IN THIS ISSUE:
• Bank of Canada interest rate change still on the horizon
• Decor: So you're still waiting for furniture to arrive…
• February: hockey, hot chocolate, Michelangelo and more
• REBGV January statistics — they're up...and they're down
• News: Vancouver densification, condo trends, U.S. sales record
Perhaps an un-February-like real estate market
When it comes to the real estate market, February has the potential to be extremely active because of the impending rise of interest rates. The Bank of Canada has indicated that its key interest rate is going to rise on March 2, when it next announces a rate change.
For anybody thinking of taking out a new mortgage, or re-doing an old one, this may be the time to consider acting. These are the lowest (i.e., most attractive) interest rates in a lifetime. Acting on them could produce a more active market than usual for February, with buyers who want to take advantage of attractive rates and sellers who want to take advantage of home prices that will — potentially — decrease if interest rates increase.
For people wanting to list their homes, this could be that window for selling near the top of the market. To find out if that’s happening, and for the latest market conditions, call Jennifer (604-726-8768) or Dale (604-720-3353).
When Bank of Canada Governor Tiff Macklem announced during the last week of January that interest rates would not change, he said in a statement: “Interest rates will need to increase to control inflation. Canadians should expect a rising path for interest rates. We want to clearly signal that.”
Last month’s edition of News From Nexus previewed the coming year. Now, one month into 2022, here’s an update on the other pertinent points addressed in the lead story:
The pandemic effect
While the scientists are sensing that Omicron is going to have a lessening effect on life in general, it’s always an open question, isn’t it? Nobody knows what or how many other variants are in the wind and how they will impact the world. Naturally, then, nobody can predict the ongoing impact of the pandemic on real estate. There are signs, in B.C. and in fact around the world, that restrictions are going to be eased and life will return to some sense of what was normal.
Spending the savings
Spending the savings
This remains a possibility for people whose adjusted lifestyle has enabled them to add to their savings accounts. How homeowners and homeowners-to-be are likely to apply their “pent-up spending demand” remains unknown. That includes first-time home buyers who have been saving and waiting for the right time to get into the market. Will they move now, with mortgage rates likely to be on the upswing?
British Columbia’s “cooling off” period
British Columbia’s “cooling off” period
As reported in last month's newsletter, this is expected to be presented — at least — in the spring. If passed, it will give buyers time to change their minds, even after all parties have agreed to an accepted offer. Watch for updates.
Government financial assistance
Government financial assistance
There has been nothing to indicate the Federal Government will be re-visiting any more plans like CERB. Any ideas of governmental assistance now seem to be targeted to people who need it the most.
Blind bidding
Blind bidding
Nothing new to report. The Federal Government is on record as being against allowing bidders to make offers without knowing about competing bids. The advantages and disadvantages are being considered by the government with input from industry. Perhaps there will be an update on this next month.
When there is news on any front, you’ll find it in News From Nexus.
When there is news on any front, you’ll find it in News From Nexus.
“Our home sold a day after it was listed, despite other units in the building being listed at the same time, and being outside of the peak season for selling. We’d work with them again in a heartbeat, and recommend them to anyone we know selling or buying – you can’t find a better team to work for your best interests in either the selling or buying experience.”
— Lauryn Oates, North Vancouver
What’s in the news this month
City council votes ‘yes’ to motion for densification plan:
Vancouver City Council voted in favour of a motion to allow up to six homes on a single-family lot, a densification proposal that was defeated by council a year and a half ago and a proposal which Mayor Kennedy Stewart says could mean up to 10,000 homes in the city: “There's nothing like this in Canada at the moment.”
Toronto condominium sales just miss all-time record:
In what could be a message for big cities across the country, the number of condominiums sold in Toronto last year was 30,884, a staggering increase of 69 per cent over the previous year and only 372 sales short of the city's all-time record set in 2017 and a new record for the fourth quarter, up 77 per cent over 2020.And in the U.S. real estate sales also at record heights:
An estimated six million homes were sold in the United States in 2021, the most in 15 years, and the Federal Housing Finance Agency reported that the 20 per cent price increase was the largest annual increase in the history of the agency's House Price Index.
