RICHERT+Associates

Cell: 778-240-4239 |

Search All Listings

Seller Resources

Buyer Resources

Mortgage Calculator

Real Estate Blog

Please visit our Open House at 21237 83A AVE in Langley.
Open House on Saturday, April 4, 2015 1:00 pm - 4:00 pm
CUSTOM European-crafted masterpiece home with phenomenal kitchen ideal for entertaining or everyday foodies! Top of the line Jenn-Air stovetop & hoodfan, incredible double wide S/S fridge/freezer, generously-sized T-shape granite island,premium custom cabinetry & much, much more! European oak hardwood floors on main floor provide stunning durability & a richness matched by spectacular chandeliers & custom woodwork throughout. One of a kind den features custom cabinetry & black granite built in deck. Features LEGAL 2 Bedroom downstairs suite. Enjoy your professionally landscaped yards for years to come. Must view! Walking distance to Lynn Fripps Elementary & close to Yorkson Creek Middle School. Call today for private viewing.
Read full post

Artists Rendition of Yale Bloc Many people know that I've written about the over-saturation of mediocre townhouse and apartment complexes in the Fraser Valley, which has led homeowners who bought new with a fraction of the equity they deserve for their investment over the last 6-8 years. While there has been a continuation of uninspired development in Surrey, Langley and Abbotsford, some developers are taking note and "future-proofing" homes.

 

It is relatively easy to "sell" a new home compared to resale: thousands of dollars in designer items and staging, fresh paint, no knicks or scratches, no funky smells, etc. Yet when you purchase a new development, I hate to say this, you are buying the same white box as everyone else. It is no longer new. Just like a car, once you drive it off the lot, it diminishes in that original "newness" value. So if you're buying new, always understand you are paying for a "newness" premium, so look for things that make your townhouse or apartment truly unique for the best resale value.

 

All developer marketing teams talk about how great the quality of their homes are. When was the last time you walked into a new development show home and they didn't say they have high quality homes? In reality, you won't know until the first few years, so its best to look at a developer's track record. Maybe even take a look at some resale homes and/or ask a knowledgable REALTOR about how that developer's past projects have fared over the years.

 

Once you've been satisfied with the quality of your prospective new home, ask yourself, if I sell in 4-7 years, what differentiates this from all the other resale/new townhomes out there? Is it spacious? How is the layout? Big balcony? Greenspace? Walking distance to amenities? Near a school? Why will your new home hold value?

 

Over the last couple of weeks I've visited or re-visited quite a few new developments in Langley (as well as other areas, more on those later) as the preparation for a strong Spring & Summer 2015 comes to fruition. Full disclosure: I do not represent any of these developments nor am I paid for any sort of marketing or promotion. These are just my candid thoughts on some new developments that I would or have endorsed bringing my buyers to.

1. Kensington (Qualico) - Available Now

After years of seeing apartments being built around more apartments, with little walkability, it was great to finally see some mixed-use residential in Langley. While transit remains lacking along 80th and 208th, the residences on Kensington's top 3 floors offer retail on the bottom floor, plus one of my favourite coffee shops - Mattu's, a sushi restaraunt, a Shoppers Drug Mart, liquor store, and independent grocer all their doorstep. What really surprised me as I watched Qualico take its time with construction is the quality. During my first walkthrough with some of my buyers, it showed the the developer really put a precedence on making sure that this building was built to last. It isn't all about granite countertop and fancy features - the bones on this complex are second to none.

 

Due to an oversaturated market, there are still quite a few units left. Yet for future resale value, I think you will see that as Willoughby Town Centre builds up around it, these will be the prime condos in the Willoughby area.

 

Marketed by Fifth Avenue Real Estate Marketing Ltd.


