In this issue
• Vancouver real estate markets also returning to ‘normal’
• Testimonial: ‘My home sold for an exceptionally good price'
• Key insurance word for condo owners: deductible
• Activities indoors and out starting this month
Changes in COVID-19…changes in the market
Finally, it’s happening. Maybe. Possibly. Perhaps. Hopefully. All these adjectives can be applied to the impending “happening” — life without COVID-19 or with reduced impact of COVID-19.Hopefully.
In terms of real estate, this means sellers seem to be more comfortable about selling. Buyers seem to be more comfortable about buying. Visitors seem to be more comfortable about visiting homes that are on the market. All of the ramifications that came with moving during the year-plus of the pandemic seem to be easing.
And projecting what the future holds in the real estate market is, well, more than ever a work in progress. It’s always that, of course, and when COVID-19 brought life to a standstill more than a year ago, B.C.’s real estate market was recovering from three down years in which that pent-up demand was building: 2017, 2018, 2019.
Now, it’s recovering from four down years.
Despite what the statistics are saying, 2020 was in reality a year of dramatic change in which real estate statistics — like the ones you read about here every month — were all over the map and had to be taken with a grain of salt.
For example, April 2020 delivered the worst housing numbers in history, and April 2021 delivered the strongest numbers in history. Any time you compare the worst with the
best, it’s going to be dramatic. There was a pent-up demand among buyers that grew with record lows in listings, a combination that has a volatile upwards effect on home prices.
Another example, provided by the Canadian Real Estate Association:
In April 2020, there were just 20,770 homes sold across Canada, down 60 per cent from the five-year average of 51,743. For sales in April 2021 to go back to the level of the national average would have meant an increase of almost 150 per cent. That looks astonishing, yet it would only be a return to pre-pandemic sales.
So the statistics going forward figure to be…unusual, when compared to this time last year, or this month last year. Take them with a grain of salt until the market returns to that over-used word right now: normal.
It was a pent-up demand of buyers — pent-up from the pandemic PLUS the three years preceding it — that made those percentage comparisons so striking. Now it could be a pent-up demand of sellers that will make statistical comparisons more meaningful, as they are relieved about being able to put their houses on the market and feeling more comfortable about doing it.
For example, the REBGV reports that last month’s residential home sales for Metro Vancouver totalled 1,485 and that this represents an increase of 187.4 per cent over May 2020. This is somewhat modest, compared to some of the year-to-year real estate percentages because of the pandemic.
So maybe it’s time to compare figures to the PRE-pandemic year of 2019, in the interests of having perspective.
Residential home sales for May 2019 totalled 2,638. That means the increase of May 2021 to May 2019 is “only” 61.8 per cent. Similar comparisons give some perspective to new listings, listings and sales-to-active-listings ratios.
The REBGV new listings for last month were 7,125. This is up 93.4 per cent over last May and 21.6 per cent over May 2019.
Total listings: 10,970 in May 2021, compared to 9,927 in May 2020 (up 7.1 per cent) and 14,685 in May 2019 (down 25.3 per cent).
The sales-to-active-listings ratio shows similar comparisons. For all properties, it was 38.9 per cent last month, 15 per cent in May 2020 and 18 per cent in May 2019.
The conclusion drawn in the latest news release is that real estate statistics are — like the pandemic itself — starting to come back to normal, or as normal as real estate stats can be.
To quote the board:
“While home sale and listing activity remained above our long-term averages in May, conditions moved back from the record-setting pace experienced throughout Metro Vancouver in March and April. With a little less intensity in the market today than we saw earlier in the spring, home sellers need to ensure they’re working with their realtor to price their homes based on current market conditions.”
The sales figures for last month were 27.7 per cent above the 10-year average for May. And with few exceptions, the listings and sales statistics Nexus tracks in its primary markets — West Vancouver, North Vancouver, Vancouver East and Vancouver West — are not building on the large percentage increases the graphs showed in March and April.
In other words, it appears they will be less volatile as COVID-19’s impact on life continues to decrease.
For example, condo owners, do you have a policy that covers the strata corporation deductible?
An estimated 50 per cent of British Columbians on the southwest coast (and 25 per cent of homeowners in the entire province) live in strata properties, according to the
Condominium Home Owners Association of B.C. Having proper insurance is often, though not always, mandatory. Having coverage that includes the strata deductible is not mandatory.
