IN THIS ISSUE
• REBGV stats: strength in demand
• Character Home project update
• Decor and new construction
• Two cruise ships most frequent
Jennifer The Clarks: Dale
604-726-8768 Team JenDale 604-720-3353
July statistical comparisons: demand still strong
July statistical comparisons: demand still strong
The latest news release from the Real Estate Board of Greater Vancouver defines both sales and listings statistics this way: Better than a year ago, below the 10-year average.
However, a deeper analysis that factors in the interest-rate changes of the past year paints a far more interesting story. It comes from Andrew Lis, the REBGV’s director of economics and data analytics:
“While the Bank of Canada rate hike this July was only a quarter of a per cent, mortgage rates are now at the highest levels we’ve seen in Canada in over 10 years. Yet despite borrowing costs being even higher than last July, sales activity surpassed the levels we saw last year, which I think says a lot about the strength of demand in our market and buyers’ ability to adapt to, and qualify for, higher borrowing costs.”
As you have read here more than once…life goes on.
The statistics that support that analysis are as follows:
• Sales increased 28.9 per cent compared to July 2022
• New listings increased by 17 per cent over last July
• The sales-to-active-listings ratio for all property types is 24.9 per cent, above the “upward price” threshold of 20 per cent
The one statistic that doesn’t quite support the analysis is the total number of listings. It is down, but only slightly (four per cent), from July 2022.
The sales and listings statistics are all less than the 10-year average, so there’s still some catching up ahead before the market returns to a more normal status.
“Looking under the hood of these figures,” says Lis, “it’s easy to see why sales are posting such a large year-over-year percentage increase. Last July marked the point when the Bank of Canada announced their ‘super-sized’ increase to the policy rate of one full per cent, catching buyers and sellers off guard, and putting a chill on market activity.”
The market continues to be stronger for townhomes and apartments than for detached homes, with sales-to-active listings ratios of 32 per cent (townhomes), 30 per cent (apartments) and 16.5 per cent (detached homes). When a ratio surpasses 20 per cent for a “sustained period” it typically pushes up home prices, which is precisely what has been occurring in recent months. Conversely, if the ratio stays below 12 per cent for a sustained period, home prices generally will go down.
In comparing actual sales from one year ago, detached homes increased by 28.7 per cent, attached homes (townhomes) by 53.3 and apartments by 20.7 per cent.
If nothing else, the statistics indicate a real estate market that can be categorized as “active” — at least.
Statistics for the markets of West Vancouver, North Vancouver, Vancouver West and Vancouver East are graphically displayed below, as always
The evolution
of a Character Home
This house was built in 1922. It is about to become a century-old version of itself, its character retained by original material and structure; its character enhanced by the recruitment of vintage materials from other buildings of the same era.
At the age of 101, it is about to become the flagship of a "character community" — six homes on one rectangular Vancouver lot. All six are ultra-modern, restored or newly built with upscale materials by meticulous contractors to the current building codes, of course.
Below are photos of what the home used to look like...not 101 years ago, but sometime in the 1990s (right) and shortly before builders began restoring its character (left) with a 21st-century touch.
The finishing touches are now being applied to the project known as The Ross Residences. In next month's News From Nexus, there will be details about when these six homes will be available for buyers, and more photos of what a 1922 home can become in 2023.
August’s cruise leaders in Vancouver: Wonder, Volendam
The frequent cruiser for this month is a tie. Two cruise ships, Disney’s Wonder and Holland America’s Volendam, will stop in the Port of Vancouver in August more than any other of 24 ships that will make 61 port calls.
The Wonder and the Volendam will each dock in Burrard Inlet five times in August. Holland America ships — four of them — will be the most visible for onlookers from the shore, the homes and the bridges with 13 visits.
After that, you’ll see more Princess ships (four ships, nine visits) than the other cruise lines. Norwegian, Celebrity, Royal Caribbean and Silver Seas all have two ships on the Vancouver-to-Alaska run this month. Things slow down only slightly in September before the cruise season comes to a close in October.