2. Exchange (Hayer) - Available Now

Exchange Townhomes Exterior

The moment I saw the sign go up with the rooftop patios on the propaganda at 208th Street and 79th Avenue, I got View from showhome of Exchangeexcited. Rooftop patio townhouse developments are pretty rare in the Fraser Valley, and this is a first for Langley. Perhaps the only downfall is that they only are available as two-bedroom units (there is currently more high demand for three bedrooms). That said, for new families and/or professionals, these could be perfect. A modern design, a location that is sandwhiched between Richard Bulpitt Elementary & Willoughby Town Centre, and perfectly located for potential transit (ummm...????) & several units with views of Mt. Baker. It looks like they've sold almost half of their first phase of their 1110-1582 sq.ft. units, but there will be another phase coming another "C" plan that is 1230 sq.ft. Prices start from $299,900.

 

Marketed by Fifth Avenue Real Estate Marketing Ltd.


3. Coulter Berry (Statewood) - Available ?Coulter Berry Construction

Politically, the Coulter Berry building on Mavis and Glover in Fort Langley may have been a lightning rod of controversy as residents took sides to oppose or defend the three-storey building, but with contruction well underway, my hope is that the community can come together as what is done is done. From a real estate point of view, there is little ignoring that Coulter Berry offers a very unique housing opportunity for 9 lucky, and likely well-to-do homeowners. Coulter Berry will offer a lot of "firsts" for the Fort, including LEED Gold certification, underground parking, and well, three full storeys (retail on the first floor, office on the second, residences on the third). Of course, as you've probably figured by now, my favourite aspect is the mixed-used component.

 

The fact that there are only 9 units, plus being as it is Fort Langley, and therefore fairly exclusive in itself, it will be interesting to see what Statewood prices the 689-1943 sq.ft units at. (By the way, they have a lot better pictures of their construction than my cameraphone photo on their Facebook page)

 

4. Yale Bloc (Manorlane) - Completion Fall 2016

Here is another mixed used residence has me fired up (see first photograph above). While the advertising says "Willowbrook" and "Langley" all over it, in reality these 4 story buildings are on the Surrey side of 196th Street & 64th Avenue. I suppose Langley just sounds better :). There isn't anything particularly special about the design of the complex. Design-wise, it looks like a typical four storey, three building layout with courtyard in the middle. Yet, with the retail on bottom with walking proximity to all of Willowbrook's amenities, not to mention being right outside the area that may be redeveloped in coming years, it all plays into part of the value proposition of Yale Bloc. Manorlane also has a positive track record in the area, with developments such as Allegro, Ascend, and George.

 

The plans range from a 498 sq.ft. "junior bedroom" to 835 sq.ft. 2 bedrooms and are priced quite competitively from $139,900, making them a target for investors. Although some units are on the small side for Langley, the plans were laid out in a livable way for those wanting a more urban lifestyle in the suburbs. Did I mention transit is right on the doorstep too? I was there on opening day, but I'm not to sure how many of their first 64 units in building 1 they've sold so far, but with their aggressive price point, I'm sure they are doing well.

 

Marketed by Frontline Real Estate Services


If you are interested in these or any other new development in the Fraser Valley, feel free to call me directly at 604-510-4825. I'm always happy to answer any questions you may have and/or investigate for you.

Read full post

I would say that almost 40% of my business comes from retirees or soon-to-be retirees. As a 32-year-old Realtor, I don't pretend to be an expert on everything to do with the retirement lifestyle. My clients look for compassionate responsiveness & aggressive negotiating, not a life coach. Over the years I've really enjoyed helping this demographic onto the next stage of their life and, anecdotally, I've also noticed some trends.

 

I read a lot of speculation about what baby boomers are going to be purchasing and what the "experts" seem to think, but it doesn't seem to jive with reality. Even if you Google "retired buying condos", you'll likely come up with a lot of articles talking about how boomers (or "zoomers") are bucking the idea that they are going to downsize into pocket-sized condos anytime soon. My experience corroborates this. So what are retirees really buying?

