News From Nexus

IN THIS ISSUE:

            • Where interest rates ‘could’ go in the New Year

            • The REBGV stats story for November

            • Decor: Putting on your shopping shoes for ’23 

            • Possible impact of The Housing Supply Act

            • Progress report on Character Home project


Provincial Government plan and real estate impact

       Last month, new B.C. Premier David Eby announced plans to “deliver more good homes” for British Columbians with a three-part plan in which the government will (a) remove strata rental restrictions to turn empty units into homes, (b) end strata age restrictions to give young people more options for homes, and (c) work with municipalities to deliver more homes faster.
       And now begins the effect this will all have on real estate, now that the amendments to the Strata Property Act are approved. The amendments go into effect immediately.
       It may seem logical that this “ban on the ban of rentals” will only impact people involved in rentals, as either tenants or landlords. However, changes such as this could impact the real estate market at large.
       For example, it’s clear there are homeowners in multi-unit buildings who do not want rentals. A townhome complex or apartment building that previously did not allow rentals does not have a choice. This will increase the number of rental units available, for investors who were unable to buy those townhomes or condos. That would mean more demand and some homeowners will be happy and some may not. It remains toi be seen, of course, how that will affect the inventory of homes for sale.
       How home ownership is viewed can be subjective. Some say when you buy a home as a rental it’s an investment; when you buy a home to live in, it’s an expense.
       Removing the strata restrictions would apply to all ages except seniors, as the 55 and over restriction will remain. Removing the restrictions will, the Provincial Government believes, free up empty homes for sale to people who couldn’t buy them because of their ages. In particular, young families would no longer face the challenge of finding housing that allows children. If there’s a greater demand for that market, prices are likely to be somewhat affected.
       Convincing municipalities to deliver more homes is also likely to be challenging for the government, and Premier Eby was asked by reporters if legal action might be required. The premier responded by stressing that the government would be committed to resolving the increase of densification in select municipalities before it reached that stage.
       More details of this Housing Supply Act, plus identifying the eight to 10 municipalities in the first wave of addressing the housing shortage, are still to come — perhaps when the new stand-alone Ministry of Housing becomes official this month. To be successful, it’s expected the ministry 


will have to understand the role that the private sector will play, and whether it's a good idea to provide incentives, in order to accommodate the developers and builders who will ultimately increase the supply of homes.
       As is often the case, finding ways to solve the housing shortage is “wait and see”…even when a need is as urgent as this one is.

Current theories on future interest rates

       Question: What will happen to interest rates in 2023?
       Answer: They COULD stop going up and level off, then start to move with more balance, as they did before the increases began early in 2022.
       That’s just one of the theories you may hear when the subject is raised and, of course, there are no guarantees for this or any prediction about the Bank of Canada’s actions.
       This theory is based on another one, that the Federal Government is getting a little concerned about doing damage to real estate and housing, which is a big part of the nation’s economy. There is evidence to support the concern.
       Building permits are down. Developers are unable to control their costs, because of the ongoing problems with the supply chain. As a result, some projects that normally would have been well underway are being put on hold. 
       As a result, housing prices have softened, and it’s starting to look like they’re at least levelling off. In October, housing sales across Canada rose just a little (1.3 per cent), the first time that’s happened since February, before interest rates started to rise. It’s an indicator, albeit a small one, that buyers and sellers who have been waiting to see where these soft-market prices stabilize are ready to act. 
       “Canada’s housing market may be entering the latter stages of its cyclical downturn,” noted RBC economist Robert Hogue. “While we continue to think an inflection point is some ways off, it does suggest most of the price correction is likely behind us — at least for Canada as a whole. This will keep activity quiet for a while longer even if it stabilizes near current levels. We think benchmark prices will keep trending lower until spring.”
       Typically, home prices lag behind an increase in sales.
       Others share the RBC economist’s optimism. 
       “The…data leaves us cautiously optimistic that the worst may be behind us, but the correction still has a way to go,” added Desjardins’ senior director of Canadian economics, Randall Bartlett.
       In other words, when it comes to interest rates expected to rise again this month (December 7th) by up to 0.5 per cent, the worst may be over.
       The next interest-rate announcement will be January 25th.