The ins and outs of REBGV statistics for January
Just when you may have thought the latest real estate statistics would — like Groundhog Day — reflect the same story as the previous month, they don’t. For example...
• New listings in January were down 6.9 per cent from January 2021, yet up 114.1 per cent from December.
• Sales decreased by 4.4 per cent from the previous January and by 15 per cent from the previous month (December), yet were 25.3 per cent higher than the 10-year average for January.
• One example in the stats charts below shows that sales of attached homes (townhomes) was up 28 per cent in Vancouver West, yet down 48 per cent in the same category in North Vancouver.
What is like “Groundhog Day” is the fact that as listings go down, home prices go up.
“Our listing inventory on MLS® is less than half of what would be optimal to begin the year,” said the Real Estate Board of Greater Vancouver, which compiles and releases statistics at the beginning of every month. “ As a result, hopeful home buyers have limited choice in the market today. This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices.”
Photo credits: Deep Cove, aerial of Vancouver and furniture — Canva
Both buyers and sellers are carefully watching what is happening to home prices, for different but obvious reasons. As outlined earlier in News From Nexus, they’re also watching interest rates.
So is the REBGV:
“As we approach spring, we’ll keep a close eye on the impact of rising interest rates on buyers’ willingness to buy and on whether more home owners will opt to become sellers in what’s traditionally the busiest season of the year. With home prices reaching new highs in recent months, the need has never been greater for government to collaborate with the building community to expedite the creation of housing supply and provide more choice.”
The sales-to-active-listings ratio, which is also a benchmark for home prices, continues to indicate they will rise as they do when upward pressure surpasses 20 per cent over several months. In January, the ratio for all properties was 40.3 per cent, for detached homes 28 per cent, for townhomes 51.6 per cent and for apartments 49.7 per cent.
The total number of homes for sale in Metro Vancouver last month was 5,663. That was a 31.8 per cent decrease from January 2021…and an 8.2 per cent increase from December 2021.
So is the REBGV:
“As we approach spring, we’ll keep a close eye on the impact of rising interest rates on buyers’ willingness to buy and on whether more home owners will opt to become sellers in what’s traditionally the busiest season of the year. With home prices reaching new highs in recent months, the need has never been greater for government to collaborate with the building community to expedite the creation of housing supply and provide more choice.”
The sales-to-active-listings ratio, which is also a benchmark for home prices, continues to indicate they will rise as they do when upward pressure surpasses 20 per cent over several months. In January, the ratio for all properties was 40.3 per cent, for detached homes 28 per cent, for townhomes 51.6 per cent and for apartments 49.7 per cent.
The total number of homes for sale in Metro Vancouver last month was 5,663. That was a 31.8 per cent decrease from January 2021…and an 8.2 per cent increase from December 2021.
Decor: a change in direction on finding furniture?
Fifth in a Series
Every month, News From Nexus will feature ideas or observations about Decor
Dealing with your decor — in times of COVID-19 — often means finding “new” furniture in “used” places. With today’s supply of goods, many homeowners who want to give their home a fresh look are turning to searching for attractive, vintage furniture.
Because the supply of so many new pieces comes from outside Canada, the current shipping and trucking situation can mean waiting months for it to arrive. Other 
contributing factors could be shortages of raw materials because of a labour shortage that has led to closing factories, and an increased demand.
contributing factors could be shortages of raw materials because of a labour shortage that has led to closing factories, and an increased demand.
Buying used is one way to weather what has been called “the shipping storm.” Of course, you have to find the right furniture for the look you want, and there are plenty of places to look. There’s also plenty of good reasons, when you think about it, to consider going the used-furniture route.