 

I've taken 4 "real life" examples that seem to be pretty representative of the non-homogenous "retired homebuyer", and linked some current listings with what is available in today's market.

 

1. The "Zoomer!"

Zoomers aren't defined by age - a zoomer can be 54, 62 or 71. A zoomer is the active, engaged, "boomer" (or older) who you know isn't ready to settle for anything. My not-so-hypothetical Zoomer is in his mid 60's, retired architect, who lived and worked a large hobby farm in the Fraser Valley. He built many incredible additions to his original 1950's home so much so you wouldn't recognize the original age. Yet 20+ acres was just too much to take care of. He wants to enjoy his retirement. He appreciates quality, doesn't want to take care of a large house/yard, still wants space for a pool table and he wants to travel for 6 months of the year.

 

I met Zoomer! in Fort Langley's Bedford Landing. He really liked the walkability and the exterior architecture of the homes in the area. Yet when he looked inside, he wasn't impressed with what his money was buying him. He loves the character but wasn't interested in much else. Hearing this, I asked if he had thought about the White Rock/South Surrey area. I set up a few showings and I could tell he was hooked - but it was going to take time.

 

We viewed a lot of old-timer ranchers because he wanted to keep it under a budget that would allow him to save some of his cash for travelling. I could tell that the girlfriend was not having it. She had rich tastes. So I found him the best of both worlds:

 

The Find: a 2500 sq.ft. "Cape Cod" style home on a 2700 sq.ft. lot. High quality, twoy storey with basement, allowed for the traditional living on the main floor and beautifully, very expensive-looking, landscaped rock garden with no extra work needed (the sellers threw in the awesome gas firepit). The home had a good sized, bright open basement with a recreation room perfect for the pool table and 2 bedrooms, which would turn into an office and storage room. The upstairs had 3 generously sized rooms, which he said would be great for when the grandkids visited. The detached garage offered ample space for his truck and motorcycle.

 

Ready to downsize, but still want space for visiting adult kids & the grandkids? Take a look at some of these listings in White Rock/South Surrey or Langley! (Looking for another city? Just email me at bradrichert@macrealty.com)

 

2. The Quiet Couple

Similar to my Zoomer!, my quiet couple weren't ready for a condo, but didn't mind strata and a little bit of a garden. They were looking forward to having some quiet time together and perhaps look for an age-restricted townhouse/duplex complex. Both were in their mid 50's and preferred a 55+ lifestyle. I informed them that 55+ is a pretty broad age spectrum and they'll more than likely be one of the youngest in the strata. That didn't sound too bad to them.

 

We started shopping in Langley, but they felt their money wasn't going far enough. They would prefer to buy something a little nicer in Abbotsford, since many of their friends had also moved to the area. We spent a few weeks shopping, often checking out the same unit a few times before excluding it for one reason or another. It wasn't until we opened up the search to some 45+ stratas that we started to see some real success.

 

The Find: a 2400 sq.ft. 3 bedroom duplex-style townhouse from the late 1980's with all original kitchen and flooring. The original hardwood flooring was greatly appreciated, and with a change to the old carpet, it was going to look spectacular. The main floor had the primary living space with kitchen, living space and master bedroom (and one extra bedroom), meanwhile the basement had a spacious recreation room, hobby room, another bedroom & storage. Most important, it had a nice sized greenspace that had a fair portion fenced off for the property, but the common greens was a huge benefit. The location was on the outskirts of Abbotsford, but very close to Highway 1.

 

Looking for an adult-oriented strata with a little bit of space to still call your own? Check out these 45+ & 55+ complexes in Langley, Abbotsford and South Surrey/White Rock! (Looking for another city? Just email me at bradrichert@macrealty.com)

 

3. The Urban Dweller

Years ago there was a lot of speculation that the boomers would start retiring and immediately start purchasing bazillions of apartment condos. Well, they aren't. At least not at the pace many expected. Yet there are many who like the idea of simplifying life, getting the condo and looking farther into the future. This was the case for my urban dweller: an early-retiree in his late 50's and his still very young wife who was still working a government job, but retiring soon.

