IN THIS ISSUE:
• The right time to sell and the right time to buy?
• Market watch: when to buy, when to sell
• The six-home ‘community’ — a progress report
• News: Canadians seeking interest-rate breather
• Real estate statistics continuing the trend
• Decor: A little advice in adding layers of light
Ways to analyze the time to buy and sell
“Should I wait to buy? Should I rush to sell? That's the message I'm hearing from the market conditions?”
Those words are being spoken by some buyers and sellers as the “big-picture” real estate market drifts. Decisions to buy or to list are being based on the latest trends. Watching and listening to media reports, interpreting the interest rate from the Bank of Canada, assessing what the governments are recommending for housing…all those things can deliver some mixed messaging.
There is no broad-brush approach. There are different kinds of buyers, sellers and homes. This is what Nexus Realty clients hear. The best thing to do is develop a strategy that will lead to the best result with the least amount of risk.
There is a little bit of change from last month’s market. What has often disappeared, for perhaps longer than a month, is the “bonus scenario” that was the impetus for multiple offers. The bonus scenario is, simply, multiple offers on a home and it often meant the “winning” offer was above listing price. Not necessarily above value; just above the listing price.
Today, as activity has drifted, the bonus scenario is pretty well out of the market unless there’s something really special about a property.
Different kinds of buyers?
Here’s an example. The family that wants to live in a home they’re trying to buy, or a property on which they’ll build is one type of buyer. The investor who wants to build for profit is another type of buyer. Different kinds of sellers?
One seller’s needs are pressing, because a commitment — or even a move — has been made to another home. Another seller wants to wait it out, to see where the market drifts. Waiting comes with a risk. One Nexus client was interested in buying a property but decided to wait, missed the opportunity and when the property went back on the market a year or two later, the asking price had jumped by more than 50 per cent.
The statistics from the Real Estate Board of Greater Vancouver, included as always in News From Nexus, provide a factual and somewhat-interpreted view of current real estate conditions. One statistic to watch is the sales-to-active listings ratio. It has started to change, after months of being above 20 per cent for all types of properties, which over time means home prices are likely to rise. A ratio below 12 per cent means home prices are more likely to drop.
In May, the ratio for detached homes went down to between 12 and 20 per cent. If that type of change continues, it will lead to a larger inventory of homes and fewer sales. That’s when prices are likely to stabilize and start to drop.
However, remember this: What's also important is a property micro-market...or even its micro-micro-market. Assessing the property you want to buy or sell depends on where precisely it is, as well as your personal circumstances.
Your market is your market.
It’s a small-c “community” to be sure, but that’s what is happening at 1108 53rd Avenue in Vancouver. The project has been featured in past issues of News From Nexus because it’s so unique and, while the timeline has been shifted by circumstances beyond the contractor’s control, this “community” continues to progress — watch the newsletter for availability dates.
This community even has a library of sorts — two fridges that have taken on a life as places to pick up or drop off any books to be shared. They’re pictured in the right foreground of this photo of the property.
As for the property and its community, it will consist of six single-family homes on one lot that once had only one. They’ll all be on the corner lot at 1108 53rd Avenue. Five of them will have frontage and street appeal and attached garages. All of them will have visual appeal, quality construction and a garden and/or patio space.
When?
In the words of the contractor: “We are currently ready to pour concrete as soon as the global supply chain allows.
This community even has a library of sorts — two fridges that have taken on a life as places to pick up or drop off any books to be shared. They’re pictured in the right foreground of this photo of the property.
As for the property and its community, it will consist of six single-family homes on one lot that once had only one. They’ll all be on the corner lot at 1108 53rd Avenue. Five of them will have frontage and street appeal and attached garages. All of them will have visual appeal, quality construction and a garden and/or patio space.
When?
In the words of the contractor: “We are currently ready to pour concrete as soon as the global supply chain allows.
What’s in the news this month
Bank’s interest-rate bumps — time for a breather?:
According to a study from the Angus Reid Institute, 45 per cent of Canadians would like the Bank of Canada to give them a break, or at least a breather, before increasing interest rates again. With two increases totalling 1.25 per cent this year, the bank is expected to raise rates again to counter inflation, currently at a 31-year high.
Unique opportunity to be Ambleside, Dundarave lifeguard:
West Vancouver will be screening and training lifeguards — free — this month with an “innovative, one-stop free training opportunity for aspiring lifeguard/swim instructors” who then may have an opportunity to work casual or full-time at the Ambleside or Dundarave beaches this summer. The program ordinarily costs about $1,000 and the job opportunities can pay close to $28 per hour.New construction bylaws approved by Vancouver City Council:
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.
Real estate statistics pointing to ‘more typical’ market
With the world patiently waiting for things to get back to “normal”, it’s statistically starting to happen in the view of the Real Estate Board of Greater Vancouver. That’s a view based on the monthly statistics released by the REBGV for last month.
