IN THIS ISSUE:
• Sales keep rising in Greater Vancouver
• Character Homes: a peek into Vancouver's future?
• Possible housing market impact from home offices
October’s REBGV statistics stronger again
One of the underlying theories in the latest real estate statistics could be that the importance of “enjoying home more” is more important to people living where they are now spending so much time.
If the enjoyment factor has been elevated, perhaps lots of homeowners are elevating expectations of their homes and shopping for newer (different) and more comfortable residences.
That may help to explain at least part of why the real estate statistics for October are stronger than they were in October last year, better than they were a month earlier (September) and better than all Octobers past except one.
Because that’s what the Real Estate Board of Greater Vancouver stats show.
These are the facts:
• Residential home sales last month are up by 29 per cent from October 2019.
• They are up by 1.2 per cent from the 3,643 homes sold in September.
• They are 34.7 per cent above the 10-year October average.
• The 3,687 homes sold in Greater Vancouver is the month’s second-highest total in history.
The REBGV explained it like this:
"Home has been a focus for residents during the pandemic. With more days and evenings spent at home this year, people are re-thinking their housing situation. With demand on the rise, homes priced right for today’s market are receiving attention and, at times, garnering multiple offers. To understand the market conditions in your neighbourhood and property type of choice, work with your local realtor to assess the latest housing market information.”
Listings on the MLS® system in Metro Vancouver have increased by 1.5 per cent increase compared to October 2019 and decreased by 5.2 per cent compared to September 2020.
Other highlights from the REBGV’s monthly news release:
• The MLS® Home Price Index composite benchmark price for all residential properties is $1,045,100, a six per cent increase over October 2019.
• Sales are up 42.3 per cent for detached homes, 45.9 per cent for attached homes and 13.4 per cent for apartments from a year ago.
• Benchmark prices in each category are up 8.5 per cent, 5.4 per cent and 4.4 per cent, respectively.
• For all property types, the sales-to-active listings ratio was 29.7 per cent, and 30.9 per cent for detached homes, 43.5 per cent for townhomes, and 24.9 per cent for apartments.
Note about sales-to-active listings ratio: Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
As for November…those are statistics currently in the making.
The exciting evolution of Character Homes
A few issues ago (July), you would have read in News From Nexus the beginnings of a story about multiple families having the opportunity to own a home with “a piece of grass outside” on the same City of Vancouver lot.
And the icing on the cake is this:
The following statistics for West Vancouver, North Vancouver, Vancouver West and Vancouver East
One of the underlying theories in the latest real estate statistics could be that the importance of “enjoying home more” is more important to people living where they are now spending so much time.
If the enjoyment factor has been elevated, perhaps lots of homeowners are elevating expectations of their homes and shopping for newer (different) and more comfortable residences.
That may help to explain at least part of why the real estate statistics for October are stronger than they were in October last year, better than they were a month earlier (September) and better than all Octobers past except one.
Because that’s what the Real Estate Board of Greater Vancouver stats show.These are the facts:
• Residential home sales last month are up by 29 per cent from October 2019.
• They are up by 1.2 per cent from the 3,643 homes sold in September.
• They are 34.7 per cent above the 10-year October average.
• The 3,687 homes sold in Greater Vancouver is the month’s second-highest total in history.
The REBGV explained it like this:
"Home has been a focus for residents during the pandemic. With more days and evenings spent at home this year, people are re-thinking their housing situation. With demand on the rise, homes priced right for today’s market are receiving attention and, at times, garnering multiple offers. To understand the market conditions in your neighbourhood and property type of choice, work with your local realtor to assess the latest housing market information.”
Listings on the MLS® system in Metro Vancouver have increased by 1.5 per cent increase compared to October 2019 and decreased by 5.2 per cent compared to September 2020.
Other highlights from the REBGV’s monthly news release:
• The MLS® Home Price Index composite benchmark price for all residential properties is $1,045,100, a six per cent increase over October 2019.
• Sales are up 42.3 per cent for detached homes, 45.9 per cent for attached homes and 13.4 per cent for apartments from a year ago.
• Benchmark prices in each category are up 8.5 per cent, 5.4 per cent and 4.4 per cent, respectively.
• For all property types, the sales-to-active listings ratio was 29.7 per cent, and 30.9 per cent for detached homes, 43.5 per cent for townhomes, and 24.9 per cent for apartments.
Note about sales-to-active listings ratio: Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
As for November…those are statistics currently in the making.
The exciting evolution of Character Homes
A few issues ago (July), you would have read in News From Nexus the beginnings of a story about multiple families having the opportunity to own a home with “a piece of grass outside” on the same City of Vancouver lot.
That story is progressing.
Specific details about this project will be forthcoming, right here, once the permits have been approved, but the accompanying photos give you 
an idea of what it will look like when finished.
There will be three buildings on the lot. The bigger home, on the left, is the Character Home that makes the entire project possible. The two buildings behind it front on a side street and have private entrances and garages.
an idea of what it will look like when finished.