That there’s a “food-truck festival” in Vancouver this summer, starting this weekend every Friday and Saturday (11 a.m. to 8 p.m.) until Labour Day — 20 of the city’s best-known food trucks will park on a rotating schedule at the north-east corner of 10th Avenue and Fir Street?
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.
Until life eventually returns to normal, expect your events calendar to be sprinkled with both online and in-person events. Here is a sampling of both for this month:
Another example, provided by the Canadian Real Estate Association:
In April 2020, there were just 20,770 homes sold across Canada, down 60 per cent from the five-year average of 51,743. For sales in April 2021 to go back to the level of the national average would have meant an increase of almost 150 per cent. That looks astonishing, yet it would only be a return to pre-pandemic sales.
So the statistics going forward figure to be…unusual, when compared to this time last year, or this month last year. Take them with a grain of salt until the market returns to that over-used word right now: normal.
It was a pent-up demand of buyers — pent-up from the pandemic PLUS the three years preceding it — that made those percentage comparisons so striking. Now it could be a pent-up demand of sellers that will make statistical comparisons more meaningful, as they are relieved about being able to put their houses on the market and feeling more comfortable about doing it.
"When the climate changed in the market and it became evident the sale was going to take longer than we had initially expected, Dale and Jennifer never missed a beat. Jennifer kept her focus on current market-related details and my well-being. Never hesitating to contact each and every prospective purchaser, Dale’s perseverance and solid sales approach was rewarded and my home sold for an exceptionally good price, long after the activity and interest in West Van properties had cooled."
— Maria Jones, formerly West Vancouver

— Maria Jones, formerly West Vancouver

REBGV statistics returning to pre-pandemic level
As you may have already read in this issue of News From Nexus (above), statistics have to be taken with a grain of salt — or put in perspective. Interpreting the monthly statistics from the Real Estate Board of Greater Vancouver is another indication why this is the case.For example, the REBGV reports that last month’s residential home sales for Metro Vancouver totalled 1,485 and that this represents an increase of 187.4 per cent over May 2020. This is somewhat modest, compared to some of the year-to-year real estate percentages because of the pandemic.
So maybe it’s time to compare figures to the PRE-pandemic year of 2019, in the interests of having perspective.
Residential home sales for May 2019 totalled 2,638. That means the increase of May 2021 to May 2019 is “only” 61.8 per cent. Similar comparisons give some perspective to new listings, listings and sales-to-active-listings ratios.
The REBGV new listings for last month were 7,125. This is up 93.4 per cent over last May and 21.6 per cent over May 2019.
Total listings: 10,970 in May 2021, compared to 9,927 in May 2020 (up 7.1 per cent) and 14,685 in May 2019 (down 25.3 per cent).
The sales-to-active-listings ratio shows similar comparisons. For all properties, it was 38.9 per cent last month, 15 per cent in May 2020 and 18 per cent in May 2019.
The conclusion drawn in the latest news release is that real estate statistics are — like the pandemic itself — starting to come back to normal, or as normal as real estate stats can be. To quote the board:
“While home sale and listing activity remained above our long-term averages in May, conditions moved back from the record-setting pace experienced throughout Metro Vancouver in March and April. With a little less intensity in the market today than we saw earlier in the spring, home sellers need to ensure they’re working with their realtor to price their homes based on current market conditions.”
The sales figures for last month were 27.7 per cent above the 10-year average for May. And with few exceptions, the listings and sales statistics Nexus tracks in its primary markets — West Vancouver, North Vancouver, Vancouver East and Vancouver West — are not building on the large percentage increases the graphs showed in March and April.
In other words, it appears they will be less volatile as COVID-19’s impact on life continues to decrease.
Strata owners: Check deductible coverage
The words “insurance policy” begets the words “fine print.” This is significant for condo owners whose policy may cover everything they think they need as part of a strata, but doesn’t.For example, condo owners, do you have a policy that covers the strata corporation deductible?
An estimated 50 per cent of British Columbians on the southwest coast (and 25 per cent of homeowners in the entire province) live in strata properties, according to the
Condominium Home Owners Association of B.C. Having proper insurance is often, though not always, mandatory. Having coverage that includes the strata deductible is not mandatory. All of that is why it’s important to bring this to the attention of News From Nexus readers.