 

To be honest, they already knew what they wanted when they called me. Not only did they know they wanted a penthouse in a walkable area close to their adult kids who lived in the Langley neighbourhoods of Walnut Grove and Willoughby, they already knew the exact building and unit. The idea was that they could sell off the "junk" they've accumulated, have access to all the amenities they need, go travelling whenever they want, live in style and have some money left over for all the fun.

 

The Find: a brand new 1100+ sq.ft. 2 bedroom penthouse in one of Yorkson's newest and only mixed-used (retail on bottom, residential on top 3 floors) buildings. Extremely well built for the fussiest purchaser, with bright kitchen, massive windows, and open concept living space. Two huge South-facing balconies were ideal for this BBQ master. Walk outside and there you have the sushi bar, independent coffeeshop, grocery & liquors stores, as well as a Shoppers Drug Mart and much more.

 

Want to simplify? There a ton of condos out there ready for you! There are really too many to list and so many variables, so why don't you give me a call at 604-510-4825 and I'll help you narrow it down and we'll find your next home!

 

4. Assistance Desired

Finally, we have what is, for many, the final home purchase. What is interesting is that there is a stigma surrounding lifestyle homes, but in reality these are permanent hotels where residents are often treated like gold and you have access to everything to keep you as active and healthy as you want to be. My buyers were a couple who had been married for over 50 years - she was just entering her 70's and was still very healthy and loved nature walks, but he was almost entering his 80's and, unfortunately, his health was failing.

 

When I met them, they had already decided that they would like to find a home that offered different levels of assisted care and wanted me to let them know what their options were and if I could help. Luckily, I do make occassional visits to many of the Fraser Valley's lifestyle residences for this exact reason.

 

Retirement homes are either purchased or rented. I would say that the majority offer mostly rentals, such as Langley's Harrison Pointe, whereas Avalon Gardens in Murrayville provides both options. Most importantly, however, is the division between indepedent living & assisted living, which allows residents to "age in place." For those in indepdent living, you are free to live your life without assistance, but you have the convenience of in-house menus, lifestyle activities, and a strong social construct. Assisted living will include basic assistance with everyday activities, medication monitoring, and is regulated by the Community Care and Assisted Living Act. Furthermore, these residences also offer 24-hour Extended Care, whereby higher levels of care are added, often with the help of nurses.

 

The Find: a large 1100 sq.ft. 2 bedroom suite in an exciting complex that offered everything that both husband and wife needed. They were able to make their unit look exactly like home and I am still in contact with them regularly to this day. They are both astounded at the amount of activities they have at their fingertips and the regular in-house transportation service to busses the more active residents to events of all sorts.

 

Looking for a retirement residence to "age in place" for yourself or a loved one? Look no further! Click here! and/or contact me!

 

 

Read full post

I have sold a property at 404 9672 134TH ST in Surrey.
Priced to sell! This clean bright upper one bedroom unit is located in great central neighborhood with schools, shopping and transportation nearby. Fresh renovations includes new kitchen cabinets, new countertops, double sinks with flash faucet, new painting. New appliances such as stove, fridge, dishwasher, clothes washer and dryer are here for your use. Fireplace in living room brings warmth and coziness. Great opportunity for the first time home buyers. Contact for private showings.
Read full post

I have sold a property at 6 15168 66A AVE in Surrey.
EXPERIENCE one of Surrey's largest townhomes: feels like a house! These duplex-style townhouses are rarely seen on the market due to their ideal location, proximity to schools, transit, shopping, and recreation. This spacious home offers 2150 sq.ft. of living space with roomy 9' ceilings, open floorplan, & plenty of livability on all 3 floors. Rich features include smartly designed kitchen w/ stainless appliances & laminate flooring. The Master bdrm offers its own walkout balcony, walk-in-closet and full ensuite. Downstairs has incredible rec room, perfect for media, gym, or office. Call today for a private viewing!
Read full post