There will be three buildings on the lot. The bigger home, on the left, is the Character Home that makes the entire project possible. The two buildings behind it front on a side street and have private entrances and garages.
The smallest of the six residences will be about 650 square feet, the largest about 1,600 square feet and the other four will have individual square footage in between. When completed, a one-family lot will be a six-family lot, with each of these reasonably-priced homes addressing the problem of affordability in Vancouver.
And the icing on the cake is this:
Because the concept has been designed so thoughtfully, the evolution of the original Character Home (right) that will create this community-within-a-community is going to look like it has always been part of the neighbourhood.
The contractor lives in the Character Home and believes this could be a concept for the future in the City of Vancouver. The homes will be energy-efficient and the variety of sizes will create a myriad of opportunities, from extended families living on the same piece of land to families getting to know each other building their own micro-community…or anything in between.
The project is exciting, it’s happening and it may change affordable housing in a big way.
Watch for more in future issues of News From Nexus.
“After we decided on this side of the water, Jennifer spent hours driving me around the whole North Shore. She was great in pointing out the advantages of all the areas. We’d never lived here, so it was all new. They were very patient, very pleasant, and always on time! We were SO impressed with the clever way they approached negotiating.”
— Patsy & Bob Minnes, West Vancouver
WFH: potential housing implications for cities
More people than ever are working from home, because of COVID-19. More residents than ever are leaving the cities where they had to live to be close to work. More apartments and condos either are, or are going to be, for rent in major cities everywhere, according to numerous reports.
For example, in San Francisco, as many as 30 per cent of employees of Internet giants are relocating, and it’s not just a move to the suburbs. They’re moving out of the metropolitan area, and sometimes out of the state. If you can work from home, home can be anywhere.
The change in location is primarily financial, of course. Not only is housing cheaper away from major cities, but schools and childcare facilities and stores for the necessities of life are usually closer to home.
So the question is: What about Vancouver?
Are employees who are being encouraged to WFH going to move “home” further from the office? What kind of impact will it have on the rental market and, by extension, on the real estate market? With interest rates so low, will it be an opportunity for renters to convert to home ownership during a window of time when people living downtown are making this move to suburbia, or beyond?
Will people who wanted to live near their friends be inclined — now that social distancing also means disrupting that social life — to pack their households and move into the country? Plus, the fresh air of being outdoors in less-populous neighbourhoods may hold additional appeal.
In the post-COVID world, the WFH concept is likely to continue. Some companies are even telling employees they can work from home indefinitely and, for the companies, that means being able to hire people from a wider range of backgrounds. Facebook has said its employees “will be able to work from home permanently in the next 5 to 10 years.” Perhaps that reduction in overhead will lead to flowing more financial resources to the employees.
Vancouver is not San Francisco, and cranes continue to erect more and more apartment and office buildings in the heart of a city where there are always more people looking than condos waiting.
As always, the impact of working from home on real estate will be interesting, at least.
The change in location is primarily financial, of course. Not only is housing cheaper away from major cities, but schools and childcare facilities and stores for the necessities of life are usually closer to home.
So the question is: What about Vancouver?
Are employees who are being encouraged to WFH going to move “home” further from the office? What kind of impact will it have on the rental market and, by extension, on the real estate market? With interest rates so low, will it be an opportunity for renters to convert to home ownership during a window of time when people living downtown are making this move to suburbia, or beyond?
Will people who wanted to live near their friends be inclined — now that social distancing also means disrupting that social life — to pack their households and move into the country? Plus, the fresh air of being outdoors in less-populous neighbourhoods may hold additional appeal.
In the post-COVID world, the WFH concept is likely to continue. Some companies are even telling employees they can work from home indefinitely and, for the companies, that means being able to hire people from a wider range of backgrounds. Facebook has said its employees “will be able to work from home permanently in the next 5 to 10 years.” Perhaps that reduction in overhead will lead to flowing more financial resources to the employees.
Vancouver is not San Francisco, and cranes continue to erect more and more apartment and office buildings in the heart of a city where there are always more people looking than condos waiting.
As always, the impact of working from home on real estate will be interesting, at least.
That according to a story in The Georgia Straight, a Vancouver condo owner in a downtown high rise (Vancouver House) paid $60,000 to buy a storage room in the building’s parkade and convert it into a 200-square-foot, temperature-controlled wine cellar, complete with its own supply of water and power?
Real Estate Monthly Statistics
The following statistics for West Vancouver, North Vancouver, Vancouver West and Vancouver East
compare October 2020 to October 2019 (note: sales refers to number of sales, not to sale prices).
Benchmark Price: Estimated sale price of a benchmark property.
Benchmarks represent a typical property within each market.
To see more information on local stats, please click here.
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Virtual events to enjoy in November
Looking for things to do online in the remaining weeks of summer? Below is our November list of virtual events — contributions from readers are welcome.