Think about this theoretical scenario:
You own an apartment in a high rise that’s managed by a strata corporation. Your dishwasher springs a leak, and the water damage to the building is substantial. The damage is covered by the strata corporation’s policy, after the deductible, which is $25,000 (this amount is fairly common). You are on the hook for $25,000, even though you did not cause the damage that originated in your apartment. Plus, you’ll have to pay whatever the deductible is on your own policy for damage to your belongings.
Remember that is a theoretical, not actual, example. However, it’s one that is possible depending on a strata’s insurance policy.
So, number one, if you’re thinking of buying a strata property it’s important to read that fine print in the strata corporation’s by-laws to have a full understanding of what happens “if.” And number two, it’s equally important to read the fine print in your own policy to be sure that if there is a deductible liability that your insurer will cover all of part of it.
Here is what the CHOA says:
“More and more strata corporations have by-laws in place to facilitate charging back the strata deductible to the unit owner responsible for a loss or damage. Unit owners or their tenants need not be liable in order for the deductible to be passed back, in many cases the mere fact the damage originates in the unit is sufficient to make the assessment valid.”
Strata owner insurance policies can cover many things, such as personal property, personal liability, living expenses, additional coverage and losses to other owners’ units.
It’s worth “insuring” that strata deductible is one of them.
Think about this theoretical scenario:
You own an apartment in a high rise that’s managed by a strata corporation. Your dishwasher springs a leak, and the water damage to the building is substantial. The damage is covered by the strata corporation’s policy, after the deductible, which is $25,000 (this amount is fairly common). You are on the hook for $25,000, even though you did not cause the damage that originated in your apartment. Plus, you’ll have to pay whatever the deductible is on your own policy for damage to your belongings.
Remember that is a theoretical, not actual, example. However, it’s one that is possible depending on a strata’s insurance policy.
So, number one, if you’re thinking of buying a strata property it’s important to read that fine print in the strata corporation’s by-laws to have a full understanding of what happens “if.” And number two, it’s equally important to read the fine print in your own policy to be sure that if there is a deductible liability that your insurer will cover all of part of it.
Here is what the CHOA says:
“More and more strata corporations have by-laws in place to facilitate charging back the strata deductible to the unit owner responsible for a loss or damage. Unit owners or their tenants need not be liable in order for the deductible to be passed back, in many cases the mere fact the damage originates in the unit is sufficient to make the assessment valid.”
Strata owner insurance policies can cover many things, such as personal property, personal liability, living expenses, additional coverage and losses to other owners’ units.
It’s worth “insuring” that strata deductible is one of them.
That there’s a “food-truck festival” in Vancouver this summer, starting this weekend every Friday and Saturday (11 a.m. to 8 p.m.) until Labour Day — 20 of the city’s best-known food trucks will park on a rotating schedule at the north-east corner of 10th Avenue and Fir Street?Real Estate Monthly Statistics
The following statistics for West Vancouver, North Vancouver, Vancouver West and Vancouver East compare May 2021 to May 2020 (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.Things to do in June
Until life eventually returns to normal, expect your events calendar to be sprinkled with both online and in-person events. Here is a sampling of both for this month:Starting June 11
Sea To Sky Gondola
Re-opening with its new cars, daily 9 a.m. to 4 p.m.
www.seatoskygondola.com
June 18-30
LoveVancouver Bubbles!
An outdoor walk-by art installation intended to spread the love around Vancouver. Twelve days, at The Wall Centre
www.tourismvancouver.com/love/dance
Until June 20
Sea To Sky Gondola
Re-opening with its new cars, daily 9 a.m. to 4 p.m.
www.seatoskygondola.com
June 18-30
LoveVancouver Bubbles!
