I have listed a new property at 102 2955 DIAMOND CREST in Abbotsford.
Are you shopping for something "new" but want the space? Stop looking! This former ground level "show unit" includes custom upgrades such as kitchen island w/ granite countertop, high end cabinets, custom bathroom vanities, etc. Interior iscompletely refreshed for 2012 with new paint and flooring! Yes, we are taking out the 6-year-old carpet to be replaced with gorgeous new laminate flooring! Many more extras included! Quick possession possible.
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I have listed a new property at C1 20202 66 AVE in LANGLEY.
Entrepreneurs! Take advantage of great NEW price! Turn key coffee shop in busy, growing Langley neighbourhood. Steady clientele base with lots of room to see $$$ growth. Corner exposure. Surrounded by key big box anchor stores. Seller will entertain all reasonable offers. Please do not disturb staff. Relay all sale related questions to listing agent (do not request to speak to Manager/Owner).
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Normally I have been posting my market updates on my Facebook page in the first week of every month. From now on I will also post these updates here on the new bradr blog. Revised from Facebook:



All this talk about the Vancouver sellers market receding - how about here in the Fraser Valley?

Well, the June numbers are in and as predicted, the sales-to-listing ratios are holding steady throughout the Valley. Year-to-year comparisons suggest we are on par with 2011 and benchmark prices are up slightly 3.6%.

However, many are looking to the fall market to see what sort of effect the new mortgage rates and Vancouver's slowdown will have on the outlying areas.

Abbotsford, Langley, and Cloverdale hold steady, more or less, year after year, with the greatest variances found in North and South Surrey/White Rock.

Market Breakdown:

ABBOTSFORD (Detached homes)
Inventory: 6.5 Months (Buyers Market)
Last June: 6.3 Months
Benchmark Price: $432,000 (+3.6% from 2011)

CLOVERDALE (Detached homes)
Inventory: 4.1 Months (Sellers Market)
Last June: 3.7 Months
Benchmark Price: $572,200 (+3.4% from 2011)

LANGLEY (Detached homes)
Inventory: 4.9 Months (Balanced Market)
Last June: 4.2 Months
Benchmark Price: $541,200 (+/- 0% from 2011)

SURREY CENTRAL (Detached homes)
Inventory: 5.3 Months (Balanced Market)
Last June: 4.5 Months
Benchmark Price: $565,900 (+5.5% from 2011)

Inventory: 6.3 Months (Buyers Market)
Last June: 3.6 Months
Benchmark Price: $882,900 (+5.9% from 2011)

For any additional municipalities or property types, please contact me directly. 604-530-4111 or email bradrichert@macrealty.com


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I admit, I haven't been steadily blogging over the past year, partially because I had my blog setup on another site and partially because I've focused most of my social media entries on my Facebook page. But with the site update I figured I would transfer all the good stuff I wrote on this blog, plus some recent articles I wrote on the new mortgage rules (see my opinions and what the new mortgage rules mean for you).


Unfortunately in this transfer, I noticed a few "automatic" posts about some recent listings, sales, etc. Ignore the dates - this is a bit of a glitch that I will work on when I get a chance (that priority is pretty low while taking care of clients). But feel free to take a look around and never hesitate to email me at bradrichert@macrealty.com if you have any questions.

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I have listed a new property at 18224 32ND AVE in Surrey.
MAJESTIC 4.64 ACRES landscaped with stunning man-made fishing pond, full premium quality fence, and just 10 minutes away from The Shops at Morgan Crossing, White Rock, and the Canada/US border. Beautifully maintained white fence guides yourfully-lit winding pathway to your 2,185 sqft rancher overlooking a rare paradise-like setting. Breathtaking setting represents Beautiful BC to all your visitors. Move-in ready, yet ideal for building your dream home! You MUST see this property to believe! Click "Video" tab above to see Full HD Video!
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I have sold a property at 4815 201 ST in Langley.


THIS IS HOME! Extensive work inside and out makes this warm 4 bdrm, 3 bath home the ideal family home. Oak flooring, inviting kitchen, gorgeous living room and covered sundeck. All renos done in last 10 years and more in 2010! New roof, doors, and windows help your new energy efficient furnace save money! Fully finished bsmt and spacious yard and tasteful garden. Quiet family oriented neighbourhood with elem. school a walk away and shopping close by!