West Vancouver United Church
Sunday service 10 a.m.
wvuc.bc.ca/worship/
Tourism Vancouver
Virtually Vancouver, and more
www.tourismvancouver.com
Vancouver Aquarium Live Cams
Otters, Penguins, Jelly Fish
https://www.vanaqua.org/live-cams
BC Winery Virtual Tours
http://www.bcwine.ca/virtual-winery-tours
Vancouver Art Gallery
Art Connects — a series of online gatherings that encourage dialogue and connection in the era of physical distancing.
http://www.vanartgallery.bc.ca/exhibitions/art-connects
Every Tuesday and Friday, the Gallery will stream live and interactive conversations into your homes, featuring guests from local and international arts communities. Everyone is invited to join via Zoom.
Play: Kids Yoga Day
Kids and parents: ready to move and have fun together!
www.eventbrite.ca/e/play-kids-yoga-day-powered-by-mymomentum-uphoria-yoga-tickets-102448062914
Connect with Family and Friends
To connect with family and friends you can use Facebook, Messenger, FaceTime, Google Duo or Hangouts, Zoom, Instagram Video Chat, Snapchat Video and Chat, Skype, WhatsApp…the list is long. Check with family or friends and decide which is the best way to connect.
Tired of Cooking?
Many restaurants are offering take-out. Breaking Bread Now provides a list of restaurants in different areas with take-out meals breakingbreadnow.com/.
On Facebook there is a group called Support Local Business which supports local restaurants and businesses and gives them and others the opportunity to spread the word. Maybe your area has a similar Facebook group: www.facebook.com/groups.
Need some culture or learning in your life?
Go to a virtual museum — you’ll find a lot of them through Google: https://artsandculture.google.com
And for Canadian museums: http://www.virtualmuseum.ca/virtual-exhibits/type/virtual-exhibits/
Go to a virtual opera: https://www.metopera.org/
You can even take a virtual tour of The Louvre in Paris: www.louvre.fr/en/visites-en-ligne#tabs
Visit the Science Centre: www.scienceworld.ca/
Nature web cams can be fun to watch: explore.org/livecams
Search for lots of free learning programs for kids and adults online.
Visit your Library for virtual programming
westvanlibrary.ca/
www.nvcl.ca/
nvdpl.ca/
www.vpl.ca/digitallibrary
Need some exercise?
Go for a walk and get some fresh air if you’re healthy and following physical distancing.
Here is a link to some free exercise programs posted on CBC: www.cbc.ca/life/wellness/
Many exercise, yoga or meditation videos are available on YouTube.
West Vancouver United Church
Sunday service 10 a.m.
wvuc.bc.ca/worship/
Tourism Vancouver
Virtually Vancouver, and more
www.tourismvancouver.com
Vancouver Aquarium Live Cams
Otters, Penguins, Jelly Fish
https://www.vanaqua.org/live-cams
BC Winery Virtual Tours
http://www.bcwine.ca/virtual-winery-tours
Vancouver Art Gallery
Art Connects — a series of online gatherings that encourage dialogue and connection in the era of physical distancing.
http://www.vanartgallery.bc.ca/exhibitions/art-connects
Every Tuesday and Friday, the Gallery will stream live and interactive conversations into your homes, featuring guests from local and international arts communities. Everyone is invited to join via Zoom.
Play: Kids Yoga Day
Kids and parents: ready to move and have fun together!
www.eventbrite.ca/e/play-kids-yoga-day-powered-by-mymomentum-uphoria-yoga-tickets-102448062914
Connect with Family and Friends
To connect with family and friends you can use Facebook, Messenger, FaceTime, Google Duo or Hangouts, Zoom, Instagram Video Chat, Snapchat Video and Chat, Skype, WhatsApp…the list is long. Check with family or friends and decide which is the best way to connect.
Tired of Cooking?
Many restaurants are offering take-out. Breaking Bread Now provides a list of restaurants in different areas with take-out meals breakingbreadnow.com/.
On Facebook there is a group called Support Local Business which supports local restaurants and businesses and gives them and others the opportunity to spread the word. Maybe your area has a similar Facebook group: www.facebook.com/groups.
Need some culture or learning in your life?
Go to a virtual museum — you’ll find a lot of them through Google: https://artsandculture.google.com
And for Canadian museums: http://www.virtualmuseum.ca/virtual-exhibits/type/virtual-exhibits/
Go to a virtual opera: https://www.metopera.org/
You can even take a virtual tour of The Louvre in Paris: www.louvre.fr/en/visites-en-ligne#tabs
Visit the Science Centre: www.scienceworld.ca/
Nature web cams can be fun to watch: explore.org/livecams
Search for lots of free learning programs for kids and adults online.
Visit your Library for virtual programming
westvanlibrary.ca/
www.nvcl.ca/
nvdpl.ca/
www.vpl.ca/digitallibrary
Need some exercise?
Go for a walk and get some fresh air if you’re healthy and following physical distancing.
Here is a link to some free exercise programs posted on CBC: www.cbc.ca/life/wellness/
Many exercise, yoga or meditation videos are available on YouTube.
