Richert Report Demand for Detached Homes fall in September, as Do Prices Demand continues to fall throughout the region as both the Fraser Valley and Greater Vancouver boards post sales to listing ratios falling under 20% (19.2% in Fraser Valley, 18.4% in Vancouver) for the first time since January (the ratios ranged between 30 and 40% between March and June). Townhomes have held the greatest demand, especially […]
Richert Report Homes Prices Soften Throughout Fraser Valley in August Last month I alluded to my prediction that the benchmark value would start to decrease in most communities if demand continued to wane. Sure enough, demand did soften through the month of August in the Fraser Valley, and prices, whether measured by average, median or benchmark, have fallen – although the difference between these measures […]
All About Money Bank of Canada Holds Steady at 5.0% in September There appeared to be tangible anxiety in the housing market as the September 6 announcement date crept closer. With inflation rising to 3.3% in July and continued housing price increases, it may have seemed that Canadians might be in store for another rate hike. However, with late summer indicators showing the Canadian economy slowing, the […]
All About Money Rent is High. It’s About to Get Much Higher. The closest analogy I have to our housing situation in North America is that of the Titanic. Perhaps that sounds exaggerated. Yet a decades-long trend alongside the last year of spiking interest rates suggest that perhaps this analogy isn’t alarmist enough.    I regularly see rentals in my suburban hometown of Langley, British Columbia, some […]
Richert Report July Home Prices Plateau: Have We Hit Our 2023 Peak? After 6 consecutive months of increasing property values in the Fraser Valley (7 months in Greater Vancouver), it appears that the two most recent interest rate hikes are taking some steam out of the growth. While the benchmark home values rose in both regions among all property types, the increase was more or less nominal […]
Development Watch Williams (Willoughby) Summer 2023 New Home Construction Update The Williams Neighbourhood Community Plan was the final plan to be adopted in Willoughby, on October 1, 2018. At that moment, a whole lot of properties transferred into the names of a few large companies. Qualico Mitchell Williams LLC, a joint venture between Qualico and the Michell Group, and the Martini Group, are the developers […]
Development Watch Aldergrove Summer 2023 New Home Construction Update Aldergrove has seen a bit of a revival in new home builds in recent years. While there were spots of new development prior to the completion of the Aldergrove Credit Union Community Centre, it took that major facility to promote confidence into the private sector. Since then, we’ve seen Janda Group’s significant Aldergrove Town Centre […]
Development Watch Brookswood Summer 2023 New Home Construction Update With the adoption of the Rinn, Fernridge, and Booth neighbourhood plans on Juy 24, 2023, the Brookswood-Fernridge community has officially entered into a new era of redevelopment. Whether or not this translates into “rapid development” or not, the market will decide. While the Willoughby OCP was adopted in 1998, it wasn’t until 2003 that the […]
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All About Money Bank of Canada Adds Another .25% in July There wasn’t any surprise here for most people following the news and speculation. As expected, the Bank of Canada has increased the policy rate another 25 basis points to 5.0%. This bumps the Bank Rate to 5.25% and the deposit rate at 5%. “In light of the accumulation of evidence that excess demand and elevated […]
Housing Policy New Rules for Multiple Offers in the Lower Mainland On July 17, 2023, potential home buyers in the Lower Mainland will be given a little more assurance that they know their offer was presented fairly in a multiple offer situation. Between 2010 and mid-2015 I didn’t see a single multiple offer situation. I’m sure some agents had heard of them and even come across […]
Richert Report June Home Prices & Sales Increase Again in the Fraser Valley *Update* If you’re looking for JULY’S stats updates please click below! July Home Prices Plateau: Have We Hit Our 2023 Peak? (The August E-Newsletter delivered last month’s introduction and one incorrect link to the past month) Home values rose again across property types for the 5th straight month as the market continues to recover despite […]
All About Money Bank of Canada Raises Interest Rates Again As expected, the Bank of Canada raised the policy rate 25 basis points on Wednesday, June 7. “The Bank of Canada today increased its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%. The Bank is also continuing its policy of quantitative tightening.” -Bank of […]
International Real Estate Canadians Return to International Investment Opportunities Remember the 2008-09 housing crash? Subprime mortgages. Homeowners dropping off keys at banks and walking away. Huge corporate bailouts. Good times. Maybe not. While the housing collapse buried the American housing market for years, the Canadian housing market bounced back relatively quickly. We had a more heavily regulated banking system, stricter rules, and we hadn’t […]
Housing Policy Abbotsford & Delta Among 10 Cities That Premier Eby Says Must Hit Housing Targets On May 31, the NDP Premier David Eby announced that 10 cities would need to step up and meet specified housing targets as part of the new Homes for People housing plan. Among these 10 cities were two communities in the Fraser Valley: Abbotsford and Delta. The Vancouver Sun reported: The Housing Supply Act sets […]
Hacking Real Estate AI Making Waves Among Real Estate Nerds It’s difficult to go anywhere online now without hearing about AI, ChatGPT, or some dire warnings about the advancement of these advanced algorithm machines. I’ve been keenly interested in the stories about intellectual rights challenges, the impact on the art world, the future of education, and the massive number of AI-based apps being produced. However, […]
Coldwell Banker Marquise 3rd Annual Diaper Drive a Success! The 3rd Annual Coldwell Banker Marquise Realty Diaper Drive on June 3, 2023 was a tremendous success! The weather was absolutely perfect (I did walk away with a nice farmer tan/burn), Earia‘s live music won over some new fans and, most importantly of all, thousands of dollars worth of diapers, wipes and formula were collected […]
Richert Report Fraser Valley Home Prices Outpacing Vancouver, Again For the fourth straight month, homes throughout the region increased, albeit slowly and steadily. As I dig into the details of our various regions, communities and housing types, I will reveal that we have some unequal markets, with some escalating as we head into Summer, with others flatlining or even softening. The following report is, […]
Richert Report April Stats Show 3rd Month of Home Price Increases As most people living day to day in real estate, from Realtors to active buyers and seller, fully expected, April 2023 statistics showed another month of increased home values throughout the region among all property types. January does seem to be the proverbial “bottom” of the market, with values in both Greater Vancouver and the […]
Housing Policy What Does the “Homes for People” Housing Plan Mean for You? On April 3, 2023, BC Premier David Eby released the government’s new “Homes for People” plan for housing, promising $4 billon in investment over the next 3 years. Over the last week, I’ve come to the conclusion that it is a rather robust plan that actually has some smart principles and tangible actions that should […]
Coldwell Banker Marquise Why I Joined Coldwell Banker For the benefit of my clients and colleagues who have asked why I made the switch, I want to provide an authentic and transparent reason for why I joined Coldwell Banker. This is probably the biggest decision of my career, and the most important. Many people believe that your brokerage doesn’t matter. I’ve always disagreed […]