IN THIS ISSUE:
• Looking ahead to the real estate market of 2022
• Decor: Picture hanging made easier and less stressful
• Asterisks adorn January's Lower Mainland events schedule
• REBGV statistics: 2021 sales and listings data from December
• News round-up: Assessments, 2022 colours, EV charging
What's on the real state agenda for this year
The majority opinion (pre-omicron) in previewing real estate this year — locally, provincially, federally and globally — is that consumers are going to experience continued strong prices and continued shortage of listings, as the latter continues to drive the former. It's a theory that is being heard in developed countries world-wide.
All of them are trying to find a solution to a shortage of affordable housing by returning home prices to levels of the past, but there are fundamental reasons beyond the low inventory. Disposable income that people had earmarked for dining out, travelling and assorted luxuries has — because of COVID — resulted in savings which can be used elsewhere. That could be renovating homes to accommodate the working-from-home force, or buying a home that better accommodates a lifestyle which now often includes a desire for more space, outdoors as well as indoors. So that willingness to spend more on accommodation and having pandemic-generated savings may also contribute to maintaining the level of current home prices.
And if you have questions, Jennifer and Dale have answers. While they quickly recognize why the market is being sustained, they also know it's prudent not to assume it will continue indefinitely, and how quickly it can change.
There are also sellers who wait for home prices to peak, because they want to sell at the peak of the market. Waiting comes with its own risks as the market can change
quickly, too, and nobody wants to wake up one morning and say: “Uh-oh, we missed our chance.” In the financial crisis of 2008, even though it was enormously different from the economy of today, that’s precisely what happened.
All of them are trying to find a solution to a shortage of affordable housing by returning home prices to levels of the past, but there are fundamental reasons beyond the low inventory. Disposable income that people had earmarked for dining out, travelling and assorted luxuries has — because of COVID — resulted in savings which can be used elsewhere. That could be renovating homes to accommodate the working-from-home force, or buying a home that better accommodates a lifestyle which now often includes a desire for more space, outdoors as well as indoors. So that willingness to spend more on accommodation and having pandemic-generated savings may also contribute to maintaining the level of current home prices.
And if you have questions, Jennifer and Dale have answers. While they quickly recognize why the market is being sustained, they also know it's prudent not to assume it will continue indefinitely, and how quickly it can change.
There are also sellers who wait for home prices to peak, because they want to sell at the peak of the market. Waiting comes with its own risks as the market can change
quickly, too, and nobody wants to wake up one morning and say: “Uh-oh, we missed our chance.” In the financial crisis of 2008, even though it was enormously different from the economy of today, that’s precisely what happened. Other potential counter-balancing issues may affect the current market's price sustainability. In the first year of the pandemic, both federal and provincial governments enacted programs to help Canadians keep their heads above water financially. Now that omicron is having such a widespread impact on all businesses, the government(s) could step in again but nobody really knows to what degree.
Understandably, Canadians are becoming increasingly concerned about the national debt, and its proportion of the gross domestic product has certainly increased over the last year. Yet it's difficult to forecast too far into the future with the presence of ongoing and unexpected Coronavirus variants such as omicron.
So, if the government does implement financial assistance again during the pandemic, how many rounds of benefits will there be? How long will such a program last? Who will pay for it…or how will it be paid? What will be the long-lasting economic impact on real estate?
Also:
• The B.C. Government has already announced there will be a “cooling off period” in which buyers will have time to change their minds, a regulation that will be good for pre-sales of yet-to-be-built properties but something that could make things complicated or even difficult for both buyers and sellers of resale homes. The legislation is expected by spring but could happen sooner.
• The Federal Government’s platform for housing including banning “blind bidding” when buyers bid on a property without knowing the dollar amounts of competing bids, which can lead to buyers paying much more for a home than the next-highest offer.
However, there are pros and cons for both these government possibilties that can be explored once the details are confirmed.
Something else to watch are interest rates. They have been historically low for years. There is constant speculation they will start inching upwards in 2022. The U.S. has already indicated it will bump interest rates three times this year, and it's logical that not just interest rates but all developments south of the border will impact Canada's real estate market.