Character Retention project nearing finish line 

       For many months, News From Nexus readers have had an opportunity to follow the progress of a Character Home in Vancouver that will morph into six homes on the same lot.
       It’s time for an update.
 
       The project is located at 1108 53rd Avenue — where it intersects with Ross St. — and it will be completed next year, probably before summer. When finished, six homes of sizes varying from approximately 650 square feet to 1,700 square feet will go on the market. The entire project is based on retaining the character of the original home.

       What they also have in common is the quality of the construction.  All new homeowners will have the opportunity to see photos of their homes that support that statement…photos at each stage of the construction process to verify the special treatment given in building these homes.

       They’re special for many reasons, not the least of which is how they embrace densification while fitting so comfortably into the existing single-family-home community. The neighbours have watched these homes emerge with welcoming admiration as the Character Home on 53rd was turned into a home for three families, with three more homes behind it, fronting on Ross.

       From heated floors to sound reduction to garden space, all six homes are special in their own ways….one even has an elevator! 

       And Character Retention has been at the forefront of all decisions. Here’s one example: the award-winning contractor discovered that beams which were being removed in the Character Home were about 230 years old. He didn’t have to keep them, but he did, and now they prominently featured in the project.

       More updates, and more photos, are coming for this special 2023 housing opportunity.

      

“They were so helpful and knowledgeable, steering us through the possible deterrents with the sale of our house – old oil tank under the concrete floor of our garage, and 1930s changes to the orientation of our house which made it a corner-flanking lot, thereby potentially limiting any future new construction.”
                                                   — Dal and Helen McCrindle, West Vancouver

Meanwhile, in other news this month...

The most important real estate news is widely covered in major media outlets, and sometimes analyzed here in News From Nexus. What you'll find in this section is interesting real estate news that you're not likely to see on TV or in the mainstream newspapers.

Vancouver's Moms and Pops leading landlord statistics

More than one in 10 home owners in Vancouver reported rental income, according to Statistics Canada, making it the mom-and-pop landlord capital of Canada. At 11.2 per cent, that figure is expected to increase as the city’s population grows — fuelled at least in part by more immigration — and there are likely to be more landlords. The statistics were first reported in the Globe and Mail.

Affordability affected by construction cost increases

One reason that housing starts have declined across the country is that construction costs have increased throughout the “COVID years.” Figures released by the Housing Market Index show that in the third quarter, national average construction costs were approximately $80,000 higher than prior to the pandemic for a typical home of 2,400 square feet. Delays in manufacturing and delivery resulted in an average delay of 11 weeks for home completions.

Why Canada’s need for more homes continues to grow
Since the last edition of News From Nexus, the Federal Government announced plans to welcome 465,000 new permanent immigrants in 2023, 485,000 in 2024 and 500,000 in 2025, all record high numbers. They are being recruited to support Canada’s shrinking labour force — particularly in health care, manufacturing, building trades and STEM (science, technology, engineering and mathematics). An average of 200,000 homes are currently built in Canada each year.

November stats: Metro Vancouver sales soft 

       November is traditionally a “soft” month when it comes to real estate activity. According to last month’s statistics from the Real Estate Board of Greater Vancouver, November has reached a new level of softness in residential home sales.
       There were 1,614 homes sold in Metro Vancouver, a 52.9 per cent decrease from the 3,428 sales recorded in November 2021, a 15.2 per cent decrease from the 1,903 homes sold in October 2022, and a figure that is 36.9 per cent below the 10-year November sales average.
       There is some good news.
 
       The total number of homes currently listed for sale on MLS is 9,179, a 28.5 per cent increase compared to November 2021 (7,144) and only a slight decrease (6.8 per cent) compared to October 2022.

       All of that was accompanied by this statement from the REBGV:

       “The market continues the trend of shifting toward historical averages and typical seasonal norms. Whether these trends continue will depend on looming economic factors and forthcoming housing policy measures on the horizon, which hold the potential to re-ignite uncertainty in our market.

