IN THIS ISSUE:
• Need for more listings identified in July statistics
• ‘Trust is huge [when] selling your home of 50 years'
• News: immigration, mortgages, character homes
• Guess what real estate world’s new word is?
Listings shortage an opportunity for sellers?
The message delivered by the real estate statistics for July is clear: listings needed. According to the Real Estate Board of Greater Vancouver: “Going forward, the supply of homes for sale will be among the most critical factors to watch. This will determine the next direction for house price trends.”
Home sales for July were reasonably stable throughout Metro Vancouver, with last month’s sales 13.3 per cent above the 10-year average for July. Home prices, using the Benchmark Price (sale price of a typical property in each market) as the barometer, continued their modest increases.
That left listings as the month’s newsmaker category.
New listings were down 26.4 per cent compared to previous year (July), down 26.4 per cent from the previous month (June 2021) and 12.3 per cent below the 10-year average for July.
The total inventory of homes for sale shows decreases of 18.5 per cent (July 2020) and 9.1 per cent (June 2021). If you check the four markets regularly tracked and of most
interest to News From Nexus readers in this month’s issue, you’ll find listings are down in all four markets, and in all three categories in each market — detached homes, attached homes and apartments.
In reality, it's likely that between wanting to be careful about life getting back to normal and the seasonality with its hot weather, homeowners are reticient about showings and still not quite ready to have visitors in their homes. In theory, an inventory shortage could create an inviting climate for homeowners who are thinking about listing their property. To find out how inviting, check with Jennifer or Dale for a complete analysis of the market.
The REBGV analyzed July this way:
“Moderation was the name of the game in July. Home sales and listings fell in line with typical seasonal patterns as summer got going in earnest…on top of moderating market activity, price growth has levelled off in most areas and home types.”
By home category, the most interesting one was “apartments.” There was a sales increase of 19 per cent over last July, and the Benchmark Price during that time rose 8.4 per cent. Meanwhile, the number of detached homes sales was down 6.3 per cent while sales of attached homes (townhomes), compared to a year ago, was pretty much flat.
For all property types, the sales-to-active listings ratio for July 2021 is 33.8 per cent — 25.5 per cent for detached homes, 47.8 per cent for townhomes and 37.3 per cent for apartments. Upward pressure generally occurs when it surpasses 20 per cent over several months; downward pressure when it’s below 12 per cent.
Who knows what the second half of summer — August — will show?
Downsizing-plus: work through the process
What is often referred to as “downsizing” is so much more than that and it’s important, for people who find themselves in the position of moving from the home they’ve always known, to be completely prepared.As families grow and leave behind the empty nests, the thought of moving to more manageable housing comes with the territory. With that, there is the physical component of moving, but also an emotional component that is equally important. It’s a process that goes far beyond the word “downsizing” — a process that’s respected and included for all Nexus clients when they’re in that position.
Call it downsizing-plus.
The questions are inevitable. Where do we go next? Is there anywhere to go next that suits us? How do we deal with the emotional impact of leaving that house that has been home for so long? Do we sell first or buy first? Do we rent? What about everything that we’ve accumulated, some of which realistically can’t make the move?
Part of what Dale and Jennifer do is be with you for the entire experience, to work through and hopefully answer all those questions. That could mean showing you properties before even listing yours, so you can be comfortable in knowing there is a suitable place for you to go. It could mean connecting you with companies they know that are capable of making your move more seamless and less stressful, even to the point of making it "turn-key" — i.e., you leave the cutlery in the drawer in one home and find it in the drawer in your new home. The companies they work with can help you decide what to take with you and make sure, as an example, that any items going to out-of-town family members are delivered.
Recognizing that people who have lived in a home for a long time may find the whole concept of moving intimidating, Jennifer and Dale will do everything they can to make your entire moving experience less stressful.
Reading about somebody else's experience can help.
A couple in England designed a 5,000-square-foot dream home themselves in 1999. Twenty years later, their four kids were grown with kids of their own, in a different part of the country, and the family seniors faced leaving a home where they “thought we were going to live forever.” It was daunting.
“The thought of leaving felt strange, as the house was full of happy memories. Even after our children had moved out, they all came home for Easter and Christmas with their partners and our grandchildren. We also had lots of friends [nearby]…so leaving was a difficult decision.”
They found it to be more “downsizing-plus” than “downsizing” and today they’re happy to have worked through it.
“The thought of leaving felt strange, as the house was full of happy memories. Even after our children had moved out, they all came home for Easter and Christmas with their partners and our grandchildren. We also had lots of friends [nearby]…so leaving was a difficult decision.”
