News From Nexus

IN THIS ISSUE:

            • Market analysis complex even for experts

            • Burrard Inlet busy with cruise ships in July

            • Testimonial: ‘I didn’t have to do anything’

            • News: How close is net-zero home building?

            • June’s real estate statistics for Metro Vancouver

            • Decor: Thoughts for renovating small bathrooms

The build, the condo, the single-family home


       The three listings of the month at Nexus Realty appeal to three types of buyers. One is a prestigious lot best suited for a total re-build. One is a spacious condo in a great area. One is a single-family home not far from the beach.
       The build:
       They don’t make lots any more like the one at 2423 Mathers Avenue in Dundarave. It’s 60 feet by 122 feet and has access on three sides, great topography with 10-foot elevation and comes with a concept drawing. If you’re a builder or a buyer who wants to build, you must get the full explanation on what an opportunity this is from Dale (604-922-3353).
       The condo:
       A sub-penthouse with ocean views on one side and mountain views on the other, from the 11th floor of a desirable location in Ambleside. This corner unit is 1,125 square feet, this is its first time on the market 20 years and it's in a highly regarded building at 1480 Duchess Avenue, walking distance to almost everything that West Vancouver has to offer.
       The single-family home:
       Space is the word for the family that moves into 891 165 Street in South Surrey/White Rock. The yard is beyond generous (7,365 square feet) and the four-bedroom home has almost 2,500 square feet. With upgrades, vaulted ceilings and excellent light throughout, plus a level back yard and a double garage, this excellent family home sits at the top of a cul-de-sac in one of White Rock's most desirable neighbourhoods..

The many factors of real-estate market analysis

       The continuous chatter about the real estate market paints a picture that many describe as being less than optimistic, to say at least. That’s a generalization that is misleading.
       Yes, the market is shifting because of all the factors that are now well-known — bumps in interest rates, world-wide economy changes, uncertainty in Ukraine, low inventory of homes for sale, rising costs for just about everything.
       There is another side to the picture. People are still moving, for the usual variety of reasons, and that means real estate activity. They could be right-sizing: moving from a larger home to a condo. Or moving here from another country or another province — immigration is growing, not slowing.
       All of that contributes to real-estate activity.
       There are still going to be first-time home buyers because, even though high home prices and increasing interest rates may make it a little more difficult, they will find a way if they can. Some are perhaps pre-approved for mortgages at lower rates, and just waiting to jump into the market. Some have locked-in mortgages that can move with them.
       Interest rates represent just one of the factors in the market, affecting some buyers but not others. The couple selling a $4.2-million house that has been home for decades to move into a 1,600-square-foot condo at half the price, or less, are not likely to be affected by interest rates, a strategy that’s designed to curtail inflation, although the jury of experts still seems to be out on that.
       And as long as there is a shortage of housing, that will put upward pressure on home prices. In the federal budget, the government unveiled plans to double the construction of new homes and the impact of that will take time. It has only been three months.
       So some prices will go up, and some will fall. Some markets will be active, and some will be soft. Some homes will sell quickly, and some will not. It’s impossible to know if the “big market” has peaked, or if it hasn’t. Every indicator is accompanied by uncertainty. Making market assumptions can also be misleading, especially in a season that traditionally experiences a summer slowdown.

One expert’s view of the economy and real estate

       One global economic analyst last month looked at the housing market with a perspective that is interesting.
       Financial Times Global Business Columnist Rana Foroohar works for CNN, and while her take was U.S.-focussed it can probably be applied north of the border: works for CNN, and while her take was U.S. focussed it can probably be applied north of the border:
       “Two things are happening in the housing market, one real, one financial. Certainly low rates, and some of that monetary stimulus, helped. Low rates encourage buying. You’re trying to push people into the market, but that’s only about a third of what’s going on.
       “If you look at mortgage rates, we’re not back in 2008. You’re not seeing a ton of bad lending going on. The pandemic was an incredible shift in the American housing market. You suddenly could work two or three hours away from the cities that you might have lived in. A lot of people moved from expensive coastal cities to the south and to the west. In some ways that’s a real structural shift that’s still playing out.
       “It might be more like the adoption of the automobile in the post World War Two period, which allowed people to travel in new ways. It created the suburbs. It pushed people out to California. I think some of those shifts are going to last another year, two years, maybe five years. And so you won’t see the sort of collapse in the housing market the way you might see in the asset markets except in very very frothy areas."