Sales statistics are down significantly (31.6 per cent) compared to May 2021 — when sales and prices were soaring — and down moderately (9.7 per cent) from April this year, continuing a trend that the board anticipates will continue until “more typical seasonal levels” have been achieved.
This balancing act continues in other statistical categories. New listings for all properties are down 10.5 per cent from May 2021 and up 4.4 per cent from April 2022. Total homes for sale down 8.8 per cent from last May, up 13.8 per cent from this April. And the sales-to-active-listings ratio (all properties) is 29.2 per cent, the closest it has been to the prices-rise threshold (20 per cent) in months.
All of which leads to this REBGV overview:
“With interest rates rising, home buyers are taking more time to make their decisions in today’s housing market. Home buyers have been operating in a frenzied environment for much of the past two years. This spring is providing a calmer environment, with fewer multiple-offer situations, which is allowing buyers to explore their housing options, understand the changing mortgage market, and do their due diligence.”
And while the benchmark price for all residential properties increased by 14.7 per cent since May 2021, it’s basically the same (up 0.3 per cent) compared to last month. Over the past year, this figure has continued to rise, which explains why a year-to-year comparison still includes 11 months of increases. The fact that it is unchanged from April 2022 is an indicator that home prices are stabilizing.
Also, the REBGV's methodology for determining the benchmark price was reviewed, as it is every May, and was changed. Now it’s based on current benchmark attributes rather than historical tributes.
There remains a shortage of listings, as assessed by the REBGV:
“While we’re beginning to see modest increases in home listings, we still need housing supply totals to more than double to bring the market close to balanced territory.”
So “normal” still remains the horizon.
Did you know?
That near the top of the 133-year-old Eiffel Tower in Paris there is a 1,000-square-foot apartment that many aristocrats, VIPs and people of royalty offered to rent for $1,000 per night — a cost that today is the equivalent of $25,000US?
Watching for cruise ships in June
Summer is the best time of year to watch cruise ships arriving in and departing from Vancouver, because on average there’s more than one a day. It’s also the best time to see how enjoyable “cruise ship watching” can be when you live in a home with that kind of view. In every issue of News From Nexus, you’ll find a snapshot of cruise-ship schedules in the days and weeks ahead, and how with one click you can see a more extensive list of which ships can be seen in Burrard Inlet, and when.
Decor: the significance of lighting decisions
Ninth in a Series
Every month, News From Nexus features ideas or observations
about Decor, or ways you can make your home more appealing.
about Decor, or ways you can make your home more appealing.
The importance of lighting in your home can be underestimated, beyond the obvious need to have enough of it. This may be especially true for sellers who might be interested in considering how to make their home more appealing to buyers.
Adding layers of light, including natural lighting, helps to enhance key features of your home and could make rooms look like they’ve had a makeover without the cost of a makeover. That helps your home become more appealing to buyers.
Whether or not you’re currently in the market to sell, the impact lighting can have was outlined in the conclusions of a U.S. study: “Lighting is both an art and a science — it can affect our mood, appetite, and sleep. Studies have also…demonstrated the effect light has on melatonin, which has been found to determine the body’s output of serotonin, a neurotransmitter that affects mood, behaviour, appetite, sleep, memory, and desire.”
Did you know that?
So where do you start, when it comes to doing the right thing with lighting, knowing that “the right thing” can also be subjective? You begin by assessing the components.
Categories:
1) general or ambient light, or what makes interior space visible with combination of natural and artificial lighting
2) task lighting, which you want directed at a specific area, such as a workspace in the room
3) accent lighting, to be directed at a specific object…i.e., artwork on a wall, a place where you snuggle up with a good book, a special piece of furniture.
Temperature:
Warm light adds a soft, cozy feel to the room, and generally works best for bedrooms and living rooms.
Neutral is a whiter light is best for areas that require energy and focus, such as the kitchens, bathrooms, garages, and utility rooms.
Cool is bright, blueish/whitish light that’s like high noon on a sunny day, and ideal for reading, hobbies and projects where extra attention to detail is critical.
Styles:
Surface lights are attached to ceilings or walls, pendant lights typically hang from a ceiling while recessed, track and portable lights are self-explanatory.
If your lighting comes from an electrical, solar or natural source, it can be used to create a mood, to lift spirits, or to just be practical. And if it’s natural light, remember that it may change at different times of the day.
Whether you want to upgrade lighting for yourself or for your home’s next owner — and there’s plenty of ideas available online — it’s always a good idea to get an expert opinion. Depending on your needs, that could come from people who work in lighting stores, or from realtors like Jennifer and Dale.
Adding layers of light, including natural lighting, helps to enhance key features of your home and could make rooms look like they’ve had a makeover without the cost of a makeover. That helps your home become more appealing to buyers.