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I have sold a property at 46 7155 189TH ST in Surrey.
Large, Bright and open 3 level townhome in Bacara.Main floor boasts a generous great room concept with gourmet kitchen surrounded by rich walnut tone cabinets, granite counter tops and grand appliances. The top floor has 3 bedrooms and 2 bathrooms which includes a spacious master with 3 piece en suite. At the entry level you'll appreciate the private Flex room which leads to a over sized double garage. Perfectly situated in the quietest location of the complex, as the buyers had first choice when built. Fully fenced yard plus an additional playground for the kids. Great central location with easy access to Hwy #1/10.
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I have sold a property at 7281 197B ST in Langley.
Custom designed & crafted personally for the developer with envy-inviting details. Your guests are presented with an inspiring entry and access to your tastefully crafted dining area, and yet it still feels like home. Dynamic ceilings, crown molding, wainscotting, and elegant trim offer true appeal. Gorgeous granite kitchen features & premium stainless steel appliances. Energy efficient radiant floor heating & upgraded windows keep your home warm and bills down. This home is pre-wired for modern living - check out the soundproofed media room & wetbar! Security system w/ addt'l safety features for piece of mind. Legal suite with close transportation offers help w/o sacrificing privacy!
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I have sold a property at 104 9329 UNIVERSITY CREST in Burnaby.
Rare 3-bedroom, garden level suite with over 700 SqFt of private patio. This designer home is well laid out to accommodate house-sized furniture and features a number of quality upgrades, spa-like bath & gourmet kitchen. Situated in theheart of University & a short stroll to shops, restaurants & other amenities. Residents at SFU qualify for a number of benefits including greatly reduced transit. Large 8' x 6' storage locker. Easy to show.
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I have sold a property at 171 SPRINGFIELD DR in Langley.
Springfield Village... The perfect community for buyers that want a home without the addition of strata costs and restrictions. This beautifully updated home has 4 bedrooms (or 3 bedrooms and a Rec-Room), vaulted ceiling, and a privatebackyard. The list of updates is long... Replaced and installed all new vinyl windows, New vinyl siding on the exterior, Laminate flooring downstairs New carpet on the stairs and 2 of the 3 upstairs bedrooms Top of the line Frigidaire stainless steel appliances Renovated bathrooms Shed in the back yard for garden equipment, bikes, etc New vinyl and railing on outside deck ...the list goes on
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I have sold a property at 35076 MORGAN WAY in Abbotsford.
Beautiful home for a great price! Ready to move in and enjoy. Updates include windows, tile & laminate flooring, new kitchen appliances & cupboards. Plenty of parking, either for RV or for your guests while you entertain in your largeRecRoom with a built in bar. Big yard to play/garden/relax in, and tall cedar fence provides you plenty of privacy. Not that you have a neighbor behind you... as it's CASSIAR PARK, which has over 1km of trails for you to explore! If powerlines do not bother you, then this home is a STEAL OF A DEAL!
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I have sold a property at 207 32550 MACLURE RD in Abbotsford.
Very clean END UNIT in Clearbrook Village. Sit outside and watch the Canada Day fireworks from your own huge backyard patio! Tastefully renovated, recently updated roof and vinyl siding. Fence updates on the way - paid by seller! No rentalrestrictions - awesome investment. Great for first time home buyers too!
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I have listed a new property at C1 20202 66th AVE in Langley.
Calling entrepreneurs! Turn key coffee shop in busy, growing Langley neighbourhood. Steady clientele base with lots of room to see $$$ growth. Corner exposure, surrounded by key big box anchor stores. Take advantage of great price! Seller will entertain all reasonable offers. Please do not disturb staff. Relay all sale related questions to listing agent (do not request to speak to Manager/Owner).
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What do the new mortgage rules mean for the Canadian home buyer?

On July 9th the new mortgage rules announced by Finance Minister Jim Flaherty will be officially implemented. However, already by July 4th, if you don't already have a deal in place, it may be extremely difficult to have CMHC approve your 30-year amortization in time. So going forward, let's assume that the 6-year Government of Canada project of insured 30, 35, and 40-year mortgages are done.

What does this mean for you?

Well, here are the new rules:
1. Reduce the maximum amortization period from 30 years to 25 years
2. Reduce the maximum loan to value (LTV) ratio on refinances from 85 per cent to 80 per cent
3. Insurance is limited to homes with a purchase price of less than $1-million
4. Maximum gross debt service ratio (GDSR) fixed at 39 per cent and total debt service ratio (TDSR) fixed at 44 per cent

Target: Red hot markets, notably Toronto (for those who have been following, Vancouver has already begun a major reduction in sales, around 27% compared year over year (June) - true to the real estate cycle, prices will come down.

Those really hurt: New home buyers in both high unaffordable centers and surrounding suburbs. Current homeowners with some equity will merely buy something smaller. New home buyers trying to get their foot in the door will be forced to either raise kids in smaller condos or put off home buying altogether.

How will this effect YOUR budget?
Well, let's assume a $400,000 purchase price with 5% down at a great 5-year fixed rate of 2.99%. On a 30-year schedule, this would be $1,596.27 per month. On a 25-year schedule, this is now 1,796.38. Add your many other costs of home ownership and you can see how this will put many buyers out of the market.

I have 20% down payment, how will this effect me?
It doesn't. You can still receive a 30-year amortization.

Why are they doing this to me?
In 2006 the new Government wanted to allow more competition in the private home insurance market and bumped the max. amortization rate from 25 years to 40 and allowed for 0% down mortgages. Already rising prices skyrocketed out of control for 2 years until a worldwide economic collapse and the major housing crash south of the border partially due to a highly unregulated lending industry.

Ever since 2008, the government has been slowly returning the industry back to where it was. Unfortunately, because of the extreme prices, you can't just press a reset button. Problem is, because of "cheap money", Canadians have over-extended themselves. Granted, "cheap money" backed up by an asset is safer than that sitting on a credit card for those new shoes you bought. However, considering your principle property an asset is arguable and a high loan-to-value ratio makes a homeowner vulnerable to many external factors.

The fact is, we all know that the prime rate will increase, bringing mortgage rates up along with it. If Canadians have budgeted themselves more than they can actually afford at a dirt cheap rate in 2011, what happens when they renew at more reasonable mortgage rates? Remember that great 2.99% rate at 30-years? Well at the reasonable rate of 4.99%, on the same schedule, that $1,600 monthly payment would now be $2,025. Did you budget for that?

The Government has only so many instruments to play around with the market and they just marched out the mariachi band to do everything to keep Canadians from being shocked when those interest rates go up.

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