen in American malls is also planned for the complex. This may be a part of the mall’s plan to establish itself as a lifestyle center — i.e., not just a shopping mall.
How Will the Mall Expansion Affect Langley Real Estate?
It’s no secret that Langley has been home to quite a booming real estate market over the past decade or so. While plenty of this is due to locals in the Vancouver area seeking out affordable places to live within the Lower Mainland, a lot of it is also due to the fact that Langley is a wonderful place to live!
When any amount of development or redevelopment happens in a given area, then it is natural for locals and professionals alike to theorize about the ways in which it will change their local markets. Although it is impossible to say what the future holds with any degree of certainty, we can take a look at how retail developments have affected house prices in similar areas to gather a presumption about what may happen in Langley.
Generally speaking, people want to live near amenities, and a mall is certainly what can be considered an amenity. While it is true that, in theory, many places can be accessed from further afield in an automobile, not everyone owns a car, and what’s more importantly, not everyone wants to. More and more, people across Canada are looking for a more walkable, less car-dependent existence, and Langley is no exception.
Therefore, more likely than not, the Willowbrook Mall expansion will result in an increase in local real estate prices. As a result, now may be a good time to buy.
Local Langley Real Estate Trends
The community of Langley, British Columbia provides a fascinating case study regarding home price trends. While the City of Vancouver is known around the world for its exorbitant real estate prices, Langley was, for a long time, largely unaffected, despite its close proximity (46.7) to the “big city”.
However, as the dynamics of supply and demand would dictate, as the word has gotten out about Langley, the house prices have also risen. The average house price in Langley is currently just shy of $850,000, and shows no sign of slowing down. If you have been eyeing some Langley condos for sale — now may be the time to contact Langley realtor team.