You'll find the August schedule on this page of the website.
“We first began seriously thinking of selling our home on Vancouver’s West Side; Jennifer and Dale supported us with the highest quality information and advice. Throughout this lengthy process, they demonstrated great patience to go with their professionalism, integrity and honesty. That ensured success. Our stress level was minimal, because of our confidence in their work. We will be forever grateful for their help in making this transition.”
— Carolyn and Mike Weiler, Vancouver
Decor: Ross Residences, making unique more unique
New construction can be both exciting and interesting, especially if the latest, greatest decor elements are implemented. That’s one of the attractions of the mini-community you’ve been reading about in News From Nexus and a place now known as The Ross Residences.
With a few variations in one of the six homes, which are almost ready for market at the corner of 53rd Street and Ross Avenue in Vancouver, there are decor touches that make a unique concept even more unique.
For example:
• The fully customized cabinets are installed to maximize space, built from birch, one of the highest quality hardwoods, and finished with the latest soft-touch hardware. The countertops and backsplash are quartz, and the backsplash extends up to the bottom of the cabinets, above a workspace fully illuminated by under-cabinet lighting.
•
The under-mount stainless steel sink includes an accessory package certain to be a timesaver in the kitchen…and comes with a nesting cutting board, racks and tray.
• The kitchen appliance package is top quality, with the latest technology in everything, and ”everything” means Fisher Paykel gas ranges, fridges and dishwashers — the fronts of the fridges and dishwashers are stylishly panelled to match the cabinets. The kitchen window sills are of the same matching stone.
•
The flooring is quality, seven-inch-wide engineered white oak, so the latest in home decor is present here, too. The transitions from room to room are completely seamless, with no transition pieces, and the floor installation include special sound reduction as well as radiant heating.
• The bathrooms are designed with contemporary finishing: frameless glass showers, soaker tubs with glass bathtub doors, glossy hand-made artisan shower tiles, 
custom niches, rainfall shower heads and stylish black matte fixtures and pulls. The powder rooms are finished with unique wallpaper detail, the fixtures are also top quality, and the toilets are water-conserving dual flushers.
custom niches, rainfall shower heads and stylish black matte fixtures and pulls. The powder rooms are finished with unique wallpaper detail, the fixtures are also top quality, and the toilets are water-conserving dual flushers.
• Throughout the homes are European vinyl windows and, as a special treatment not normally included in new construction, they are covered with zero-balance blinds…which are also room darkening of course.
At The Ross Residences, decor has been an important part of the entire design.
Every month, News From Nexus features ideas or observations about Decor, or ways you can spruce up your home — indoors or out.
This month's story is about the latest decor touches on a new project, The Ross Residences.
Meanwhile, in other news...
The most important real estate news is widely covered in major media outlets, and sometimes
analyzed here in News From Nexus. What you'll find in this section is interesting real estate news that you may not see on TV or in the mainstream newspapers.
More homeowners turning to heat pumps for cool air in summer
CBC News reports that the demand has soared for government rebates up to $11,000 for home owners who install heat pumps. In 2023, there is a 40 per cent increase in applicants, now numbering more than 10,000, as more people believe that air conditioning is a medical necessity. So far, the rebates only apply to single-family, detached homes and not condos, even when installation is approved by strata.
The movie name that became a Supreme Court ruling
Have you ever heard about the Ghostbusters Ruling, a case decided by the New York State Supreme Court that requires property owners to sign a disclosure, when planning to sell, stipulating if they believe the property is haunted? When the buyer first heard about the “haunted house" he said “we’ll have to call the Ghostbusters” — the name of a popular movie written by Canadian Dan Akroyd.
Vancouver No. 5 in world-wide ranking of most livable cities
According to the 2023 Global Liveability Index, Vancouver is again fifth on the Economist Intelligence Unit’s list of most livable cities in the world. It is the highest-ranked city in North America with a score of 97.3 based on scores from 100 in five weighted categories: stability, healthcare, culture and environment, education, and infrastructure (perfect scores in healthcare and education). The No. 1 city was Vienna, Austria.