I have sold a property at 8361 211B ST in Langley.
Exquisite home ideally situated in one of Yorkson's finest neighbourhoods - walking distance to Lynn Fripps Elem & close to middle school. Enjoy engaging curb appeal & welcoming over-sized front patio. Foyer opens up to your spacious office& beautiful bright open concept flow featuring well maintained hardwood flooring. Rich kitchen features gorgeous black granite, high end Jenair cooktop/oven, designer Delta faucet, & unique SILGRANIT sink. Kitchen overlooks dining area, opening up to landscaped yard backing onto greenspace & walking trail. Large bedrooms comfortable for any family. Finished bsmt features media or rec room, kitchenette/wet bar, & bedroom (potential for 6th bdrm!).
Read full post


 

STUNNING townhome feels like brand new, Redwood Lane is the gateway between Walnut Grove & Fort Langley.

 

Pride of home ownership shown throughout.

 

Open concept layout with all upgrades - granite countertops, kitchen island, powder room on main floor, new lighting fixtures.

 

The laminate flooring has been well maintained and designer paint colours is perfect for move-in ready buyers.

 

Adorable white picket fence backyard w/ patio leads opens up to close proximity to bus stop & a walk away from Walnut Grove's amenities.

 

Don't hesitate, call 604-510-4825 for a private viewing!

 

VIEW FULL DETAILS HERE!

Read full post

I have listed a new property at 19 21535 88TH AVE in Langley.
STUNNING townhome feels like brand new, Redwood Lane is the gateway between Walnut Grove & Fort Langley. Pride of home ownership shown throughout. Open concept layout with all upgrades - granite countertops, kitchen island, powder room on main floor, new lighting fixtures. The laminate flooring has been well maintained and designer paint colours is perfect for move-in ready buyers. Adorable white picket fence backyard w/ patio leads opens up to close proximity to bus stop & a walk away from Walnut Grove's amenities. Don't hesitate, call for a private viewing!
Read full post

Please visit our Open House at 21237 83A AVE in Langley.
Open House on Saturday, March 14, 2015 1:00 pm - 3:00 pm
CUSTOM European-crafted masterpiece home with phenomenal kitchen ideal for entertaining or everyday foodies! Top of the line Jenn-Air stovetop & hoodfan, incredible double wide S/S fridge/freezer, generously-sized T-shape granite island,premium custom cabinetry & much, much more! European oak hardwood floors on main floor provide stunning durability & a richness matched by spectacular chandeliers & custom woodwork throughout. One of a kind den features custom cabinetry & black granite built in deck. Features LEGAL 2 Bedroom downstairs suite. Enjoy your professionally landscaped yards for years to come. Must view! Walking distance to Lynn Fripps Elementary & close to Yorkson Creek Middle School. Call today for private viewing.
Read full post

 

SINGLE FAMILY HOMES

Detached home sales are up +24.7% compared to this same time last year and with the lack of inventory (-23.2%!!!), benchmark values are rising. Langley's overall market saw the biggest jump, thanks mostly to Walnut Grove, in early 2014 before levelling off a bit, so we are currently only seeing a

+2.0% increase in values compared to this time last year.

 

The real story here is the sale to listing ratio taking off because of the lack of inventory. Walnut Grove in particular hit an astronimocal 64% sales to listing ratio, so I would suspect that the benchmark price for March will see a significant bump as the demand is far exceeding the supply. Langley overall is in a strong sellers market at 33.4% sales to listing ratio.

Browse Langley homes here.

 

TOWNHOUSES

Langley townhouses witnessed positive pricing trends coming out of the traditional Winter months, although the overall marketplace is still -0.1% compared to this time last year. This is mostly due to Langley City's steady decline in the housing type since April 2014, which has the neighbourhood sitting at -5.4% compared to this time last year. However, Walnut Grove has taken off like a rocket, with benchmark pricing now +4.8% compared to this time last year.