• There’s no wait time. You see it, you like it, you buy it and you take it.
• It’s environmentally friendly. No styrofoam or cardboard packaging, not all of which can be recycled.
• In many cases, it will be less expensive, even if it’s something that needs to be repaired or re-finished.
• Repairing and/or refinishing furniture can be an enjoyable hobby.
• Often you’ll come across more interesting styles than you would from the new-furniture suppliers.
• You’re helping out somebody who no longer needs it but wants to find a good home for special pieces.
There are online forums like Craigslist and Kijiji where such items can be found, as well as estate sales and warehouse events.
The issue is unlikely to disappear in the short term because so much of the textile and furniture industry is based in southeast Asia — China or Vietnam. The same applies to appliances, with production stalled by the global shortage of microchips.
In some cases, consumers are being told they’ll have to wait nine months to a year for delivery.
Maybe “used” is a useful alternative after all.
That about 60% of the Canadian population lives further south than Seattle?
Real Estate Monthly Statistics
The following statistics for West Vancouver, North Vancouver, Vancouver West and Vancouver East compare January 2022 to January 2021
(note: sales refers to number of sales, not to sale prices).
(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.
Here is February's list of events throughout the Lower Mainland, with protocols included as currently known.
Abbotsford Canucks at Abbotsford Centre
February 7: vs Tucson Roadrunners, 7 p.m.
February 9: vs Tucson Roadrunners, 7 p.m.
February 11: vs Manitoba Moose, 7 p.m.
February 12: vs Manitoba Moose, 7 p.m.
February 25: vs Stockton Heat, 7 p.m.
February 27: vs Stockton Heat, 4 p.m.
www.abbotsfordcanucks.com
February 5-6
Dr. Sun Yat-Sen Classical Chinese Garden
Lunar New Year: Year of the Tiger
Live storytelling, calligraphy demonstrations and family-friendly craft activities (COVID protocols must be observed)
vancouverchinesegarden.com/events/chinese-new-year-2022
Vancouver Canucks at Rogers Arena
February 8: vs Arizona Coyotes, 7 p.m.
February 9: vs New York Islanders, 7 p.m.
February 12: vs Toronto Maple Leafs, 4 p.m.
February 19: vs Anaheim Ducks, 7 p.m.
February 21: vs Seattle Kraken, 7 p.m.
February 24: vs Calgary Flames, 7 p.m.
www.canucks.com
February 11-27
VMF Winter Arts Festival — various locations throughout downtown Vancouver
A free outdoor festival transforming downtown Vancouver into an open-air gallery (COVID protocols must be observed)
https://www.destinationvancouver.com/event/vmf-winter-arts/22550/
Until February 13
FlyOver Canada — Soar Over Taiwan
Celebrating Lunar New Year, daily from 10 a.m. - 9 p.m. — purchase tickets online in advance (proof of vaccination required)
flyover canada.com
Until February 14
Greater Vancouver Hot Chocolate Festival — 39 participating vendors
Featuring bakeries, chocolatiers, cafes and ice cream makers around the city (COVID protocols must be observed)
hotchocolatefest.com
Until February 19
Bowie Ball — Rickshaw Theatre