Understandably, Canadians are becoming increasingly concerned about the national debt, and its proportion of the gross domestic product has certainly increased over the last year. Yet it's difficult to forecast too far into the future with the presence of ongoing and unexpected Coronavirus variants such as omicron.
So, if the government does implement financial assistance again during the pandemic, how many rounds of benefits will there be? How long will such a program last? Who will pay for it…or how will it be paid? What will be the long-lasting economic impact on real estate?
Also:
• The B.C. Government has already announced there will be a “cooling off period” in which buyers will have time to change their minds, a regulation that will be good for pre-sales of yet-to-be-built properties but something that could make things complicated or even difficult for both buyers and sellers of resale homes. The legislation is expected by spring but could happen sooner.
• The Federal Government’s platform for housing including banning “blind bidding” when buyers bid on a property without knowing the dollar amounts of competing bids, which can lead to buyers paying much more for a home than the next-highest offer.
However, there are pros and cons for both these government possibilties that can be explored once the details are confirmed.
Something else to watch are interest rates. They have been historically low for years. There is constant speculation they will start inching upwards in 2022. The U.S. has already indicated it will bump interest rates three times this year, and it's logical that not just interest rates but all developments south of the border will impact Canada's real estate market.
Building more homes is unlikely to be the affordable-housing solution that developed countries are seeking, in the short-term. Canada, for example, builds much less than half the homes needed at a time when immigration has been low. And increasing immigration by significant numbers is on the Federal Government's agenda. Already, there are thousands and thousands of Canadians — or others with a legal right to live in Canada — who could leave Hong Kong and other countries to re-locate in Canada.
Another market indicator is the sales-vs-active-listings ratio that the Real Estate Board of Greater Vancouver compiles. If the ratio is 20 per cent or more for a sustained period, analysts expect home prices to rise. If it is below 12 per cent, expect home prices to drop. Here is a graph that shows the ratio since the beginning of the pandemic in March 2020:
Another market indicator is the sales-vs-active-listings ratio that the Real Estate Board of Greater Vancouver compiles. If the ratio is 20 per cent or more for a sustained period, analysts expect home prices to rise. If it is below 12 per cent, expect home prices to drop. Here is a graph that shows the ratio since the beginning of the pandemic in March 2020:
The graph does not include the ratios for December. They were: townhomes 75.6 per cent, condos (apartments) 60.8 per cent and detached homes 35.1.
This is one of the many analytical tools Jennifer and Dale use in explaining market conditions for you.
This is one of the many analytical tools Jennifer and Dale use in explaining market conditions for you.
That the five-story pagoda building in Horyuji, Japan, is the oldest wooden building on earth and it was built with timber from trees that were harvested in 600 A.D.?REBGV statistics: supply and demand...again
The latest news release from the Real Estate Board of Greater Vancouver produced some interesting, and perhaps surprising statistics. For months the REBGV has been reporting that sales continue to outpace listings — i.e., the demand is greater than the supply — and that the lack of inventory is one factor in driving up home prices.While that is true, it’s interesting to see that this is more because of the “demand” than the “supply.”
For example, while the inventory of homes listed for sale in Metro Vancouver is just over 5,000 and while that’s the lowest listings level in more than 30 years, the REBGV’s year-by-year analysis presents a different picture. In reviewing sales and listings for all of 2021, the REBGV reports that the “listings total was 11 per cent above
the 10-year average” and “a 19.9 per cent increase compared to 2019” — the year before the pandemic. This would imply that the annual number of listings is somewhat consistent with recent years and that the demand for housing is what’s creating that imbalance.
The REBGV news release offers this explanation:
“With low interest rates, increased household savings, more flexible work arrangements, and higher home prices than ever before, Metro Vancouverites, in record numbers, are assessing their housing needs and options.”
Also:
“With demand at record levels, residents shouldn’t expect home price growth to relent until there’s a more adequate supply of housing available to purchase.”
December’s activity was unpredictable, as it has been through the last six months of 2021. Three times, residential home sales have been higher than the corresponding month in 2020. Three times, they have been lower. December’s year-to-year comparison showed a 13.1 per cent decrease in sales, and compared to November 2021 the decrease was 21.6 per cent.