       “With that said, from a long-term structural standpoint, the current pace of listings and available inventory remain relatively tight when considered against a backdrop of continued in-migration to the province. With the recently announced increase in federal immigration targets, the state of available supply in our market remains one demand surge away from renewed price escalation, despite the inflationary environment and elevated mortgage rates.”

       The upcoming Bank of Canada interest-rate adjustment is one more factor.
       “With the most recent core inflation metrics showing a stubborn reluctance to respond significantly to the furious pace of rate increases, the Bank of Canada may choose to act more forcefully to bring inflation back toward target levels,” added the REBGV.


       The inventory of homes for sale is key. New listings are down 22.9 per cent from last November and 24.2 per cent from October 2022. A more stable market generally brings both buyers and sellers from the sidelines and there are indications that the Metro Vancouver market is achieving some form of stability.
       The sales-to-active-listings ratio is the statistic used to measure stability. For November 2022 it was 17.6 per cent for all property types, 13.2 per cent for detached homes, 19.7 per cent for townhomes and 20.8 per cent for apartments. 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.

       So, just like in October, the ratios fall within that window of “normal” home prices. With so many fluid factors in the economy, trying to predict what might be ahead next month is next to impossible.
Statistics for the markets of West Vancouver, North Vancouver, Vancouver West and Vancouver East are graphically displayed below, as always.

Decor: ’Tis the season to preview 12 months

Every month, News From Nexus features ideas or observations about Decor,
 or ways you can make your home more appealing. 

       This is the month of the “12 days of Christmas” — a character attached to each of the days, from partridges to gold rings to drummers who, well, drum. Given that News From Nexus is a newsletter about real estate (and all things associated with real estate), the “12 months of decor” seems an appropriate subject.
     So here’s a shopping list for 2023, month by month (singing is optional)…
       January
       Linens and bedding:
 Traditionally “white sales” are held this month and they include sheets, comforters, towels and kitchen linens.
                 
       Electronics and TVs: Big-ticket items that generally hit the sales shelves in late January: home theatres, sound systems, video doorbells and motion sensors.

       February
     
       Home Goods: That includes furnishings, small appliances and kitchen goods.
       Electronics and TVs: Often there’s some spill-over sales events from January, especially on those large-screen TVs, maybe just in time to watch the Super Bowl.
       March
       Barbecues: Besides barbecues, watch for all the necessary accessories, because prices for these items often spike once the warm weather arrives.
 
       April
       Vacuums: While not the most fun or exciting purchase, it's a great idea to upgrade or splurge on one of the high-end products before tackling spring cleaning.
 
     May
       Furniture:  After Black Friday and Labour Day, the May long weekend is the next big shopping time for furniture, and big-box stores also feature home decor discounts.

     June
       Tools: For Father’s Day, watch for price reductions on both power and hand tools, perfect timing for summer do-it-yourself projects.
 
       July
       Prime Day and competitors: Amazon hasn’t announced the date of its annual Prime Day, but in 2022 it was in mid-July and it inspires competitors’ sales on just about everything!
       August 

       Outdoor products and furnishings: Summer’s end brings great deals on patio furniture, lawn care equipment and the final blowout sales on barbecues and air conditioners.
               
       Back-to-school: Desks, chairs and office items are typically discounted before fall.
 
       September
       Mattresses: Definitely the month for mattress sales, at department stores and mattress retailers alike, with prime time usually around Labour Day.
 
       Appliances: Expect to see blowout sales on appliances large and small.
       October
       Seasonal decor: Late in the month you’ll find final clear-out sales on Halloween and Thanksgiving decorations, plus whatever remains of outdoor furnishings.
     
       November
       Black Friday: What began many years ago as an American Thanksgiving tradition has moved north, and most everything goes on sale, so it can have a huge impact on decor. 
     
       December
       Electronics: Black Friday bargains on most everything electronic typically spills into December.
 
       Christmas: Deep decor discounts on outdoor seasonal displays, artificial trees and lighting all month have replaced Boxing Day as the day of Christmas deals.