They found it to be more “downsizing-plus” than “downsizing” and today they’re happy to have worked through it.
What Nexus Realty clients are saying…
Here’s how three felt about making a move like this:
Dick and June Smith: “Dale and Jennifer were so absolutely right-on with everything! That’s what endeared us to them. Trust is huge…selling your home of fifty years is a very big adventure in your life, and you really want someone you feel comfortable with — that’s Dale and Jennifer, through and through!”
Dick and June Smith: “Dale and Jennifer were so absolutely right-on with everything! That’s what endeared us to them. Trust is huge…selling your home of fifty years is a very big adventure in your life, and you really want someone you feel comfortable with — that’s Dale and Jennifer, through and through!”
Elizabeth Liddell: “Truly interesting was that Dale and Jennifer made the experience enjoyable, not stressful. I have friends who still talk about not moving because of the stress it brings, and I always tell them that it doesn’t have to be like that if they have the right team."
Helen and Nigel Dexter: “The hardest part of downsizing from the 4,000-square-foot house we had lived in for many years to a 1,300-square-foot condo was making the actual decision. After that, thanks in large part to Dale and Jennifer, everything progressed flawlessly. [When we found] a new place better suited to our seniors lifestyle, Dale managed to coordinate all the closing dates, and advised and assisted us on dismantling the house and disposing of many belongings we wouldn’t have room for. The whole move went so smoothly we went on a 10-day cruise just days after moving.”
What’s in the news this month?
Immigration:As the Federal Government continues to press forward on getting its immigration numbers back to pre-pandemic levels, there are reports that “Canadians” now living in Hong Kong are already beginning to liquidate assets to lay the groundwork for returning to Canada. Watch for more in coming newsletters and at nexusrealtycorp.com.
Mortgage qualifying:
When Central Mortgage and Housing Corporation implemented tighter standards for mortgages last summer it had 49 per cent of new business, and that fell to 23 per cent in the following months, prompting CMHC to revert and relax its position last month. Read more about this in the Financial Post.
Character Homes:
The character retention thinking you have often read about in this newsletter or on its accompanying website still has a presence in the Lower Mainland marketplace, despite regulations that appear to make the idea less attractive. Watch for more about this in upcoming blogs and newsletters.
Real estate’s interesting new word
Here’s a new word that could become part of the real estate dictionary: amenitized. It’s not one that “auto correct” has discovered but you will find it in the Oxford English Dictionary.It means “Of a house or other building: provided or equipped with various amenities.”
Amenities have long been important for owners of detached homes. Never mind the car, is there space for a personal gym? Where is the nearest grocery store? Shopping centre? School? Starbucks? Doggy daycare? Since COVID-19 changed the world, amenities are increasingly important in real estate transactions, because home owners want or need a home office or generous outdoor socializing space. With the post- COVID world pending and predictions that downtowns turning into ghost towns proving to be invalid, apartment and condo owners are looking for similar changes to the amenities.
Are buildings amenitized?
It goes beyond offering lap pools, hot tubs and outdoor barbecue spaces. The new amenities list may also include lockers for package deliveries, daycares and electric car-charging stations, and the retail sector can also figure in developers’ plans for the modern condo/apartment lifestyle by setting up shops, hairdressing salons, dentists and an assortment of facilities on the ground floor. How long will it be until there’s a car dealership on the first level?
In downtown Vancouver, there are plans for one apartment and condo complex to become more or less self-sustaining, with its own green space as well as shopping amenities. The City of Vancouver this year conducted workshops called “Complete Neighbourhoods” to find out what’s important to downtown residents because what’s important to them is important to developers, too.
While there may be a tendency to think ”Oh, that’s just about people who live in the city” the reality is that in the Lower Mainland most people live in a “city” that varies only by its size, which continually increases. Also a reality is that homeowners are looking for comfortable, hassle-free living conditions that in many cases will focus on…amenities.
Remember the word “amenitized” — and by extension its cousin, “amenitization” — and watch for them in auto-correct.
Are buildings amenitized?
It goes beyond offering lap pools, hot tubs and outdoor barbecue spaces. The new amenities list may also include lockers for package deliveries, daycares and electric car-charging stations, and the retail sector can also figure in developers’ plans for the modern condo/apartment lifestyle by setting up shops, hairdressing salons, dentists and an assortment of facilities on the ground floor. How long will it be until there’s a car dealership on the first level?
In downtown Vancouver, there are plans for one apartment and condo complex to become more or less self-sustaining, with its own green space as well as shopping amenities. The City of Vancouver this year conducted workshops called “Complete Neighbourhoods” to find out what’s important to downtown residents because what’s important to them is important to developers, too.