 

Sales to active listing ratio tells one story: there is nothing available. The overall Langley townhouse market is over 30%, which is matched by Walnut Grove. Willoughby has climbed to 40%, as many new developments seem to be holding back on releasing too many phases at a time. However, with building permits up, expect to see new competition on the market in the next few months (or just drive up 208th Street).

Check out Langley's townhouse listings here!

 

APARTMENTS

I wish I could provide good news, but I can't. Prices are down. Langley City is the hardest hit, -9.6% under February 2014 values - mostly happening after August 2014. Even Walnut Grove, where prices have been creeping upward since Summer saw a decrease in value in February, with benchmark values settlin gat -1.5% compared to this time lasy year. Willoughby is actually up +1.9% after a steady climb in 2014 as new apartment releases slowed, but saw a drawback in February.

 

However, there is hope. Walnut Grove ratios were up to 47.1% in February. Now, there were only 8 sales, but when there are only 17 listings, that is good news for sellers. Langley City too had improvement as the buyers are out there but the lack of listings means some may be settling for product before the market is saturated. It will be interesting to see what March brings. Willoughby is at its typical 11% ratio, so its fairly competitive out there. However, most of the big new condo releases either happened late last year or are a little further down the line, so now might be a good time to sell.

See what's available here!

Read full post


SINGLE FAMILY HOMES

The White Rock & area market is on the rise again, with entire area +8.4% from this time last year, and White Rock proper up a significant +11.1%! The sales to listing ratio has bounced around over the last while, but is currently in a balanced market. Anecdotally, motivation is relatively low on most sales, so prices in the area don't seem to follow typical trends of recorded supply and demand figures. View White Rock and Surrey homes here!

 

TOWNHOUSES

After a significant correction in the latter half of 2014, it appears South Surrey's townhouses are regaining some footing (White Rock doesn't really have a townhouse market). However, prices are still well under (-7.8%) 2014 values. Quite honestly, I don't have an answer for why the benchmark price came crashing down after July. Sales to active listing ratios aren't bad, average/median values are all over the place, but nothing suggesting a reasoning for the benchmark value to decrease so much. I have 3 theories - one is unrecorded new development is pushing down resale/recorded new development values, the second is that we've altered the "typical townhouse benchmark" in a way that is more representative the growing number of townhouses on the market, but are lower priced, and third, there was actually a true correction. I'll look into it. In the meantime, check out White Rock and South Surrey townhouses!

 

APARTMENTS

Bucking a three-month dip in value, White Rock and area apartment condos had a big jump in February, putting it +2.1% over where they were this time last year. However, considering sales are down -21.7% year over year and listings are climbing, I doubt this is a trend. Expect new condos and a barrage of new resale listings later this Spring to put pressure on values. Sell it while its "hot", I guess (at 10% sales to listing ratio, I'm being somewhat facetious). Browse White Rock/South Surrey apartment condos here.

Read full post

 

SINGLE FAMILY HOMES

Central Surrey neighbourhoods in February were up +3.5% year over year, following the trend we saw throughout 2014 of steady, incremental increases month over month. Surprisingly, it is West Newton that leads the way in value growth, with a +5.9% over this time last year. The two other large neighbourhoods, Fleetwood & Sullivan Station, are at a steady +3.0% increase rate. Despite the steady value increases, the market has been suriving in a "buyers market" ratios over the last year. However, February saw this tick upward finally into a "balanced market" territory, which may suggest an expected jump in prices over Spring 2015. This demand appears to be heavily weighted in the Fleetwood and Sullivan Station neighbourhoods, which are both in strong sellers markets. See what's for sale in Central Surrey here.