An outdoor walk-by art installation intended to spread the love around Vancouver. Twelve days, at The Wall Centre
www.tourismvancouver.com/love/dance
Until June 20
Vancouver Art Gallery
Art Connects — a series of online gatherings that encourage dialogue and connection in the era of physical distancing, every Tuesday and Friday
www.vanartgallery.bc.ca/exhibitions/art-connects
Thursdays in June
www.vanartgallery.bc.ca/exhibitions/art-connects
Thursdays in June
West Vancouver Public Library
Dial-a-Story: Indigenous Storytelling by Squamish Elders every Thursday this month; listen by calling 604-925-7403
wvml.ca/events
Until June 30
Dial-a-Story: Indigenous Storytelling by Squamish Elders every Thursday this month; listen by calling 604-925-7403
wvml.ca/events
Until June 30
Health, Wellness and Fitness Workshops
Many online events to choose from, many of them free
www.eventbrite.ca/c/virtual-wellness-fitness-events
Until October
Lonsdale Artisan Farmer’s Market, Lonsdale Quay
Locally grown produce, delicious baked goods and crafts from local folks; every Saturday from 10 a.m. to 3 p.m.
www.artisanmarkets.ca/
Until August 29
Many online events to choose from, many of them free
www.eventbrite.ca/c/virtual-wellness-fitness-events
Until October
Lonsdale Artisan Farmer’s Market, Lonsdale Quay
Locally grown produce, delicious baked goods and crafts from local folks; every Saturday from 10 a.m. to 3 p.m.
www.artisanmarkets.ca/
Until August 29
Imagine Van Gogh
Dozens of the Dutch artist’s painting in the travelling art exhibition at the Vancouver Convention Centre
vancouversbestplaces.com/vancouver-art-exhibition
Dozens of the Dutch artist’s painting in the travelling art exhibition at the Vancouver Convention Centre
vancouversbestplaces.com/vancouver-art-exhibition
Home Chefs
Virtual Food And Drink Events and Classes
Spicing up your kitchen with online cooking and mixology classes, webinars and history lessons, whether making pasta from scratch or perfectly pairing wine and cheese, for an epic epicurean experience
www.eventbrite.ca/c/home-chefs
Virtual Tours of 12 Famous Museums
Experiencing museums from London to Seoul from the comfort of your home
www.travelandleisure.com/attractions
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
Capilano Suspension Bridge
Appreciating nature from three breathtaking perspectives — Capilano Suspension Bridge, Treetops Adventure and the exciting new Cliffwalk
www.tourismvancouver.com/listings/capilano-suspension-bridge-park
BC Sports Hall of Fame and Museum
bcsportshall.com
Britannia Mine Museum
Little-seen world that fascinates all ages with awe-inspiring sights and memorable family experiences
www.tourismvancouver.com/listings/britannia-mine-museum
Grouse Mountain, The Peak of Vancouver
Advance reservations for your Skyride boarding time mandatory, when purchasing tickets online
www.tourismvancouver.com/listings/grouse-mountain-the-peak
Museum of Vancouver
Socially-distanced COVID-19 admission plan in effect.
The museum’s newest exhibition, A Seat at the Table, exploring historical and contemporary stories of Chinese Canadians in BC and their struggles for belonging, using food and restaurant culture as an entry point to the great diversity of immigrant experience and communities
museumofvancouver
North Shore Events
www.vancouversnorthshore.com
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
Virtual Food And Drink Events and Classes
Spicing up your kitchen with online cooking and mixology classes, webinars and history lessons, whether making pasta from scratch or perfectly pairing wine and cheese, for an epic epicurean experience
www.eventbrite.ca/c/home-chefs
Virtual Tours of 12 Famous Museums
Experiencing museums from London to Seoul from the comfort of your home
www.travelandleisure.com/attractions
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
Capilano Suspension Bridge
Appreciating nature from three breathtaking perspectives — Capilano Suspension Bridge, Treetops Adventure and the exciting new Cliffwalk
www.tourismvancouver.com/listings/capilano-suspension-bridge-park
BC Sports Hall of Fame and Museum
bcsportshall.com
Britannia Mine Museum
Little-seen world that fascinates all ages with awe-inspiring sights and memorable family experiences
www.tourismvancouver.com/listings/britannia-mine-museum
Grouse Mountain, The Peak of Vancouver
Advance reservations for your Skyride boarding time mandatory, when purchasing tickets online
www.tourismvancouver.com/listings/grouse-mountain-the-peak
Museum of Vancouver
Socially-distanced COVID-19 admission plan in effect.
The museum’s newest exhibition, A Seat at the Table, exploring historical and contemporary stories of Chinese Canadians in BC and their struggles for belonging, using food and restaurant culture as an entry point to the great diversity of immigrant experience and communities
museumofvancouver
North Shore Events
www.vancouversnorthshore.com
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