That a century ago, from 1908 to 1940, Sears-Roebuck sold between 70,000 and 75,000
mail-order kits to build houses and, allegedly, some of the homes are still around today?
Photo credits
Townhouses: Canva (Razerbird)
Ross Residence interiors and cruise ship photos: Video Openhouse
Townhouses: Canva (Razerbird)
Ross Residence interiors and cruise ship photos: Video Openhouse
Real Estate Monthly Statistics
The following statistics for West Vancouver, North Vancouver, Vancouver West and Vancouver East compare July 2023 to July 2022
(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 August throughout the Lower Mainland:
Big Thief & Lucinda Williams
The Orpheum Theatre, 8 p.m.
A dynamic combo: Big Thief, an American folk/rock band, and Lucinda Williams, one of the most celebrated singer-songwriters of her generation
August 4-13
West Vancouver Harmony Arts Festival
Waterfront from Ambleside to John Lawson Park
Every facet of the art and music worlds combine for 10 days of family entertainment
Until August 5
2023 Early Music Summer Festival
Various locations (see website for details)
This year’s festival theme: WOMENinSIGHT, celebrating female composers and performers past and present
Until August 6
Beautiful: The Carole King Musical
Stanley Alliance Industrial Stage, 2750 Granville Street (see website for times)
The inspiring true story of the rise to stardom of pop icon Carole King
Until August 6
Million Dollar Quartet
Granville Island Stage (see website for times)
The famed jam session that brought together Elvis Presley, Johnny Cash, Jerry Lee Lewis and Carl Perkins
Vancouver Canadians at Nat Bailey Stadium
August 8: vs Tri-City Dust Devils, 7:05 p.m.
August 9: vs Tri-City Dust Devils, 7:05 p.m.
August 10: vs Tri-City Dust Devils, 7:05 p.m.
August 11: vs Tri-City Dust Devils, 1:05 p.m.
August 12: vs Tri-City Dust Devils, 7:05 p.m.
August 13: vs Tri-City Dust Devils, 1:05 p.m.
August 22: vs Spokane Indians, 7:05 p.m.
August 23: vs Spokane Indians, 7:05 p.m.
August 24: vs Spokane Indians, 7:05 p.m.
August 25: vs Spokane Indians, 1:05 p.m.
August 26: vs Spokane Indians, 7:05 p.m.
August 27: vs Spokane Indians, 1:05 p.m.
August 29: vs Hillsboro Hops, 7:05 p.m.
August 30: vs Hillsboro Hops, 7:05 p.m.
August 31: vs Hillsboro Hops, 7:05 p.m.
September 1: vs Hillsboro Hops, 1:05 p.m.
September 2: vs Hillsboro Hops, 7:05 p.m.
September 3: vs Hillsboro Hops, 1:05 p.m.
August 11-13
Abbotsford International Air Show
Abbotsford International Airport
Aerial performances by the famed Canadian Forces Snowbirds and many others, along with aircraft displays, twilight shows and a S.T.E.M. Activity zone
B.C. Lions at BC Place
August 12: vs Calgary Stampeders, 4 p.m.
August 26: vs Hamilton Tiger-Cats, 4 p.m.
August 12
Rod Stewart (and Cheap Trick)
Rogers Arena, 7:30 p.m.
Among the best-selling artists of all time, with over 120 million records worldwide during a career spanning seven decades
August 19
Candlelight: A Tribute to Queen and more
Christ Church Cathedral, Vancouver 7:30 and 9:30 p.m.
The iconic band’s music coming to life, performed by the Listeso String Quartet in a stunning candlelight atmosphere
August 19-20
Ambleside Music Festival
Ambleside Park, West Vancouver
Back by popular demand, a lively festival with a dozen musical events, starting at 1 p.m. daily
Vancouver Whitecaps at BC Place
August 20: vs San Jose Earthquakes, 7:30 p.m.
August 20
Boyz ll Men
PNE Amphitheatre, 8:30 p.m.
