News From Nexus

IN THIS ISSUE:

     • Three days on the market — and sold!     

     • Monthly REBGV statistics: stability and acceptance   

     • One property and one multi-generational, multi-home family 

     • In case you haven't heard of Matterport...


A recipe for selling a home in just three days

     The recent sale of a Nexus Realty listing — in three days! —  is evidence that there is a pent-up demand among buyers that is driving at least parts of the real estate market.
     The property (4088 Roche Place in North Vancouver) was listed on a Thursday. Three days and many showings later, there was an accepted offer that was more than the asking price.
     Why?
     The pent-up demand likely triggered the initial interest. Enhancing that was the virtual information — about 40 photos, including some from a drone that gave a true overview of the property, plus both a video tour of the house and an interactive Matterport tour — that was available and effective.
     In addition, the potential buyers were serious. All who visited the property were qualified. What does “qualified” mean? Simply put, all of them met specifications in which they had to have:
     • seen all the virtual components before the showing
     • no property of their own to sell that could lead to a “subject-to-sale” offer
     • confirmation they were capable of buying in this price range
     This approach will continue to work effectively in the future because it will link sellers with serious buyers while saving both of them time and inconvenience. While using so many virtual tools is a technique inspired by the COVID-19 world to enable real estate to survive, it will now enable real estate to thrive. Having to find ways to show houses while responsibly observing the province's health guidelines, realtors can be better equipped for their buyers and sellers alike to "work from home." From the comfort of their living rooms, they can play show-and-tell — sellers can "show" their property and buyers can "tell" if it's a place where they'd like to live. 
     In the case of 4088 Roche Place, two or three other "qualified buyers" who visited the property were interested enough to be considering writing an offer before the successful buyer's offer was accepted.
     For a property to attract so much attention that quickly in the pandemic world was exceptional. To have many showings of quality potential buyers was perhaps like having twice as many showings if Nexus hadn’t qualified candidates who were serious, to minimize in-person contact for COVID-19 reasons.
     In the end, a quality property was marketed to the pent-up demand.

How one Vancouver property can be all in the family

     Richard Bell is a real-estate lawyer, and a business associate of Nexus Realty.
     He also is a man with an interesting story.
     Several years ago Richard and his late wife, Reni, turned the Vancouver property where they had lived for 14 years into one that was multi-generational. 
     As in four generations.
     The story of the Family Bell was the subject of a CTV feature last year. The house Richard and Reni lived in became a duplex, and a laneway house was added. They lived on the main floor, with a separate bedroom and ensuite for Richard’s then 88-year-old mother, Mary. 
     Today, the three-bedroom suite upstairs — with a private entrance — is occupied by one of their daughters and her family, and the laneway house by their other daughter.
     What they have is a legacy to Reni, the architect of this dream situation. All family residents own a piece of the property, and all of them are able to “live in Vancouver with a piece of grass outside.”
     Their story is an example of how affordability can be achieved within a family, keeping their unit strong while remaining part of the same community. That was important to Reni and Richard, who believes what they did is a preview of an incredible community concept for future family living in Vancouver. 
     However, it doesn’t have to be just for families. Any demographic with the foresight and wisdom to use land differently can apply the concept, because there are creative ways to maximize space and add density to a specific type of Vancouver lot — see Character Houses. All it takes is the right property, ingenuity and the financial and personal commitments to make it happen.
     We have another colleague who is in the process of doing just that, one that you’ll read more about in future issues of News From Nexus.
     His story, like Richard’s, is a fascinating example of how the right-sized property can make Vancouver more affordable.

What our clients are saying...


     “They’re both such good listeners, and that’s so important. They listened carefully to everything we said. We asked for advice about things we should do before it was listed, and their response was ‘nothing too major.' That really helped, and then we got the yard looking top-notch.”
                                                                                                                                                   — Dick and June Smith, West Vancouver

Question for potential buyers: What is Matterport?

     That’s a word which continues to become familiar to realtors and clients alike. For the record, Matterport is a 3-D camera designed to scan the interior of homes.

     What’s more important than this question is the follow-up:

     What does it mean for you?

     It means that you can see every part of the inside of a house you’re considering buying, without having to walk through it. It means being in control of your “walk-through” because Matterport is interactive: You control where you go and when. Here’s an example of Nexus Realty’s recent listing for you to experiment with as a trial —my.matterport.com. It’s fairly intuitive…just click on where you want to go next, and hold the cursor down and move it when you want to turn right or left, or look up or down.

     It’s not exactly like walking through a house to see how you would “feel” about living in it, but it’s ideal for getting a generous taste of a house without investing the time in going to see it only to find it’s not the place for you.

     For the seller, it's a convenient way to show their home, and to limiting the on-site traffic to potential buyers who have been able to take such a detailed look at the property.
 
     And it’s popular.

    With the Nexus listing, many clients did visit the home for an actual showing the first (and only) weekend it was on the market.
 
    All of them had used Matterport first..