What has been consistent is that the number of residential home sales remains greater than the 10-year average. That was the case in every month last year, from a high of 72.2 per cent (March) to a low of 13.3 per cent (July). Last month, the number of sales was 33.4 per cent over the 10-year average for December. The average for all 12 months was 33.1 per cent.
So it seems it’s the increase of sales that’s driving the real estate market more than the shortage of listings.
Having said that, the two go hand-in hand, don’t they?
The REBGV news release offers this explanation:
“With low interest rates, increased household savings, more flexible work arrangements, and higher home prices than ever before, Metro Vancouverites, in record numbers, are assessing their housing needs and options.”
Also:
“With demand at record levels, residents shouldn’t expect home price growth to relent until there’s a more adequate supply of housing available to purchase.”
December’s activity was unpredictable, as it has been through the last six months of 2021. Three times, residential home sales have been higher than the corresponding month in 2020. Three times, they have been lower. December’s year-to-year comparison showed a 13.1 per cent decrease in sales, and compared to November 2021 the decrease was 21.6 per cent.
What has been consistent is that the number of residential home sales remains greater than the 10-year average. That was the case in every month last year, from a high of 72.2 per cent (March) to a low of 13.3 per cent (July). Last month, the number of sales was 33.4 per cent over the 10-year average for December. The average for all 12 months was 33.1 per cent.
So it seems it’s the increase of sales that’s driving the real estate market more than the shortage of listings.
Having said that, the two go hand-in hand, don’t they?
What’s in the news this month
Assessments bring in the New Year as always:
Every January 1, British Columbia homeowners can access new property assessments (www.bcassessment.ca) from the government…and it’s important to remember they are already six months old, because assessments were completed by the previous July 1.And the colours you'll want to paint with this year are...
Paint brands Benjamin Moore, PPG, Glidden, and Sherwin-Williams have all put forward earthy, natural greens as their top paint colours in 2022 — October Mist, Olive Sprig, Guacamole and Evergreen Fog, suggesting that all will pair well with floors and furniture in blonde and warm wood tones.Big progress with off-grid electric vehicle chargers:
Electric vehicle charger manufacturer Beam has installed solar-powered, off-grid EV chargers in more than 100 municipalities in Canada, the U.S., Spain, Brazil and the Caribbean, big news in an industry that has so far relied on chargers that are on-grid and permanently installed.
Decor: The ‘art’ of hanging pictures
Fourth in a Series
Every issue of News From Nexus will feature some thoughts, tips or just observations about Decor. For January, the hope is that this article will make hanging pictures a little easier for you....
When it comes to hanging pictures or artwork, there are theories galore about how they make a room feel, leaving blank space for your eye to rest, how best to arrange a group of photos, even how they can be hung without using nails and hooks.
What about the actual act of hanging them?
That’s what this is about, in the hope that it makes an intimidating project…less intimidating. The expertise comes from a North Shore designer who passed it along to a client, who passed it along to Nexus. The client found it to be extremely useful, fairly simple, less stressful and almost enjoyable.
It starts with the basic assumption that is widely adopted: pictures should whenever possible be at “about” eye level on your wall. If you want to be specific, that’s “about” 57 inches or 145 centimetres.
Step One
Position the picture where you want it to be on the wall, just by holding it in place. Using a fine pencil, lightly draw a short line across the top-middle of the frame. You can also make a slight vertical line to mark the approximate centre of the frame.
Step Two
Turn the frame over and measure the distance from the wire (or hook) to the top of the frame. Be sure to stretch the wire so it’s taut. That becomes the measurement you will use to position the hook below the horizontal line on the wall. Follow the vertical line for the measured distance below the horizontal line and mark that spot with the pencil.
Step Three
Using a conventional picture hook, align it so that the part of the hook supporting the picture is at the spot on the wall. 
Holding the hook in place, gently tap the nail into the top of the hook. Remember that the spot on the wall isn't where the nail goes, it's where the bottom of the hook sits.
Holding the hook in place, gently tap the nail into the top of the hook. Remember that the spot on the wall isn't where the nail goes, it's where the bottom of the hook sits.
Step Four
Erase the horizontal line on the wall. Carefully connect the wire to the hook, and your frame will sit exactly where you wanted it.
If you don’t have a wire on the back of your frame, you’ll have to improvise to accommodate the kind of “hook” you have, but the basic principal of measuring to get the proper placement remains the same.