 

TOWNHOUSES

The overall Surrey townhouse market has remained fairly flat, seeing only +0.8% year over year, despite a healthy late Fall 2014 spike. The story here is a little more complicated: Surrey, even Central Surrey, is a big place and is certainly not homogenous. Fleetwood townhouses have sold well, increasing in prices by +3.8% since last February, however, oversaturation of Sullivan Station development has led to downward pressure on the resale market, seeing -2.2% over the course of the year, and thats after a sharp bounce between January and February of this year. Active listings are up in Sullvian +7.8%, but sales are down -5.6%. However, the overall sales to listing ratios remain relatively healthy, so don't expect to much variance in pricing. Shop Central Surrey Townhouses here.

 

APARTMENTS

Surrey's short term trend show a month over month devaluation of Surrey's apartment market as the sale to listing ratio remains in a strong buyers market. See what's available!

Read full post

SINGLE FAMILY HOMES

If you bought in any of the Cloverdale neighbourhoods over the last 5 years, you've probably done pretty well for yourself. February saw a +5.3% increase in housing values over this time last year. Both Cloverdale proper (+5.1%) and Clayton (+5.6%) are doing very well. There does seem to be a season trend in the area, however, of rapid January-March incline in pricing in both neighbourhoods before settling down for the year. Cloverdale's sales to listing ratio has rested in a pretty steady sellers market, but Clayton underwent a bit of a roller coaster this Winter. February shows signs of things to come, with almost 1/3 of all homes in Cloverdale selling in the month, but Clayton took off with 40%. Lack of inventory but increased demand will push up prices. See whats on the market here.

 

TOWNHOUSES

While January was a bit rocky, February has seen the hot Cloverdale/Clayton townhouse market shoot back up. If this year is anything like last year, expect those prices to rise again briefly in Spring. However, as far as the figures go, prices are -3.5% compared to the same time last year. Yet if you see the graph in the previous link, you'll see that last years incline was very steep very early in the year. With the sales to listing ratio back to the norm of a hot sellers market, I expect to see the upward trend continue. Check out Cloverdale/Clayton townhouses here!

 

APARTMENTS

There were only 4 apartment sales in Cloverdale in February. Not much to comment on. Want to see the benchmark price? Click here. Go shopping here!

Read full post

 

SINGLE FAMILY HOMES

Don't get too distracted by that graph above: single family homes in North Surrey are motoring along quite nicely. February numbers show an overall healthy increase of +3.7% in benchmark values year over year, with a pretty steady incline throughout. North Surrey's two largest neighbourhoods - Guildford & Whalley - both show significant improvement, with Guildford experiencing a +5.9% increase and Whalley a whopping +7.2% increase. Both are benefitting from the rapid densification that are pushing land values up. The sales to active ratio is showing a unique story though. While the overall North Surrey market is in a healthy sellers market at 24.4%, Guildford is running out of inventory at 42.3% meanwhile Whalley is suffering at 16.7%. Both neighbourhood figures are abnormal for this time of the season. Go home shopping here.

 

TOWNHOUSES

I admit I'm pretty excited to see Dawson+Sawyer's new Guildford development offering some much needed new townhouse development, because the market is demanding it, but the inventory isn't there. Overall prices are completely flat year over year (0.0%). However, Whalley has had a surprising +5.1% increase to it's benchmark prices and remains a hot commodity at 24.1% sales to listing ratio in February. Shop North Surrey Townhouses here.

 

APARTMENTS

This is where that graph gets a little scary. While Guildford apartments has somehow held value, even increased +2.2% year over year, North Surrey has tumbled -10.6%, lead by Whalley's devastating -18.8% loss. The reason? Basic supply and demand. Whalley hasn't seen a sales to listing ratio above 10% since May 2014 and even that was a brief spike. In fact, there have only been two months since June 2013 where Whalley's apartments have hit that threshold. There is just too much new inventory and that is drastically pushing resale prices down. The entire North Surrey market hasn't faired much better, with Guildford being the only bright spot in the lot. Go shopping for North Surrey Apartments here.