Positives from REBGV real estate stats for May

     In this time of concern for life in general, and the real estate market in particular, the Real Estate Board of Greater Vancouver’s statistics for May revealed a couple of positives.
     One:
     Home prices are stable. Check the “benchmark prices” in the stats graphics below. Of the 11 categories that News From Nexus tracks in four areas, the benchmark prices were higher than they were in May 2019 (there is no benchmark price for attached homes in West Vancouver, because there are so few).
     Two:
     People are becoming more comfortable with real estate transactions, and the methods that are being applied because of COVID-19. For example, while residential home sales overall were down by 43.7 per cent from the same month last year, they were up 33.9 per cent from last month (April). 
     People are getting accustomed to the “new normal.”
     “Home buyers and sellers are adapting today, becoming more comfortable operating with the physical distancing requirements that are in place in the market,” the REBGV said in its monthly news release. “Home prices have been stable during the COVID-19 period. While we’re seeing a variety of long-term projections for the market, it's critical to understand the facts and trends as they emerge.”
     Life in real estate is nothing like it was a year ago, but life in general is also unlike 2019.
     A better yardstick might be to compare what happened in May compared to April, the first full month of life in a pandemic.
     New listings in Metro Vancouver were up 59.3 per cent from April to May. That’s for detached homes, attached homes (townhouses) and apartments, combined. Total listings were up 5.7 per cent. By area in the “Nexus neighbourhood” there were more listings last month than April in 11 of the 12 categories (three in each of the four neighbourhoods). The exception was North Vancouver’s attached homes.
     As for sales, five of the 12 categories were better. Throughout Metro Vancouver, sales were up slightly for detached homes, attached homes and apartments.
     And despite the pandemic, the sales-to-active listings ratio for all housing types is 15 per cent. Analysts say downward pressure occurs when that ratio is below 12 per cent.
     So while these are troubling times, in the big picture real estate seems to be holding its own. 
     It’s not business as usual, but there is business.

CMHC forecasts for real estate market come with an asterisk

     Stories are everywhere about what Canada Mortgage and Housing Corporation thinks is going to happen to real estate in the wake of the COVID-19 pandemic.
     Here is a selection of what CMHC forecasts “could” happen:
     • A decline in home sales — by 19 to 29 per cent from pre-pandemic levels — before starting to recover in 2022
     • Home prices remaining below pre-COVID levels, with declines of 9 to 18 per cent, starting the long road back in 2021
     • Housing starts dropping by 51 to 75 per cent, with recovering beginning in the second half of next year
     As the Federal Government’s largest crown corporation in terms of assets, CMHC is charged with providing “unbiased research on advice” to the government and the housing industry.
     So when CMHC speaks, everybody listens…but doesn’t necessarily agree.
     Like Mortgage Broker News, which questions whether this CMHC report is “necessary and flawed or utterly useless.”
     In its reaction to the CMHC news release, the News says it is “based on incomplete data” and “may only serve to add further uncertainty and doubt to an already anxious real estate market.” Specifically, MBN points out CMHC admits “a high degree of forecast uncertainty reflects the unprecedented nature of the COVIDS-19 pandemic.”
     The concern is that many people who read newspapers and saw the TV headlines in May will not be aware it came with that forecast uncertainty. In its story, which you can read in entirety here, Mortgage Broker News addresses specific headlines from the CMHC release, and publishes a reaction to that uncertainty from CMHC Chief Economist Bob Duggan, who admits the forecasts must be “taken with a grain of salt.”
     At the same time, MBN also lauded CMHC for its “solid performance” in providing practical information to businesses, buyers and borrowers since the pandemic struck in March.
     So the story is balanced, pro and con, about what Canada’s housing watchdog is saying.





That the most expensive home for sale in Vancouver, as of the end of May, was a 5-bedroom, 
12-bathroom Point Grey mansion listed at $58 million and that the next most expensive 
house listed was $19.2 million less, in Shaughnessy
?



Real Estate Monthly Statistics

The following statistics for West Vancouver, North Vancouver, Vancouver West and Vancouver East 
compare May 2020 to May 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.

   

 • Roche Point area, North Vancouver • More than the asking price 

     • 4 bedrooms • 4,200 square feet • Mortgage helper in-law suite • Near Cates Park



Have you found interesting and informative things to do online when isolated? Maybe you have some that we haven't thought of, so please let us know and we'll add them to our list.

We've added a few to go with last month's suggestions:


Indian Summer Fest

10th anniversary, through July 18
www.indiansummerfest.ca

Tourism Vancouver

Virtually Vancouver, and more
www.tourismvancouver.com

Vancouver Aquarium Live Cams

Otters, Penguins, Jelly Fish

BC Winery Virtual 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

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: 
https://www.facebook.com/groups/290321101944891/

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

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. 

Get In Touch

Dale Clark

Phone: 604-720-3353

EMAIL

Office Info

Nexus Realty Corp

West Vancouver,  BC 

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