Whether or not you’re currently in the market to sell, the impact lighting can have was outlined in the conclusions of a U.S. study: “Lighting is both an art and a science — it can affect our mood, appetite, and sleep. Studies have also…demonstrated the effect light has on melatonin, which has been found to determine the body’s output of serotonin, a neurotransmitter that affects mood, behaviour, appetite, sleep, memory, and desire.”
Did you know that?
So where do you start, when it comes to doing the right thing with lighting, knowing that “the right thing” can also be subjective? You begin by assessing the components.
Categories:
1) general or ambient light, or what makes interior space visible with combination of natural and artificial lighting
2) task lighting, which you want directed at a specific area, such as a workspace in the room
3) accent lighting, to be directed at a specific object…i.e., artwork on a wall, a place where you snuggle up with a good book, a special piece of furniture.
Temperature:
Warm light adds a soft, cozy feel to the room, and generally works best for bedrooms and living rooms.
Neutral is a whiter light is best for areas that require energy and focus, such as the kitchens, bathrooms, garages, and utility rooms.
Cool is bright, blueish/whitish light that’s like high noon on a sunny day, and ideal for reading, hobbies and projects where extra attention to detail is critical.
Styles:
Surface lights are attached to ceilings or walls, pendant lights typically hang from a ceiling while recessed, track and portable lights are self-explanatory.
If your lighting comes from an electrical, solar or natural source, it can be used to create a mood, to lift spirits, or to just be practical. And if it’s natural light, remember that it may change at different times of the day.
Whether you want to upgrade lighting for yourself or for your home’s next owner — and there’s plenty of ideas available online — it’s always a good idea to get an expert opinion. Depending on your needs, that could come from people who work in lighting stores, or from realtors like Jennifer and Dale.
Photo credits: Decor outdoors: Jean-Philippe Delberghe, Unsplash
2423 Mathers Avenue, West Vancouver
$2,695,000
891 165 Street, White Rock, South Surrey
$1,598,000
903 - 1485 Duchess Avenue, West Vancouver
2480 Palmerston Avenue, West Vancouver
1752 Duchess Avenue, West Vancouver
Real Estate Monthly Statistics
The following statistics for West Vancouver, North Vancouver, Vancouver West and Vancouver East compare May 2022 to May 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 June throughout the Lower Mainland, with protocols included as currently known.
Until May 8
Art Vancouver — International Art Fair
Vancouver Convention Centre
Western Canada’s largest contemporary art show, features 1200 works.
artvancouver.net
Art Vancouver — International Art Fair
Vancouver Convention Centre
Western Canada’s largest contemporary art show, features 1200 works.
artvancouver.net
Vancouver Canadians at Nat Bailey Stadium
June 1-5: vs Spokane
June 14-19: vs Eugene
June 28-30: vs Spokane
www.milb.com/vancouver/schedule
B.C. Lions at B.C. Place Stadium
June 3: vs Saskatchewan Roughriders, 7 p.m.
June 11: vs Edmonton Elks, 7 p.m.
June 25: vs Toronto Argonauts, 7 p.m.
www.bclions.com/schedule
June 10 to 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/2021-2022/kinky-boots
June 10
Rod Stewart, with Cheap Trick
Rogers Arena
This ageless crooner still touring, 7:30 p.m.
www.ticketmaster.ca/rod-stewart-tickets/artist
June 12
Vancouver Rose Show
VanDusen Botanical Garden, Vancouver
Award-winning blooms, presented by the Vancouver Rose Society, 12:30 - 4:30 p.m.
www.vancouverrosesociety.org/rose-show
June 14
Jann Arden Live
Orpheum Theatre
Canadian songstress who recently released her 15th album, 8 p.m.
www.songkick.com/concerts/39882046-jann-arden-at-orpheum-theatre
June 17
Candlelight: A Tribute to Coldplay
Kerrisdale Presbyterian Church
A magical night of candlelit music paying tribute to the popular band Coldplay, 7 p.m.
feverup.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
https://thepolygon.ca/exhibition/ghosts-of-the-machine
Until October 9
Richmond Night Market
8351 River Road, Richmond
The largest night market in North America, weekend evenings
https://richmondnightmarket.com
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
June 24-26
Concord Pacific Dragon Boat Festival
False Creek
More than competition, a festival featuring cultural programming, exhibits and entertainment
https://concorddragonboatfestival.ca/program
June 24-July 3
Vancouver International Jazz Festival
Venues throughout Metro Vancouver
Celebrating jazz, blues and more, with numerous ticketed and free events, headliner: Buddy Guy
www.coastaljazz.ca
June 1-5: vs Spokane
June 14-19: vs Eugene
June 28-30: vs Spokane
www.milb.com/vancouver/schedule
B.C. Lions at B.C. Place Stadium
June 3: vs Saskatchewan Roughriders, 7 p.m.