That the sprawling 480-acre property where the 1992 Academy Award-winning and 
Clint Eastwood-directed movie Unforgiven was filmed, in the Rocky Mountain Foothills 
an hour from Calgary, is currently on the market for $25.5 million?




Photo credits
       Parliament Buildings: Government of British Columbia
       Laptop (interest rates): Tech Daily, Unsplash
       Decor (shopping): Eduardo Soares, Unsplash


Real Estate Monthly Statistics
The following statistics for West Vancouver, North Vancouver, Vancouver West and Vancouver East compare November 2022 to November 2021 (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.

1131 Montroyal Boulevard, North Vancouver

$1,388,000

415 15745 Croydon Drive, South Surrey/White Rock



203 - 1340 Duchess Avenue, West Vancouver

202-15765 Croydon Drive, South Surrey/White Rock

(working with buyer)

4695 Piccadilly North, West Vancouver

1102 - 1480 Duchess Avenue, West Vancouver

891 - 165 Street, White Rock/South Surrey


605 - 1480 Duchess Avenue, West Vancouver


2423 Mathers Avenue, West Vancouver

     

What's happening in December throughout the Lower Mainland, with protocols included as currently known.

Vancouver Canucks at Rogers Arena 
             December 1: vs Florida Panthers, 7 p.m.
            December 3: vs Arizona Coyotes, 7 p.m.
            December 5: vs Montreal Canadiens, 7:30 p.m.
            December 10: vs Minnesota Wild, 7 p.m.
            December 17: vs Winnipeg Jets, 7 p.m.
            December 19: vs St. Louis Blues, 7:30 p.m.
            December 22: vs Seattle Kraken, 7 p.m.
            December 27: vs San Jose Sharks, 7 p.m.
www.canucks.com

Abbotsford Canucks at Abbotsford Centre
            December 3: vs Laval Rocket, 7 p.m.
            December 4: vs Laval Rocket, 4 p.m.
            December 9: vs Manitoba Moose, 7 p.m.
            December 10: vs Manitoba Moose, 7 p.m.
            December 20: vs San Jose Barracuda, 7 p.m.
            December 21: vs San Jose Barracuda, 7 p.m.
www.abbotsford.canucks.com

December 10 and January 14
Candlelight: A Tribute to Coldplay
Kerrisdale Presbyterian Church
A multi-sensory candlelight tribute to the popular British rock band, in an iconic and spectacular venue, 6:30 and 8:30 p.m.
https://feverup.com/vancouver

December 10
The Nutcracker
Queen Elizabeth Theatre, Vancouver
The heart-warming and distinctively Canadian version of the holiday classic, performed by Canada’s Royal Winnipeg Ballet, 1 p.m.
https://vancouvercivictheatres.com

December 15-18
A Christmas Cabaret
Jericho Arts Centre, Vancouver
A labyrinth-like space filled with holiday music, dramatizations, art and seasonal refreshments, 7 p.m.
https://jerichoartscentre.com/calend ar-events/winter-cabaret-hold-on-dates/

December 15-31
Anne of Green Gables: The Musical
Gateway Theatre, Richmond
The poignant story of orphaned Anne Shirley and her new life in Prince Edward Island, show times either 1:30 p.m., 7:30 p.m. por both (check online schedule)
https://www.gatewaytheatre.com/anne

December 16 (8 p.m.), December 17 (2, 5 and 8 p.m.) and December 19 (5 and 8 p.m.)
Christmas with Chor Leoni
St. Andrew’s Wesley United Church, Vancouver
Singing in the holiday season in a spectacular venue, accompanied by fiddle and harp
https://chorleoni.org

December 18
The Snowman and VSO
The Orpheum, Vancouver
For the whole family, a short film shown on the big screen, accompanied by the VSO live, 2 p.m.
https://www.vancouversymphony.ca/event/the-snowman/

December 21
Dionne Warwick and the Sounds of Christmas
Pacific Coliseum
Winner of six Grammy Awards, as well as countless other musical and philanthropic honours, 7:30 p.m.
https://www.pne.ca/event/dionne-warwick-the-sounds-of-christmas/

