IN THIS ISSUE:
• REBGV stats: February's surprise trend
• Listing your home during the pandemic
• Testimonial: ‘As a team, they’re really quite amazing’
• A time of change in commercial real estate
• Why Taylor Way is called Taylor Way
More multiple offers in Metro Vancouver market
While the February report from the Real Estate Board of Greater Vancouver did not include statistics about multiple offers, it’s clear that in the current market many home owners are enjoying that experience.
As an aside, in February, Nexus submitted an offer on behalf of a buyer for a property where between six and 10 offers were anticipated. It wound up being “only” four offers, three of them with subjects and the one that was accepted was for $100,000 more than the asking price.
While this is indicative of an exceptionally strong market, it falls short of being a really hot market. When really hot market conditions exist, it generates a larger proportion of multiple offers without conditions.
Back to the February report from the REBGV.
In summary, it reported: “Metro Vancouver’s housing market is experiencing seller’s market conditions. The supply of listings for sale isn’t keeping up with the demand. 
Competition amongst home buyers is causing multiple offer situations and upward pressure on prices.
Competition amongst home buyers is causing multiple offer situations and upward pressure on prices.
“This is particularly true in the townhome market where demand is outstripping the available supply. Conditions differ depending on location and property type so it’s important to work with your local realtor to develop strategies.”
That assessment is based on the following February statistics for residential home sales which were up:
• 73.3 per cent over February 2020
• 56 per cent over the first month of 2021
• 42.8 per cent over the 10-year average for February
The short supply in the homes-for-sale inventory is partly responsible (along with the low interest rates), yet the inventory is showing promising growth. The 5,048 new listings for detached, attached and apartment homes last month is an increase from January (12.7 per cent) and an increase from February 2020 (26.1 per cent). However, the total number of homes on the market is still lower than last February and this January.
New listings are 21.2 lower than the 10-year average for February.
The sales-to-active-listings ratio continues to remain high — 44.6 per cent for all types of homes. With more people working from home, the largest year-over-year price increases are outside Greater Vancouver — Bowen Island (34.4 per cent), Sunshine Coast (32.7 per cent), West Vancouver (16.1 per cent), Maple Ridge (14.8 per cent) and Ladner (13.7 per cent).
It’s worth noting that this will be the last month that year-to-year statistical comparisons will be with a pre-COVID market, since this month is the anniversary of the beginning of the pandemic.
Next month’s figures may be even more dramatic.
Now...the right time to make that phone call?
If you’re even thinking of listing your home for sale, this is a good time to get some advice. This is a good time to get the lay of the land. This is a good time to call Jennifer (604-726-8768) or Dale (604-720-3353).
Anybody who calls and is looking for information and guidance will find them at Nexus. Sometimes, it will lead to listing your home. Sometimes, it won’t. It will always lead to thoughtful assistance.
At the very least, your phone call will almost certainly result in a greater knowledge of today’s real estate market, and that will help you make all the decisions you need to make in selling (or buying) a home.
Market knowledge is especially important because of COVID-19. It has made some homeowners reluctant to list homes because of the pandemic — that’s part of the reason there is such a low inventory. Is that the right thing to do in this climate? Traditionally, spring is the optimum time to sell your house, but does that apply to a COVID spring? Are there ways to sell houses similar to the good ol’ days, before the pandemic.
The answer is yes.
For questions like this, the expertise of realtors like Jennifer and Dale can help provide answers.
Just ask.
Why Nexus? These are some reasons:
"We had such good conversations in advance that when something came up we were really well-educated. I felt like a realtor! They’re the best!”
“Jennifer and Dale were introduced to us in 2015 when we first began seriously thinking of selling…they supported us with the highest quality information and advice from then until 2017, when we sold our home and bought our condominium.”
“We were terrifyingly nervous, but with a level of excitement that they helped us manage in a way that we had control. We were all highly engaged in everything. They gave us confidence, because they were so emotionally involved in everything. Their advice was brilliant.”
“I can say they are unlike any realtors I’ve known previously. They work to understand your needs, and are ready to look as hard and as long as it takes to find you the right home if you’re buying. If you’re selling, they make sure your home stands out from the competition.”
“From the first meeting with this extraordinary team to the closing of the sale on my home almost 11 months later, I could not have been in more caring or capable hands.”
“They took all the precautions, which was important. They were very exacting about everything. They are such a great combination. Jennifer was so very particular with signing documents, and keeping everyone completely up to date on everything.”
Who said all these flattering things about the Nexus realtors?