While there may be a tendency to think ”Oh, that’s just about people who live in the city” the reality is that in the Lower Mainland most people live in a “city” that varies only by its size, which continually increases. Also a reality is that homeowners are looking for comfortable, hassle-free living conditions that in many cases will focus on…amenities.
Remember the word “amenitized” — and by extension its cousin, “amenitization” — and watch for them in auto-correct.
"Because this was something we had not done before, their integrity was hugely important. They gave us confidence, because they were so emotionally involved in everything. Their advice was brilliant. They think through things from every angle, and have a well-rounded, holistic approach to everything. They tailor their support to what clients need.”
— Dylon and Katie Nofziger, Vancouver
That a Toronto company called Promise Robotics with operations in Edmonton hopes
to have robots to build components for homes to address the shortage of
both affordable housing and skilled labour, by the end of this year?
Real Estate Monthly Statistics
The following statistics for West Vancouver, North Vancouver, Vancouver West and Vancouver East compare July 2021 to July 2020
(note: sales refers to number of sales, not to sale prices).
(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.
With outdoor and major indoor activities more available than they've been for almost a year and a half, there are more things to do this month. Here is the list, along with links to where you can find out about tickets and any restrictions that might apply:
Until August 8
Harmony Arts Festival
A different look, yet with the spirit, lifestyle and natural beauty that makes West Vancouver so special
www.harmonyarts.ca
August 6-8
Abbotsford International Airshow
SkyDrive: a drive-in air show experience featuring the Canadian Forces Snowbirds, the US Air Force F-22 Raptor, the RCAF CF-18 Hornet and many more!
https://abbotsfordairshow.com
August 12-29
Carnaval del Sol
The biggest Latin American event in the Pacific Northwest, a Vancouver celebration of culture, diversity, unity, respect and community with amazing performances, food, workshops, activities and more surprises
www.tourismvancouver.com/event/carnaval-del-sol
August 19
BC Lions vs Edmonton Elks, BC Place
Canadian football’s return with the Lions home opener after a full season scratched by COVID-19, with kick-off at 7 p.m. against the newly-renamed Elks
BC Lions
August 21
Vancouver Whitecaps vs Los Angeles FC, BC Place
At 7 p.m., the Whitecaps’ first match with their home crowd in attendance, against Los Angeles FC
www.whitecapsfc.com
Until August 29
Imagine Van Gogh
Dozens of the Dutch artist’s painting in the travelling art exhibition at the Vancouver Convention Centre
vancouversbestplaces.com/vancouver-art-exhibition
August 29
Vancouver Whitecaps vs Real Salt Lake, BC Place
Kick-off at 7 p.m.
www.whitecapsfc.com
Until September 6
Vancouver Art Gallery: Pictures and Promises
An enlightening exhibit that focuses on lens-based works which employ the structures, conventions and formal qualities used in mass media, fashion and advertising
www.vanartgallery.bc.ca/exhibitions/pictures-and-promises
Until September 26
Bill Reid Gallery of Northwest Coast Art: Hands of Knowledge
A collaborative exhibition featuring six contemporary Indigenous women artists, each celebrating traditional knowledge through contemporary works; developed by Ts’msyen curator Joanne Finlay
www.billreidgallery.ca
Until October
Lonsdale Artisan Farmers' Market, Lonsdale Quay
Locally grown produce, delicious baked goods and crafts from local folks; every Saturday from 10 a.m. to 3 p.m.
www.artisanmarkets.ca/our-markets/lonsdale-quay-farmers-market
Until October 31
Ambleside Artisan Farmers’ Market, Ambleside Park
A great variety of organic and conventional farmers, every Sunday, 10 a.m. to 3 p.m.
Until August 8
Harmony Arts Festival
A different look, yet with the spirit, lifestyle and natural beauty that makes West Vancouver so special
www.harmonyarts.ca
August 6-8
Abbotsford International Airshow
SkyDrive: a drive-in air show experience featuring the Canadian Forces Snowbirds, the US Air Force F-22 Raptor, the RCAF CF-18 Hornet and many more!
https://abbotsfordairshow.com
August 12-29
Carnaval del Sol
The biggest Latin American event in the Pacific Northwest, a Vancouver celebration of culture, diversity, unity, respect and community with amazing performances, food, workshops, activities and more surprises
www.tourismvancouver.com/event/carnaval-del-sol
August 19
BC Lions vs Edmonton Elks, BC Place
Canadian football’s return with the Lions home opener after a full season scratched by COVID-19, with kick-off at 7 p.m. against the newly-renamed Elks
BC Lions
August 21
Vancouver Whitecaps vs Los Angeles FC, BC Place
At 7 p.m., the Whitecaps’ first match with their home crowd in attendance, against Los Angeles FC
www.whitecapsfc.com
Until August 29
Imagine Van Gogh
Dozens of the Dutch artist’s painting in the travelling art exhibition at the Vancouver Convention Centre
vancouversbestplaces.com/vancouver-art-exhibition
August 29
Vancouver Whitecaps vs Real Salt Lake, BC Place
Kick-off at 7 p.m.