"I’d tell anyone to sign up with Nexus as soon as you can, to be sure they have time to take care of you. We NEVER felt they were too busy to look after us. We just had such a good feeling about them. My husband was in real estate for 35 years, and we’ve purchased at least six times in 54 years, yet we were constantly amazed at the depth of their knowledge.”
— Patsy and Bob Minnes, West Vancouver
— Patsy and Bob Minnes, West Vancouver
Real Estate Monthly Statistics
The following statistics for West Vancouver, North Vancouver, Vancouver West and Vancouver East compare December 2021 to December 2020
(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.
While the omicron virus has attached an asterisk next to many events — either for COVID restrictions or capacity limits — there is still plenty to do in January. Below is this month's list, with protocols included as currently known.
Starting January 4
Embark on an Aquatic Adventure
Vancouver Aquarium
More than 30 exhibits, ranging from the Tropics to the Arctic (proof of vaccination required), 9:30-5:30 p.m. daily
January 8 - 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
January 14 - 31
Dine Out Vancouver
Vancouver Aquarium
A gastronomic event featuring hundreds of Vancouver-area restaurants, with multi-course dinners at select fixed prices — menus and reservations available as of January 6 (proof of vaccination required)
www.dineoutvancouver.com
January 15
A Celebration of Robbie Burns Concert
Place des Arts, Coquitlam
Celtic band Blackthorn features the musical traditions of Scotland (proof of vaccination required, masks mandatory), 7:30 p.m.
placedesarts.ca/events/a-celebration-of-robbie-burns
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
January 14 - 31
Dine Out Vancouver
Vancouver Aquarium
A gastronomic event featuring hundreds of Vancouver-area restaurants, with multi-course dinners at select fixed prices — menus and reservations available as of January 6 (proof of vaccination required)
www.dineoutvancouver.com
January 15
A Celebration of Robbie Burns Concert
Place des Arts, Coquitlam
Celtic band Blackthorn features the musical traditions of Scotland (proof of vaccination required, masks mandatory), 7:30 p.m.
placedesarts.ca/events/a-celebration-of-robbie-burns
Vancouver Canucks at Rogers Arena
January 21: vs Florida Panthers, 7 p.m.
January 23: vs St. Louis Blues, 7 p.m.
January 21: vs Florida Panthers, 7 p.m.
January 23: vs St. Louis Blues, 7 p.m.
January 25: vs Edmonton Oilers, 7 p.m.
Abbotsford Canucks at Abbotsford Centre
January 22: vs San Diego Gulls, 7 p.m.
January 23: vs San Diego Gulls, 4 p.m.
www.abbotsfordcanucks.com
www.abbotsfordcanucks.com
Until January 23
Canyon Lights at Capilano Suspension Bridge
With Capilano Canyon and the river below, the famous bridge illuminated with 500,000 lights, plus the Arc de Lumina light tunnel
www.tourismvancouver.com/listings/capilano-suspension-bridge-park
With Capilano Canyon and the river below, the famous bridge illuminated with 500,000 lights, plus the Arc de Lumina light tunnel
www.tourismvancouver.com/listings/capilano-suspension-bridge-park
January 30
Harlem Globetrotters
Abbotsford Centre, Abbotsford
The fun-loving basketball team that always has everyone cheering (proof of vaccination required), 3 p.m.
Until January 31
Robson Square Ice Rink
Next to the Vancouver Art Gallery
Covered by a clear dome but otherwise outside; skate/helmet rentals available (masks mandatory)
Until March 27, 2022
Museum of Anthropology, UBC
Sankofa: African Routes, Canadian Roots Centred on works by contemporary artists from Lagos, Nigeria, and Vancouver, an exhibition with stories, histories and projects of African and Black affirmation
moa.ubc.ca/exhibition/sankofa
Until April 15, 2022
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, 2022
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
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 October
Boarder X
Museum of Vancouver
A travelling exhibit that features work by contemporary artists from Indigenous nations across Canada (proof of vaccination required)
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
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
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
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
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
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
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
www.seatoskygondola.com
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
www.seatoskygondola.com
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
westvanlibrary.ca/
nvcl.ca/
nvdpl.ca/
vpl.ca/digitallibrary