Clients. You can find all of those compliments, and the people who gave them, at nexusrealtycorp.com, under Testimonials.
That Taylor Way in West Vancouver was named after real estate developer Alfred James Towle Taylor (A.J. to his colleagues), who was responsible for the construction of the Lions Gate Bridge, which he designed to connect downtown to the North Shore because he had the foresight to see so much view property that was ripe for residential settlement?
Changes in the wind for commercial real estate
Last month’s edition of News From Nexus included a story about the re-purposing of commercial real estate — taking a commercial building that had been used for one purpose and changing it to another. The idea emanated from a Nexus Realty transaction involving clients from the medical profession. They purchased a building used for multiple retail businesses and are turning it into a medical facility. This re-purposing meant the medical clients are in control of building costs, every dollar they previously spent on rent is now going into their investment and they can entertain taking on tenants in like businesses.
Changes like this in commercial real estate are likely to go much deeper, because of COVID-19. Buildings are surely going to be re-purposed.
With social distancing and increased air purity expected to be facts of life for a long time, and with climate change’s growing impact, the pressure to modify commercial buildings will increase. With the projected diminishing retail business that comes with online shopping, buildings will be re-purposed.
A recent survey of office workers asked what changes they would like to see, and the answers included higher-quality air and air movement, no-
touch surfaces in places like elevators and washrooms and spacing for separation. Think about taking an elevator in a high-rise office building. There’s a limit — right now usually two people per elevator; right now wearing masks. How many times a day does an office worker use the elevator to go for coffee, lunch or appointments, and how long will the wait be for an elevator?
touch surfaces in places like elevators and washrooms and spacing for separation. Think about taking an elevator in a high-rise office building. There’s a limit — right now usually two people per elevator; right now wearing masks. How many times a day does an office worker use the elevator to go for coffee, lunch or appointments, and how long will the wait be for an elevator? Physical modifications such as more and smaller elevators are not practical in most existing buildings but that’s something that could become part of building codes for the future…along with a myriad of energy-efficient incentives required to achieve a zero carbon footprint. And expect some modifications to commercial buildings as business moves into the new, post-COVID world…re-arranging office space to create more of it, separating workers and providing more quality air circulation, generally making the office setting (and getting there) safer.
This is a time of change for commercial real estate, a change that decades from now today’s “architects” will reflect on and realize they were part of it. It’s being driven not just by COVID-19’s impact but also by climate change and e-commerce.
This is the ground floor of that change, and everybody likes to get in on the ground floor of anything. Re-purposing existing buildings is part of that change, as Nexus discovered in helping in the re-purposing of retail space to a different type of business.
Tributes from long-time Nexus Realty clients
After spending 11 years in Kelowna, John and Freda Cryer decided it was time to return to the North Shore, to be close to family. Having been Nexus Realty clients before, the process began with a call to Jennifer and Dale, and ended with their new home, a condominium in North Vancouver. Here is what the Cryers had to say about their latest real estate experience:
“We think this is the seventh time our family or friends have been represented by Jennifer and Dale so that alone tells you what we think of them. Our daughter, also a client, recommended them to a friend who thought all realtors are the same…now she thinks the sun rises and sets on them!
“This time, we were moving back from the Okanagan. In anticipation of selling our place in Kelowna, we spent all of 2020 looking for a place that fit our criteria. We couldn’t find a fit, until we adjusted our criteria a little, but they were with us every step of the year.
“They really work as a tag team. Together they’re three times better than either one of them, and they admire each other’s skills. Jennifer is the detail and numbers person, and Dale is a keen observer of human interaction — he reads the body language, and he listens to EVERYTHING. Jennifer really knows her business; she’s smart as a whip! She always pulled together ALL the documents…she dots all the ‘i’s’ and crosses all the ’t's’. As a team, they’re really quite amazing.
“For this property, they went with our daughter and son-in-law on a Sunday [we were in Kelowna], and we had so much confidence in all of them that we put in an offer on Monday, negotiated on Tuesday, and agreed with the seller on Wednesday. Jennifer had all the details about the strata. We first saw it the next weekend when we confirmed what a special property this is — the complex was a hot item…another unit was listed that Saturday and sold the next day, with multiple offers.
“This was not a one-and-done sale. There were painters, carpet people, inspectors…Jennifer and Dale really stepped in, just as they had throughout the year we were looking.”
Balanced look at market boom and bust
The Bank of Canada Governor said the rise in real estate prices may not be sustainable because “when we see people starting to buy houses solely because they think prices are going to go up, that is a warning sign for us.”
That was in February.