www.whitecapsfc.com
Until September 6
Vancouver Art Gallery: Pictures and Promises
An enlightening exhibit that focuses on lens-based works which employ the structures, conventions and formal qualities used in mass media, fashion and advertising
www.vanartgallery.bc.ca/exhibitions/pictures-and-promises
Until September 26
Bill Reid Gallery of Northwest Coast Art: Hands of Knowledge
A collaborative exhibition featuring six contemporary Indigenous women artists, each celebrating traditional knowledge through contemporary works; developed by Ts’msyen curator Joanne Finlay
www.billreidgallery.ca
Until October
Lonsdale Artisan Farmers' Market, Lonsdale Quay
Locally grown produce, delicious baked goods and crafts from local folks; every Saturday from 10 a.m. to 3 p.m.
www.artisanmarkets.ca/our-markets/lonsdale-quay-farmers-market
Until October 31
Ambleside Artisan Farmers’ Market, Ambleside Park
A great variety of organic and conventional farmers, every Sunday, 10 a.m. to 3 p.m.
www.tourismvancouver.com/event/ambleside-artisan-farmers-market
Until January 2
Vancouver Art Gallery
Vancouver Special: Disorientations and Echo — The second in a series of exhibitions, this one with a primary emphasis on recent works that hold a particular resonance for this time and place not been previously exhibited in Vancouver
www.vanartgallery.bc.ca
Until April 15, 2022
Gulf of Georgia Cannery — Waves of Innovation: Stories from the West Coast
An exhibit featuring stories of adaptations and innovations in the commercial fishing industry and their effects on west coast communities, with four key areas highlighted — energy, fishing, preservation and innovations of today
gulfofgeorgiacannery.org
Sea To Sky Gondola
Re-opened with its new cars, daily 9 a.m. to 4 p.m.
www.seatoskygondola.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
Capilano Suspension Bridge
Appreciating nature from three breathtaking perspectives — Capilano Suspension Bridge, Treetops Adventure and the exciting new Cliffwalk
www.tourismvancouver.com/listings/capilano-suspension-bridge-park
BC Sports Hall of Fame and Museum
bcsportshall.com
Britannia Mine Museum
Little-seen world that fascinates all ages with awe-inspiring sights and memorable family experiences
www.tourismvancouver.com/listings/britannia-mine-museum
Grouse Mountain, The Peak of Vancouver
Advance reservations for your Skyride boarding time mandatory, when purchasing tickets online
www.tourismvancouver.com/listings/grouse-mountain-the-peak
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
westvanlibrary.ca/
nvcl.ca/
nvdpl.ca/
vpl.ca/digitallibrary
Until January 2
Vancouver Art Gallery
Vancouver Special: Disorientations and Echo — The second in a series of exhibitions, this one with a primary emphasis on recent works that hold a particular resonance for this time and place not been previously exhibited in Vancouver
www.vanartgallery.bc.ca
Until April 15, 2022
Gulf of Georgia Cannery — Waves of Innovation: Stories from the West Coast
An exhibit featuring stories of adaptations and innovations in the commercial fishing industry and their effects on west coast communities, with four key areas highlighted — energy, fishing, preservation and innovations of today
gulfofgeorgiacannery.org
Sea To Sky Gondola
Re-opened with its new cars, daily 9 a.m. to 4 p.m.
www.seatoskygondola.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
Capilano Suspension Bridge
Appreciating nature from three breathtaking perspectives — Capilano Suspension Bridge, Treetops Adventure and the exciting new Cliffwalk
www.tourismvancouver.com/listings/capilano-suspension-bridge-park
BC Sports Hall of Fame and Museum
bcsportshall.com
Britannia Mine Museum
Little-seen world that fascinates all ages with awe-inspiring sights and memorable family experiences
www.tourismvancouver.com/listings/britannia-mine-museum
Grouse Mountain, The Peak of Vancouver
Advance reservations for your Skyride boarding time mandatory, when purchasing tickets online
www.tourismvancouver.com/listings/grouse-mountain-the-peak
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
westvanlibrary.ca/
nvcl.ca/
nvdpl.ca/
vpl.ca/digitallibrary