December 22 (6:30 and 8:30 p.m.)
Holiday Special, featuring The Nutcracker and More
Kerrisdale Presbyterian Church
Celebrate the magic of the holiday season with an amazing musical event
https://feverup.com/vancouver

Until December 24
The Sound of Music
Stanley Industrial Alliance Stage
One of the most delightfully romantic musicals of all time, set in pre-World War II Austria
artsclub.com/shows-sound-of-music

Until December 31
Christmas Glow Langley
Glow Gardens, 6690 216 St., Langley
The magic of the Holiday Season, under more than a million twinkling lights; check various times on schedule
www.glowgardens.com/langley-christmas

Until January 1
Bright Nights in Stanley Park
With the absence of the vintage trains, Bright Nights’ different tone, largely due to hardworking Burn Fund volunteers, with lights, displays and much more
https://vancouver.ca/parks-recreation-culture/bright-nights-train.aspx

Until January 1
Sea to Sky Gondola
Spirit of the Season
A chance to share in the magic of the holiday season with a spectacular gondola ride to the top…the Decorated Forest Walk, Outdoor Story Time, Festive Holiday Lunches, Sunset Snowshoe Tour, Bedtime Stories and Visits with Santa
https://www.seatoskygondola.com/spirit-of-season

Until January 2
Holiday Splash at the Vancouver Aquarium
Stanley Park
Oceans of holiday magic including Scuba Claus, the Polar Express 4D Experience and seasonal treats… all surrounded by festive decor and 65,000 resident animals
www.vanaqua.org

Until January 2 (except Christmas Day)
Festival of Lights
Van Dusen Botanical Gardens
Strolling along the lakeside, through the Rose Garden and other various themed areas, with tasty treats and holiday music (purchase tickets online); 4-10 p.m. — last entry 9 p.m.

Until January 8, 2023
Beyond King Tut: The Immersive Experience
Vancouver Convention Centre East
An incredible journey to one of the greatest archaeological discoveries of all time, as well as to the wonders in modern-day Egypt; open at 10 a.m.
beyondkingtut.com/city/vancouver

Until January 22
Capilano Canyon Lights
Capilano Suspension Bridge, North Vancouver
Experiencing the magical transformation of the iconic bridge into an enchanted Winter Wonderland, fun for the whole family; 11 a.m to 9 p.m. daily
www.capbridge.com

Until February 23, 2023
T.rex: The Ultimate Predator
Science World
A life-sized model of a Tyrannosaurus rex to captivate young and old, setting the stage for entertaining investigation into dinosaur history — daily from 10 a.m.

Until March 19, 2023

Keeping the Song Alive
Bill Reid Gallery
Through traditional music, contemporary art, film and historical documentation, an exhibit exploring the decades-long work of Dr. Ida Halpern and the late Kwakwaka’wakw Chiefs Billy Assured and Mungo Martin
ONGOING  EVENTS

Orpheum Theatre Walking Tours
884 Granville St., Vancouver
Free guided tours of the Orpheum Theatre, one of the most beautiful concert halls in North America
www.destinationvancouver.com

Forbidden Vancouver Walking Tours
Downtown Locations

Highly recommended, guided walking tours, a combination of storytelling, theatre and local history 
forbiddenvancouver.ca

Sea to Sky Gondola
Squamish
Spectacular Sky Pilot suspension bridge walking trails, the Via Ferrata adventure and many other mountain-top activities

Vancouver Aquarium
Stanley Park
Over 65,000 animals under one roof, home of the only Marine Mammal Rescue Centre in Canada (mandatory face masks)
www.vanaqua.org

Worldwide Webcams
A website catering to people who want to travel, virtual visits everywhere with webcams from Argentina to Zanzibar, and many places in between
skylinewebcams.com

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

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

Get In Touch

Dale Clark

Phone: 604-720-3353

EMAIL

Office Info

Nexus Realty Corp

West Vancouver,  BC 

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