The Bank of Canada Governor said soaring home prices in Vancouver and Toronto were not sustainable because it’s possible “prices may be supported by self-reinforcing expectations.”
That was five years ago.
So the current Bank of Canada Governor (Tiff Macklem) was more or less speaking from the same script as one of his predecessors (Stephen Poloz). Some interpreted the current governor’s comments to infer the real estate industry was experiencing a boom that may soon become a bust.
What they also had in common was that their cautionary words about the future are almost always based on what happened in the past. And what has happened since 2016 — when Governor Poloz gave his opinions — was that housing prices (inflation-adjusted) have continued to rise…for what is now 12 straight years.
All that has changed are the percentages:
2016 — 12.25 per cent
2017 — 8.92 per cent
2018 — 2.51 per cent
2019 — 1.95 per cent
2020 — 9.36 per cent
Those figures, incidentally, comes from Teranet on behalf of the National Bank of Canada. Last year’s figures were broken down by categories: 15.9 per cent for one-story single-family homes, 16.5 per cent for two-story, 10.9 per cent for townhomes and 4.2 per cent for apartments.
This is, of course, a nation-wide sample size and not specific to Vancouver, or even B.C. It’s also based on speculation that must always be accompanied by the asterisk which comes with trying to predict the future.
And it’s worth remembering that data doesn’t always show what is really emerging, because it is always historical.
Real Estate Monthly Statistics
The following statistics for West Vancouver, North Vancouver, Vancouver West and Vancouver East
compare February 2021 to February 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.
Virtual events to enjoy in March
Spring is at hand and attractions for anybody in Vancouver are increasingly available for visits, either virtually or (in some cases) in person. Following is a list for March — these events are either virtual or open and adherinbg to COVID-19 protocols. Check the websites to find out.
Until March 7
Until March 7
DINE OUT VANCOUVER FESTIVAL
March 8-11
Canada Reads
https://www.cbc.ca/books/canadareads/meet-the-canada-reads-2021-contenders-1.5869833
March 13-20
CelticFest Vancouver
A virtual cocktail class, live online concert, Irish music, a virtual game show and other activities.
https://www.celticfestvancouver.com
March 19 to May
Imagine Van Gogh
Dozens of the Dutch artist’s painting in the travelling art exhibition at the Vancouver Convention Centre.
https://vancouversbestplaces.com/vancouver-art-exhibition/
Until May 9
Bill Reid Gallery – Indigenous History in Colour
SOLO EXHIBITION BY LUKE PARNELL
https://www.billreidgallery.ca/blogs/exhibitions-page/indigenous-history-in-colour
Capilano Suspension Bridge
Appreciate nature from three breathtaking perspectives - Capilano Suspension Bridge, Treetops Adventure and the exciting new Cliffwalk.
https://www.tourismvancouver.com/listings/capilano-suspension-bridge-park/17604/
BC Sports Hall of Fame and Museum
https://bcsportshall.com
Britannia Mine Museum
Little-seen world that fascinates all ages with awe-inspiring sights and memorable family experiences
https://www.tourismvancouver.com/listings/britannia-mine-museum/13026/
Grouse Mountain, The Peak of Vancouver
Advance reservations for your Skyride boarding time are mandatory, and can be made when you purchase your tickets online
https://www.tourismvancouver.com/listings/grouse-mountain-the-peak-of-vancouver/21931/
Snowshoeing on Cypress
A 1-km snowshoe walk through old growth on Hollyburn Mountain
https://cypressmountain.com/snowshoeing
Sports at the Rio Theatre
http://riotheatre.ca/
Musee Dorsay, Paris
https://artsandculture.google.com/partner/musee-dorsay-paris
Family Day At MOV
Admission must be pre-booked
https://museumofvancouver.myzonetickets.com/
Tourism Vancouver Events
https://www.tourismvancouver.com/events/calendar-of-events/vancouver-events-in-march/
North Shore Events
https://www.vancouversnorthshore.com/events-calendar/
West Vancouver United Church
Sunday service 10 a.m.
wvuc.bc.ca/worship/
Vancouver Aquarium Live Cams
Otters, Penguins, Jelly Fish
https://www.vanaqua.org/live-cams
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, the Gallery will stream live and interactive conversations into your homes, featuring guests from local and international arts communities. Everyone is invited to join via Zoom.
http://www.vanartgallery.bc.ca/exhibitions/art-connects
Canada Reads
https://www.cbc.ca/books/canadareads/meet-the-canada-reads-2021-contenders-1.5869833
March 13-20
CelticFest Vancouver
A virtual cocktail class, live online concert, Irish music, a virtual game show and other activities.