Annual tribute to the late David Bowie, all proceeds to BC Cancer Foundation (proof of vaccination required)
https://bccancerfoundation.com/events/community-event/bowie-ball-2022
Until February 20
Michelangelo’s Sistine Chapel: The Exhibition — East Exhibit Hall C, Vancouver Convention Centre
Showcases one of history’s greatest artistic achievements, for all ages. Wednesday-Sunday 10 a.m. - 8 p.m. (Covid-19 safety protocols must be observed)
https://sistinechapelexhibit.com/vancouver/
Until February 27
Speed and Splendour: By Sea to Asia— Vancouver Maritime Museum
Explores western perceptions of Asia through travel posters and memorabillia. (proof of vaccination required)
https://vanmaritime.com/speed-and-splendour/
Until February 28
Robson Square Ice Rink — next to Vancouver Art Gallery
Covered by a clear dome but otherwise outside; skate/helmet rentals available (masks mandatory; weather permitting)
https://www.familyfuncanada.com/vancouver/robson-square-ice-rink
Until February 28
Ice Skating at Shipyard Commons, North Vancouver
Covered rink, free admission, skate rentals available from 1 p.m. - 8 p.m. daily
https://vancouversbestplaces.com/north-shore/north-vancouver/lower-lonsdale/north-vancouver-shipyards/
Until March 27
Museum of Anthropology, UBC — Sankofa: African Routes, Canadian Roots
An exhibition of works by contemporary artists from Lagos, Nigeria, and Vancouver, with stories, histories and projects of African and Black affirmation
moa.ubc.ca/exhibition/sankofa
Until April 15
Gulf of Georgia Cannery — Waves of Innovation: Stories from the West Coast
An exhibit featuring stories of adaptations and innovations in the commercial fishing industry and their effects on west coast communities, with four key areas highlighted — energy, fishing, preservation and innovations of today
gulfofgeorgiacannery.org
Until April 18
Winter Vallea Lumina, Whistler
An evening excursion filled with unexpected enchantment, cryptic radio transmission and the lingering traces of two long-ago hikers in search of the scenic trailhead where the real journey begins
vallealumina.com
Until May 1
Yoko Ono: Growing Freedom — Vancouver Art Gallery
A two-part exhibit that focuses on her instructional work, and a second display of projects for peace, undertaken by Yoko Ono and John Lennon (proof of vaccination required)
www.vanartgallery.bc.ca
Until May 28
North Van Arts: — North Shore Art Hive, 335 Lonsdale, North Vancouver
February 7: vs Tucson Roadrunners, 7 p.m.
February 9: vs Tucson Roadrunners, 7 p.m.
February 11: vs Manitoba Moose, 7 p.m.
February 12: vs Manitoba Moose, 7 p.m.
February 25: vs Stockton Heat, 7 p.m.
February 27: vs Stockton Heat, 4 p.m.
www.abbotsfordcanucks.com
February 5-6
Dr. Sun Yat-Sen Classical Chinese Garden
Lunar New Year: Year of the Tiger
Live storytelling, calligraphy demonstrations and family-friendly craft activities (COVID protocols must be observed)
vancouverchinesegarden.com/events/chinese-new-year-2022
Vancouver Canucks at Rogers Arena
February 8: vs Arizona Coyotes, 7 p.m.
February 9: vs New York Islanders, 7 p.m.
February 12: vs Toronto Maple Leafs, 4 p.m.
February 19: vs Anaheim Ducks, 7 p.m.
February 21: vs Seattle Kraken, 7 p.m.
February 24: vs Calgary Flames, 7 p.m.