Sales-to-active-listings ratio more balanced


       The words “stability” and “patience” have generally been missing from assessments of where the current real estate market resides, but both are creeping back into the conversation.

       Stability means the market becomes more predictable. Patience means buyers can avoid rushing into a purchase because others are lining up to make offers.
 

       The measuring stick most associated with stability is the sales-to-active-listings ratio, which in the current statistics released by the Real Estate Board of Greater Vancouver are…settling down. When the ratio  is between 12 per cent and 20 percent, that’s considered balanced market territory. Lower than 12 per cent means downward pressure on home prices. More than 20 is the reverse — upward pressure — but in either case the percentages have to remain in that neighbourhood for a “sustained period.”

       The ratio for June was 23.1 per cent.
 
       That’s more in line than where the market has been, which is higher ratios that exert pressure on higher home prices. That’s also combining all property types. By category, the sales-to-active-listings ratio is 14.3 per cent for detached homes, 31.5 per cent for attached (townhouses), and 30.2 per cent for apartments/condos.

       That indicates townhouses and apartments are selling better than detached homes at this time.

       With this drifting market, buyers are usually able to exert more patience before making offers. In its news release, the REBGV said: “Home buyers have more selection to choose from and more time to make decisions than they did over the past year. Rising interest rates and inflationary concerns are making buyers more cautious in today’s housing market, which is allowing listings to accumulate.”

       As a result, the number of listings is, slowly and sporadically, increasing as the volume of sales is decreasing — down 16.2 per cent from May. Sales are 23.3 per cent below the 10-year June average. Keep in mind, however, that these generalized statistical analyses are for Greater Vancouver and do not necessarily apply to the many mini and micro markets. In the four markets most closely tracked by Nexus Realty (West Vancouver, North Vancouver, Vancouver West and Vancouver East), there were no dramatic changes from the May 2022 sales and listings statistics and the ones just released for June.


       That, too, contributes to stability.

What’s in the news this month

Net-zero homes— the standard for new construction?

Eco-friendly homes are showing signs of becoming unique alternatives and perhaps eventually the future of housing in Canada, according to a report on CTV News. One expert believes net-zero living will become the go-to standard for new construction. Six builders across the country are involved. Eco-friendly homes are built with materials non-toxic to the environment, with features to offset greenhouse gas emissions.

Schitt’s Creek property on southern Ontario market:

Buildings from the popular TV show Schitt’s Creek are still available. The 24,000-square foot mansion, with 14 bedrooms and 16 bathrooms, has been listed 10 times since it last sold as a bungalow in 2008. Current asking price is $17.78 million. And the Rose Apothecary Store — also in Southern Ontario — can be had, with its three bedrooms and three bathrooms, for $2.35 million.

Transparency test for homes with multiple offers:

Changes to construction bylaws in Vancouver will require cooling and air filtration in all new large buildings. According to a Vancouver Sun story, new-builds will require cooling systems by 2025 and air filtration to protect residents from heat waves and smoke pollution. The bylaws, approved last month, are said to reduce carbon emissions by the equivalent of removing 13,000 gasoline-powered cars.

Testimonial: 'They did everything we wanted'