https://www.celticfestvancouver.com
March 19 to May
Imagine Van Gogh
Dozens of the Dutch artist’s painting in the travelling art exhibition at the Vancouver Convention Centre.
https://vancouversbestplaces.com/vancouver-art-exhibition/
Until May 9
Bill Reid Gallery – Indigenous History in Colour
SOLO EXHIBITION BY LUKE PARNELL
https://www.billreidgallery.ca/blogs/exhibitions-page/indigenous-history-in-colour
Capilano Suspension Bridge
Appreciate nature from three breathtaking perspectives - Capilano Suspension Bridge, Treetops Adventure and the exciting new Cliffwalk.
https://www.tourismvancouver.com/listings/capilano-suspension-bridge-park/17604/
BC Sports Hall of Fame and Museum
https://bcsportshall.com
Britannia Mine Museum
Little-seen world that fascinates all ages with awe-inspiring sights and memorable family experiences
https://www.tourismvancouver.com/listings/britannia-mine-museum/13026/
Grouse Mountain, The Peak of Vancouver
Advance reservations for your Skyride boarding time are mandatory, and can be made when you purchase your tickets online
https://www.tourismvancouver.com/listings/grouse-mountain-the-peak-of-vancouver/21931/
Snowshoeing on Cypress
A 1-km snowshoe walk through old growth on Hollyburn Mountain
https://cypressmountain.com/snowshoeing
Sports at the Rio Theatre
http://riotheatre.ca/
Musee Dorsay, Paris
https://artsandculture.google.com/partner/musee-dorsay-paris
Family Day At MOV
Admission must be pre-booked
https://museumofvancouver.myzonetickets.com/
Tourism Vancouver Events
https://www.tourismvancouver.com/events/calendar-of-events/vancouver-events-in-march/
North Shore Events
https://www.vancouversnorthshore.com/events-calendar/
West Vancouver United Church
Sunday service 10 a.m.
wvuc.bc.ca/worship/
Vancouver Aquarium Live Cams
Otters, Penguins, Jelly Fish
https://www.vanaqua.org/live-cams
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, the Gallery will stream live and interactive conversations into your homes, featuring guests from local and international arts communities. Everyone is invited to join via Zoom.
http://www.vanartgallery.bc.ca/exhibitions/art-connects
Play: Kids Yoga Day
Kids and parents: ready to move and have fun together!
Kids and parents: ready to move and have fun together!
www.eventbrite.ca/e/play-kids-yoga-day-powered-by-mymomentum-uphoria-yoga-tickets-102448062914
Connect with Family and Friends
To connect with family and friends you can use Facebook, Messenger, FaceTime, Google Duo or Hangouts, Zoom, Instagram Video Chat, Snapchat Video and Chat, Skype, WhatsApp…the list is long. Check with family or friends and decide which is the best way to connect.
Tired of Cooking?
Many restaurants are offering take-out. Breaking Bread Now provides a list of restaurants in different areas with take-out meals breakingbreadnow.com/.
On Facebook there is a group called Support Local Business which supports local restaurants and businesses and gives them and others the opportunity to spread the word. Maybe your area has a similar Facebook group: www.facebook.com/groups.
Need some culture or learning in your life?
Go to a virtual museum — you’ll find a lot of them through Google: https://artsandculture.google.com
Connect with Family and Friends
To connect with family and friends you can use Facebook, Messenger, FaceTime, Google Duo or Hangouts, Zoom, Instagram Video Chat, Snapchat Video and Chat, Skype, WhatsApp…the list is long. Check with family or friends and decide which is the best way to connect.
Tired of Cooking?
Many restaurants are offering take-out. Breaking Bread Now provides a list of restaurants in different areas with take-out meals breakingbreadnow.com/.
On Facebook there is a group called Support Local Business which supports local restaurants and businesses and gives them and others the opportunity to spread the word. Maybe your area has a similar Facebook group: www.facebook.com/groups.
Need some culture or learning in your life?
Go to a virtual museum — you’ll find a lot of them through Google: https://artsandculture.google.com
Nature web cams can be fun to watch. explore.org/livecams
Search for lots of free learning programs for kids and adults online.
Visit your Library for virtual programming
Visit your Library for virtual programming
www.vpl.ca/digitallibrary
Need some exercise?
Go for a walk and get some fresh air if you’re healthy and following physical distancing.
Need some exercise?
Go for a walk and get some fresh air if you’re healthy and following physical distancing.
Many exercise, yoga or meditation videos are available on YouTube.