www.canucks.com
February 11-27
VMF Winter Arts Festival — various locations throughout downtown Vancouver
A free outdoor festival transforming downtown Vancouver into an open-air gallery (COVID protocols must be observed)
https://www.destinationvancouver.com/event/vmf-winter-arts/22550/
Until February 13
FlyOver Canada — Soar Over Taiwan
Celebrating Lunar New Year, daily from 10 a.m. - 9 p.m. — purchase tickets online in advance (proof of vaccination required)
flyover canada.com
Until February 14
Greater Vancouver Hot Chocolate Festival — 39 participating vendors
Featuring bakeries, chocolatiers, cafes and ice cream makers around the city (COVID protocols must be observed)
hotchocolatefest.com
Until February 19
Bowie Ball — Rickshaw Theatre
Annual tribute to the late David Bowie, all proceeds to BC Cancer Foundation (proof of vaccination required)
https://bccancerfoundation.com/events/community-event/bowie-ball-2022
Until February 20
Michelangelo’s Sistine Chapel: The Exhibition — East Exhibit Hall C, Vancouver Convention Centre
Showcases one of history’s greatest artistic achievements, for all ages. Wednesday-Sunday 10 a.m. - 8 p.m. (Covid-19 safety protocols must be observed)
https://sistinechapelexhibit.com/vancouver/
Until February 27
Speed and Splendour: By Sea to Asia— Vancouver Maritime Museum
Explores western perceptions of Asia through travel posters and memorabillia. (proof of vaccination required)
https://vanmaritime.com/speed-and-splendour/
Until February 28
Robson Square Ice Rink — next to Vancouver Art Gallery
Covered by a clear dome but otherwise outside; skate/helmet rentals available (masks mandatory; weather permitting)
https://www.familyfuncanada.com/vancouver/robson-square-ice-rink
Until February 28
Ice Skating at Shipyard Commons, North Vancouver
Covered rink, free admission, skate rentals available from 1 p.m. - 8 p.m. daily
https://vancouversbestplaces.com/north-shore/north-vancouver/lower-lonsdale/north-vancouver-shipyards/
Until March 27
Museum of Anthropology, UBC — Sankofa: African Routes, Canadian Roots
An exhibition of works by contemporary artists from Lagos, Nigeria, and Vancouver, with stories, histories and projects of African and Black affirmation
moa.ubc.ca/exhibition/sankofa
Until April 15
Gulf of Georgia Cannery — Waves of Innovation: Stories from the West Coast
An exhibit featuring stories of adaptations and innovations in the commercial fishing industry and their effects on west coast communities, with four key areas highlighted — energy, fishing, preservation and innovations of today
gulfofgeorgiacannery.org
Until April 18
Winter Vallea Lumina, Whistler
An evening excursion filled with unexpected enchantment, cryptic radio transmission and the lingering traces of two long-ago hikers in search of the scenic trailhead where the real journey begins
vallealumina.com
Until May 1
Yoko Ono: Growing Freedom — Vancouver Art Gallery
A two-part exhibit that focuses on her instructional work, and a second display of projects for peace, undertaken by Yoko Ono and John Lennon (proof of vaccination required)
www.vanartgallery.bc.ca
Until May 28
North Van Arts: — North Shore Art Hive, 335 Lonsdale, North Vancouver
Participants decide on the artistic medium to explore (proof of vaccination required), Saturdays 2 p.m to 4 p.m.
destinationvancouver.com/event/north-van-arts
Until October
Boarder X — Museum of Vancouver
A travelling exhibit that features work by contemporary artists from Indigenous nations across Canada (proof of vaccination required)
https://museumofvancouver.ca
Bill Reid Gallery
A small but significant collection of art and archives related to Bill Reid and his legacy, with a majority of it (161 works in a variety of media from jewelry to prints and sculptures) from the Simon Fraser University Bill Reid Collection.
www.billreidgallery.ca
Worldwide Webcams
A website catering to people who miss travel, visiting virtually everywhere with webcams from Argentina to Zanzibar, and many places in between
skylinewebcams.com
Chan Centre - Virtual Stage
In order to keep patrons, artists and staff safe during the pandemic, performances following the guidance provided by the BC Re-start Plan
tickets.ubc.ca or chancentre.com
Buckingham Palace
A virtual tour of the official residence of Queen Elizabeth, the focus of many moments of national celebration — jubilees, weddings, VE Day and the annual Trooping the Colour on The Queen's official birthday
www.royal.uk/virtual-tours-buckingham-palace
BC Sports Hall of Fame and Museum
Many of Canada’s most talented athletes at Indigenous Sport Gallery, Canadian Dragon Boat Exhibition, Greg Moore Gallery, Rick Hansen Gallery! Daily 9 a.m. to 5 p.m.
bcsportshall.com
Britannia Mine Museum — BOOM!