       A long-time resident of West Vancouver, Joan Gouws decided it was time she moved closer to her family, her son on Vancouver Island. Selling her home was a process she hadn't experienced in many years when she enlisted Nexus Realty to be her guide.
     After the sale was completed last month, here's what she had to say about her experience:
     "The market was pretty good when I decided to put it on the market, so we put it on for a million, and we had an offer fairly quickly. We countered and it was accepted.
     "There was nothing complicated — my son lives in Victoria — because Dale and Jennifer included him on everything. As soon as they spoke to 
me, they spoke to Mark. They were very good about following up with Mark. I wasn’t surprised at how helpful they were, but I really enjoyed that they were, with every detail, right to the end! They followed up on EVERY detail, and they always took the time to discuss everything with Mark as well. When they emailed with information. it was to both of us. Mark was so happy with the way it all went. He definitely felt comfortable with it all. I can’t say enough about how easy they made it.
     "I don’t think it really mattered that the market was strong, you know, because we had already decided to do this. It just so happened. It didn’t take as long as I thought to sell. Once we called and told Dale we were ready to put it on the market, he and Jennifer got going right away in preparation. I liked the place so much, but it was time to sell it. I’d been there since 2006, so there are lots of memories.
     "I was not at all surprised how efficient they were. Jennifer showed me printouts and papers and legal documents. They were just there all the time. They’re very friendly, and you never feel as though you’re waiting to hear from them. They were on the phone right away. Nothing seems to be too much trouble. And I knew of their integrity, from the church. They definitely went the extra mile for me. Always. Every detail that cropped up, they were on top of it right away. They phoned right away and dealt with it right away. Nothing was lacking.
     "As for negotiating, they did everything we wanted. They came to me for the approval and my signature. It was so very easy. I didn’t have to do anything. All I had to do when it was sold was make sure I got my storage locker emptied! That’s it! Fortunately, the condo was vacant, because I had already moved. All I had to do was take the swiffer to the dust bunnies once in a while!


Watching for cruise ships in July


You will have 61 opportunities to see a cruise ship arriving, or leaving, from Canada Place this month, Because this is so interesting for people who have or hope to have a view of Burrard Inlet from their homes, Nexus provides arrival and departure times for all of the visiting ships.

Decor: ideas for ‘small bathroom’ renovations

10th in a Series 

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

     Does anyone ever say: “This bathroom is too big?”
     
Rarely.
     
If there’s room in the budget, hiring a designer who specializes in bathrooms could ease the renovation stress. When it comes time for bathroom renos, there are countless ideas to give that small bathroom a larger-than-life feel.
     
Here’s a few of them:
     1. White Light is Right
     
Particularly if natural light is scarce, or non-existent, keeping the base colour of a small bathroom white is the safest option. And remember, you can always use small accents of bold colour to make the room interesting.
     2. Hidden Door
     
A small bathroom can feel even smaller than it really is if you don’t have the proper clearance for a standard door. A pocket door could be a simple solution, though it could be a little less convenient and perhaps a little less soundproof than a regular door.
     3. Niche Magic
     
Once thought to be useful only in the shower area, there are numerous space-saving options surfacing for recessed or open shelving. Creating tucked-in spaces for towels, toilet paper, hair appliances, cosmetics and more can more than make up for a lack of cupboard space.
     4. Vanishing Vanity
     
If you’ve been able to carve out storage space elsewhere, you may find a full vanity an unnecessary space taker, as well as a major expense wiped off the budget sheet. Recessing a large mirrored medicine cabinet could help with storage, too.
     5. A Clear View
     
Frameless glass shower doors could be one of your best investments. They open up the space and allow for light to get through, not to mention adding a touch of elegance. The other option for clarity in the bathroom is using a clear shower curtain. They are inexpensive, and easily replaced. Using a curved rod will also add a little extra room in the shower. Another shower curtain tip…installing a track on the ceiling will make the ceiling look higher and the room more spacious.
     
6. No Window, No Problem
     
There’s nothing quite like natural light, especially in the bathroom. If you’ve got a bathroom without windows, there are some solutions. Light tubes are a functional choice, and can even be flexible if there are obstacles to work around. Skylights are still a stylish option.
     7. Tub Time
     
Bathtubs come in so many different sizes that you’ll likely be able to find one that fits your space. Options include shortened drop-in styles, soakers, clawfoot tubs, as well as walk-in tubs that are approved for the disabled.
     8. Tile Extended
     Choosing tile for a small bathroom can be complicated. Extending the tile right to the ceiling, and even farther, will give the room a more spacious feel. The rule of thumb for choices… large and light-coloured tiles. Light tiles tend to reflect the light, as does a glossy finish.



That the priciest U.S. state in which to buy a home, in a fact attributed to MarketWatch, is believed to be Massachusetts?