June 11: vs Edmonton Elks, 7 p.m.
June 25: vs Toronto Argonauts, 7 p.m.
www.bclions.com/schedule
June 10 to 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/2021-2022/kinky-boots
June 10
Rod Stewart, with Cheap Trick
Rogers Arena
This ageless crooner still touring, 7:30 p.m.
www.ticketmaster.ca/rod-stewart-tickets/artist
June 12
Vancouver Rose Show
VanDusen Botanical Garden, Vancouver
Award-winning blooms, presented by the Vancouver Rose Society, 12:30 - 4:30 p.m.
www.vancouverrosesociety.org/rose-show
June 14
Jann Arden Live
Orpheum Theatre
Canadian songstress who recently released her 15th album, 8 p.m.
www.songkick.com/concerts/39882046-jann-arden-at-orpheum-theatre
June 17
Candlelight: A Tribute to Coldplay
Kerrisdale Presbyterian Church
A magical night of candlelit music paying tribute to the popular band Coldplay, 7 p.m.
feverup.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
https://thepolygon.ca/exhibition/ghosts-of-the-machine
Until October 9
Richmond Night Market
8351 River Road, Richmond
The largest night market in North America, weekend evenings
https://richmondnightmarket.com
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
June 24-26
Concord Pacific Dragon Boat Festival
False Creek
More than competition, a festival featuring cultural programming, exhibits and entertainment
https://concorddragonboatfestival.ca/program
June 24-July 3
Vancouver International Jazz Festival
Venues throughout Metro Vancouver
Celebrating jazz, blues and more, with numerous ticketed and free events, headliner: Buddy Guy
www.coastaljazz.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)
https://museumofvancouver.ca
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
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
Britannia Mine Museum — BOOM!
An award-winning live action attraction inside the historic mine
www.tourismvancouver.com/listings/britannia-mine-museum
Sea to Sky Gondola — Squamish
A breathtaking gondola ride to the summit to experience the Sky Pilot Suspension Bridge, three spectacular viewing platforms, snowshoeing, walking and hiking trails, with dining and shopping experiences at both ends of the ride; 9:30 p.m. to 5:00 p.m. daily
www.seatoskygondola.com
Grouse Mountain — The Peak of Vancouver
Plenty of activities for all ages when purchasing a mountain admission ticket
www.tourismvancouver.com/listings/grouse-mountain-the-peak
Virtual Tours of 12 Famous Museums
Experiencing museums from London to Seoul from the comfort of your home
www.travelandleisure.com/attractions
North Shore Events
www.vancouversnorthshore.com/events-calendar/
West Vancouver United Church
Sunday service 10 a.m.
wvuc.bc.ca/worship/
Tourism Vancouver
Virtually Vancouver, and more
www.tourismvancouver.com
Need some culture or learning in your life?
Go to a virtual museum — you’ll find a lot of them through Google: artsandculture.google.com
Go to a virtual opera: www.metopera.org/
Visit the Science Centre: www.scienceworld.ca/
Nature web cams can be fun to watch. explore.org/livecams
Search for lots of free learning programs for kids and adults online.
Virtual programming at your favourite library
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
Britannia Mine Museum — BOOM!
An award-winning live action attraction inside the historic mine
www.tourismvancouver.com/listings/britannia-mine-museum
Sea to Sky Gondola — Squamish
A breathtaking gondola ride to the summit to experience the Sky Pilot Suspension Bridge, three spectacular viewing platforms, snowshoeing, walking and hiking trails, with dining and shopping experiences at both ends of the ride; 9:30 p.m. to 5:00 p.m. daily
www.seatoskygondola.com
Grouse Mountain — The Peak of Vancouver
Plenty of activities for all ages when purchasing a mountain admission ticket
www.tourismvancouver.com/listings/grouse-mountain-the-peak
Virtual Tours of 12 Famous Museums
Experiencing museums from London to Seoul from the comfort of your home
www.travelandleisure.com/attractions
North Shore Events
www.vancouversnorthshore.com/events-calendar/
West Vancouver United Church
Sunday service 10 a.m.
wvuc.bc.ca/worship/
Tourism Vancouver
Virtually Vancouver, and more
www.tourismvancouver.com
Need some culture or learning in your life?
Go to a virtual museum — you’ll find a lot of them through Google: artsandculture.google.com
Go to a virtual opera: www.metopera.org/
Visit the Science Centre: www.scienceworld.ca/
Nature web cams can be fun to watch. explore.org/livecams
Search for lots of free learning programs for kids and adults online.
Virtual programming at your favourite library
On now
The Great Salmon Run 4D Experience
Vancouver Aquarium
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)