Best known for their emotional a-cappella ballads and inspirational R&B harmonies
https://www.ticketleader.ca/events/detail/summer-night-concerts-2023
Until August 26
Theatre Under the Stars
Malkin Bowl in Stanley Park, 8 p.m.
Two delightfully entertaining musicals, The Prom and Matilda the Musical, to get you tapping your toes and laughing out loud on alternating nights throughout the summer
Theatre Under the Stars
Malkin Bowl in Stanley Park, 8 p.m.
Two delightfully entertaining musicals, The Prom and Matilda the Musical, to get you tapping your toes and laughing out loud on alternating nights throughout the summer
Until September 4
Nature’s Ninjas: Defenses of the Animal Kingdom
Vancouver Aquarium, Stanley Park
In addition to the amazing aquatic displays, the newest interactive exhibit of 17 animal habitats, highlighting the defensive mechanisms of the animals
Until September 8
Sea to Sky Gondola, Squamish (see website for weekly line-up)
The popular Mountain Music Series, back at the Gondola’s Summit Lodge every Friday night this summer, 5-8 p.m.
Until September 15, every Friday night
The Shipyards Friday Night Market
Foot of Lonsdale, North Vancouver
Features live music, food trucks, artisans, local shops and beer garden
Until September 30
Bard on the Beach
BMO Mainstage & and Howard Family Stage , Vanier Park (see website for times)
BMO Mainstage & and Howard Family Stage , Vanier Park (see website for times)
The 34th Bard season with four dynamic productions for theatre lovers of every stripe: As You Like It, Julius Caesar, Henry V and Goblin: Macbeth
https://bardonthebeach.org
https://bardonthebeach.org
Until March 2024
A Wild & Wet Coast: Rum Running During Prohibition
Vancouver Maritime Museum
An exhibit that explores the “rum-running” experiences and adventures of British Columbians during the 1920s and 1930s
ONGOING EVENTS
884 Granville St., Vancouver
Free guided tours of the Orpheum Theatre, one of the most beautiful concert halls in North America
www.destinationvancouver.com
Forbidden Vancouver Walking Tours
Downtown Locations
Highly recommended, guided walking tours, a combination of storytelling, theatre and local history
forbiddenvancouver.ca
Worldwide Webcams
A website catering to people who want to travel, virtual visits everywhere with webcams from Argentina to Zanzibar, and many places in between
skylinewebcams.com
BC Sports Hall of Fame and Museum
Many of Canada’s most talented athletes at Indigenous Sport Gallery, Canadian Dragon Boat Exhibition, Greg Moore Gallery, Rick Hansen Gallery! Daily 9 a.m. to 5 p.m.
bcsportshall.com
Grouse Mountain — The Peak of Vancouver
Plenty of activities for all ages when purchasing a mountain admission ticket
www.tourismvancouver.com/listings/grouse-mountain-the-peak
Virtual Tours of 12 Famous Museums
Experiencing museums from London to Seoul from the comfort of your home
www.travelandleisure.com/attractions
North Shore Events
www.vancouversnorthshore.com/events-calendar
West Vancouver United Church
Sunday service 10 a.m. (in person and live-streamed)
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
skylinewebcams.com
BC Sports Hall of Fame and Museum
Many of Canada’s most talented athletes at Indigenous Sport Gallery, Canadian Dragon Boat Exhibition, Greg Moore Gallery, Rick Hansen Gallery! Daily 9 a.m. to 5 p.m.
bcsportshall.com
Grouse Mountain — The Peak of Vancouver
Plenty of activities for all ages when purchasing a mountain admission ticket
www.tourismvancouver.com/listings/grouse-mountain-the-peak
Virtual Tours of 12 Famous Museums
Experiencing museums from London to Seoul from the comfort of your home
www.travelandleisure.com/attractions
North Shore Events
www.vancouversnorthshore.com/events-calendar
West Vancouver United Church
Sunday service 10 a.m. (in person and live-streamed)
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