Read full post

 

North Delta single family homes continue to witness solid gains ever since a lull in 2012 (see graph). The typical detached home in the area in January 2013 was selling for $513,000. Fast forward two years later and that same home is selling for $569,700. In particular, it is the Scottsdale neighbourhood that has been a huge winner with an increase of +5.1% between February 2015 and 2014. Sales to active listing ratio for February was an obscene 46.3% throughout North Delta, while Scottsdale was 65.5%. There simply isn't anything on the market but the buyers are demanding it.

Townhome prices in North Delta (err.. Nordel, where the only townhomes really are) have remained relatively flat, rising only +1.5% year over year. The current benchmark of $314,300 ($410,600 for Nordel) is significant under the October 2014 peak of $325,000, but this is likely seasonal, if yearly trends are taken into account. North Delta townhomes are also in high demand with 46.3% of the inventory selling in February.

North Delta's small apartment market continues to remain exactly that: small. Inventory has risen from 17 listings in December to 36 in February, yet we've only had 3 sales in 3 months. Ouch. The benchmark price of $152,900 is -2.3% from this time last year and is nowhere near the June 2008 high of $194,700. The trend is not positive.

Read full post
Categories:   Abbotsford | Abbotsford East, Abbotsford Real Estate | Abbotsford West, Abbotsford Real Estate | accepted offer | advertising | affordability | Agassiz, Agassiz Real Estate | agency | Aldergrove | Aldergrove Langley, Langley Real Estate | amortization | autism | backup offer | Bedford Landing | Bradner, Abbotsford Real Estate | Brookswood Langley, Langley Real Estate | Burke Mountain, Coquitlam Real Estate | buyers | buyers market | buying | Canyon Springs, Coquitlam Real Estate | Cedar Hills, North Surrey Real Estate | Central Abbotsford, Abbotsford Real Estate | Chilliwack E Young-Yale, Chilliwack Real Estate | Chilliwack W Young-Well, Chilliwack Real Estate | Clayton, Cloverdale Real Estate | Cloverdale | Cloverdale BC, Cloverdale Real Estate | CMHC | completion | contract of purchase and sale | contracts | conveyancing | debt | Downtown VW, Vancouver West Real Estate | East Newton, Surrey Real Estate | Eastern Hillsides, Chilliwack Real Estate | education | Elgin Chantrell, South Surrey White Rock Real Estate | finances | for sale by owner | Fort Langley | Fraser Heights, North Surrey Real Estate | Fraser Valley | Fraserview VE, Vancouver East Real Estate | fundraiser | government | Grandview Surrey, South Surrey White Rock Real Estate | gross debt service ratio | Guildford, North Surrey Real Estate | Hazelmere, South Surrey White Rock Real Estate | home evaluation | investing | June 2012 | King George Corridor, South Surrey White Rock Real Estate | Langley | Langley City, Langley Real Estate | loan-to-value | market analysis | market update | marketing | markets | MLS | mortgage rates | mortgages | Murrayville, Langley Real Estate | negotiations | open house | Parkinsons | Port Kells, North Surrey Real Estate | Promontory, Sardis Real Estate | qualifying buyers | real estate cycle | real estate history | renting | revocation | Royal Heights, North Surrey Real Estate | rules & regulations | sales-to-listing ratio | Salmon River, Langley Real Estate | Sardis East Vedder Rd, Sardis Real Estate | schedule A | sellers | sellers market | selling | Simon Fraser Univer., Burnaby North Real Estate | speculation | statistics | Sullivan Station, Surrey Real Estate | Sunshine Hills Woods, N. Delta Real Estate | Surrey | Vancouver | Walnut Grove, Langley Real Estate | Whalley, North Surrey Real Estate | White Rock | White Rock, South Surrey White Rock Real Estate | Willoughby Heights, Langley Real Estate