Photo credits: Decor bathroom: Jaume Cardona, Canva; Cruise ship: rabbit75_cav, Canva

1102 - 1480 Duchess Avenue, West Vancouver

$1,100,000


2423 Mathers Avenue, West Vancouver

$2,595,000



891 165 Street, White Rock, South Surrey

$1,598,000






705 - 1480 Duchess Avenue, West Vancouver

(represented buyer)

2480 Palmerston Avenue, West Vancouver

903- 1485 Duchess Avenue, West Vancouver




Real Estate Monthly Statistics

The following statistics for West Vancouver, North Vancouver, Vancouver West and Vancouver East compare June 2022 to June 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.
     

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

Vancouver Canadians at Nat Bailey Stadium    
     July 12-17: vs Hillsboro
     July 26-31: vs Everett
www.milb.com/vancouver

B.C. Lions at B.C. Place Stadium    
     July 9: vs Winnipeg Blue Bombers, 4 p.m.
     July 21: vs Hamilton Tiger-Cats, 7 p.m.
www.bclions.com

July 9
Candlelight: A Tribute to Taylor Swift
Kerrisdale Presbyterian Church
The talented string quartet performing popular works by Taylor Swift, in the iconic Kerrisdale Presbyterian Church
feverup.com

July 15-17
Vancouver Chinatown Festival
Keefer St., Vancouver
All that Chinatown has to offer — food, music, dance, day and night celebrations
chinatownfestival.ca

July 16-17
Vancouver Folk Music Festival
Jericho Beach
An eclectic line-up of artists from around the world with a celebration of contemporary music
thefestival.bc.ca

July 22-24
Constellation Festival
Hendrickson Field, Squamish
Multi-generational music and community festival, culminating with a Sunday performance by the iconic Sarah McLachlan
constellationfest.ca

July 23, 27 and 30
Honda Celebration of Light
English Bay, Vancouver
The world’s largest offshore fireworks competition, a week-long event featuring Canada, Japan and Spain
hondacelebrationoflight.com

July 26-29, August 2-6
2022 Bach Festival
Various venues and times
Exploring new territory by fusing Scottish traditional music with Baroque masters
www.earlymusic.bc.ca

July 29 to August 7
Harmony Arts Festival
Argyle Ave., West Vancouver
A North Shore tradition, a celebration of live music plus visual and culinary arts
www.harmonyarts.ca

Until July 31
Kinky Boots
Stanley Industrial Alliance Stage, Vancouver
Delightful Tony Award-winning show, with musical score by Cyndi Lauper (see website for variety of show times)
artsclub.com/shows

Until August 27
Theatre Under the Stars, Stanley Park
"Something Rotten" and "We Will Rock You"
A Vancouver tradition on alternating evenings throughout the summer, high-energy outdoor stage presentations certain to entertain
tuts.ca

Until September 5
More Than a Mine: Recreation in a Mining Town
Britannia Mine Museum, Britannia Beach
Exhibition detailing the life and times of the miners and their families
www.britanniaminemuseum.ca

Until September 25
Wildlife Rescue: Miracles in Conservation
Vancouver Aquarium, Stanley Park
An up-close look at incredible animals, with hands-on displays and experts to answer your questions
vanaqua.org/explore

VanDusen Botanical Gardens
Vancouver
Enjoying the great outdoors in the heart of the city, family-friendly
vandusengarden.org

Sea to Sky Gondola
Squamish
Summer Schedule
Spectacular suspension bridge, mountain music, yoga and many summer activities at the top of the mountain
www.seatoskygondola.com

Until August 14
Ghosts of the Machine
Polygon Gallery, North Vancouver
Elliott Ramsey with a look at the relationships between humans, technology and ecology
thepolygon.ca/exhibition/ghosts-of-the-machine

Until September 2
Shipyards Live
The Shipyards, North Vancouver
An evening of musical entertainment, fun for the whole family, every Friday evening
http://shipyardslive.ca

Until October 9
Richmond Night Market
8351 River Road, Richmond
The largest night market in North America, weekend evenings
https://richmondnightmarket.com

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



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 10:00 a.m. (Covid-19 protocols in effect)


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

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

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

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
On now
The Great Salmon Run 4D Experience
Vancouver Aquarium

Stanley Park

Based on one of Mother Nature’s most amazing events; 10 a.m - 5 p.m. daily (Covid-19 protocols in effect)

Get In Touch

Dale Clark

Phone: 604-720-3353

EMAIL

Office Info

Nexus Realty Corp

West Vancouver,  BC 

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