An award-winning live action attraction inside the historic mine
www.tourismvancouver.com/listings/britannia-mine-museum
Sea to Sky Gondola — Squamish
A breathtaking gondola ride to the summit to experience the Sky Pilot Suspension Bridge, three spectacular viewing platforms, snowshoeing, walking and hiking trails, with dining and shopping experiences at both ends of the ride; 9:30 p.m. to 5:00 p.m. daily
www.seatoskygondola.com
Grouse Mountain — The Peak of Vancouver
Plenty of activities for all ages when purchasing a mountain admission ticket
www.tourismvancouver.com/listings/grouse-mountain-the-peak
Virtual Tours of 12 Famous Museums
Experiencing museums from London to Seoul from the comfort of your home
www.travelandleisure.com/attractions
North Shore Events
www.vancouversnorthshore.com/events-calendar/
West Vancouver United Church
Sunday service 10 a.m.
wvuc.bc.ca/worship/
Tourism Vancouver
Virtually Vancouver, and more
www.tourismvancouver.com
Need some culture or learning in your life?
Go to a virtual museum — you’ll find a lot of them through Google: artsandculture.google.com
Go to a virtual opera: www.metopera.org/
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.
Virtual programming at your favourite library
destinationvancouver.com/event/north-van-arts
Until October
Boarder X — Museum of Vancouver
A travelling exhibit that features work by contemporary artists from Indigenous nations across Canada (proof of vaccination required)
https://museumofvancouver.ca
Bill Reid Gallery
A small but significant collection of art and archives related to Bill Reid and his legacy, with a majority of it (161 works in a variety of media from jewelry to prints and sculptures) from the Simon Fraser University Bill Reid Collection.
www.billreidgallery.ca
Worldwide Webcams
A website catering to people who miss travel, visiting virtually everywhere with webcams from Argentina to Zanzibar, and many places in between
skylinewebcams.com
Chan Centre - Virtual Stage
In order to keep patrons, artists and staff safe during the pandemic, performances following the guidance provided by the BC Re-start Plan
tickets.ubc.ca or chancentre.com
Buckingham Palace
A virtual tour of the official residence of Queen Elizabeth, the focus of many moments of national celebration — jubilees, weddings, VE Day and the annual Trooping the Colour on The Queen's official birthday
www.royal.uk/virtual-tours-buckingham-palace
BC Sports Hall of Fame and Museum
Many of Canada’s most talented athletes at Indigenous Sport Gallery, Canadian Dragon Boat Exhibition, Greg Moore Gallery, Rick Hansen Gallery! Daily 9 a.m. to 5 p.m.
bcsportshall.com
Britannia Mine Museum — BOOM!
An award-winning live action attraction inside the historic mine
www.tourismvancouver.com/listings/britannia-mine-museum
Sea to Sky Gondola — Squamish
A breathtaking gondola ride to the summit to experience the Sky Pilot Suspension Bridge, three spectacular viewing platforms, snowshoeing, walking and hiking trails, with dining and shopping experiences at both ends of the ride; 9:30 p.m. to 5:00 p.m. daily
www.seatoskygondola.com
Grouse Mountain — The Peak of Vancouver
Plenty of activities for all ages when purchasing a mountain admission ticket
www.tourismvancouver.com/listings/grouse-mountain-the-peak
Virtual Tours of 12 Famous Museums
Experiencing museums from London to Seoul from the comfort of your home
www.travelandleisure.com/attractions
North Shore Events
www.vancouversnorthshore.com/events-calendar/
West Vancouver United Church
Sunday service 10 a.m.
wvuc.bc.ca/worship/
Tourism Vancouver
Virtually Vancouver, and more
www.tourismvancouver.com
Need some culture or learning in your life?
Go to a virtual museum — you’ll find a lot of them through Google: artsandculture.google.com
Go to a virtual opera: www.metopera.org/
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.
Virtual programming at your favourite library
