IN THIS ISSUE:
• Realtor response to impending ‘cooling off period’
• Words of advice: be kind, be calm, stay safe
• News: spring market, Grand Forks, West Vancouver
• Supply and demand remain statistical mismatches
• Decor: Spring cleaning…how it began, what to do
‘Cooling off’ versus ‘pre-offer period’
In anticipation of the Provincial Government’s stated intention to introduce a “cooling off period” for home buyers, the B.C. Real Estate Association has announced an alternative. It came as part of a “white paper” the BCREA published with 34 suggestions designed to protect consumers in real estate transactions.
The “cooling off period” announced in November and expected to be law by spring would — among other things — give buyers a window in which they could opt out of an accepted offer on a property, without penalty. The BCREA pre-empted the plan by giving the government its 57-page white paper, which it made public at a press conference on February 28.
The BCREA alternative suggestion is called a “pre-offer period” of five days. It would begin the day a property is listed and the seller would be able to accept offers starting on the sixth business day, but not before, giving all prospective buyers the chance to complete due diligence before making an offer.
“This takes the frenzy and panic out of the situation,” said CEO Darlene Hyde. “Prospective homeowners don’t have to put subjects on their offers…they have time to view the property, review documents, get a home inspection, assure their financing is in place, and then make an offer [without subjects]. It’s a more thought-out and solid solution that will result in fewer collapsed deals and be less-disruptive to the market.”
For the buyer, the concept could mean not having to make an offer in a hurry, perhaps without subjects, rather than risk losing the property to 
a competing offer that has no subjects. For the seller, it avoids having the home tied up (and off the market) for the “cooling off period" while prospective buyers decide if they really want it.
a competing offer that has no subjects. For the seller, it avoids having the home tied up (and off the market) for the “cooling off period" while prospective buyers decide if they really want it.
In a market that’s already stressed by a shortage of listings, that “cooling off period” temporarily removes another property, which is one of the reasons home prices rise.
Also among the white paper’s recommendations was one that addresses the shortage of listings.
“The root cause of stress and rising house prices is a mismatch of supply and demand,” Hyde said. “We have a crisis of supply. Canada had [in 2021] the lowest number of housing units per thousand residents of all G-7 countries. And in British Columbia, with 70 to 80,000 new immigrants expected this year, it’s going to be more acute. We need new immigrants to shore up our workforce but we have no plan to house them. This leads to staggering home price inflation, unsustainable price increases and the multiple-offer.”
While acknowledging there is no quick fix to the shortage — “We’ve had decades of under-building and it will take years to catch up” — she identifies in the white paper something the BCREA believes has to change: Municipalities have to speed up the housing development approvals process.
Hyde explained the BCREA position:
“We urge the Provincial Government to make infrastructure investments to local governments conditional on official community plans, housing needs report, zoning bylaws and other local policies to allow for increased density.”
This is consistent with what B.C.’s Housing Minister, David Eby, said earlier last month.
“The bottom line is that municipalities are not approving enough housing for our population growth,” Eby said. “I think it’s quite possible that we’re going to need to be more prescriptive. One thing is clear…the status quo is not acceptable.”
The white paper can be viewed in entirety on the BCREA website.
The press conference at which it was unveiled is available here on YouTube.
That, according to Statistics Canada, Squamish and Kelowna are among the top 15 largest growth centres in the country?
Watch the telling signs in real estate
There is yet another word to describe the real estate market as the third month of 2022 arrives.
Unprecedented.
This is uncharted territory for everybody, so that includes everybody involved in real estate. These are times of life changing on the fly, sometimes every day. There’s COVID-19, now two years old. There’s the war in Ukraine, with the potential of far-reaching consequences. There’s 
an example every day of some “unbelievable” and often multi-offer transactions between a home buyer and seller.
an example every day of some “unbelievable” and often multi-offer transactions between a home buyer and seller.
As the most famous public health officer known to British Columbians might say:
“Be kind. Be calm. Stay safe.”
In other words, stay calm and watch everything closely could also be the mantra for real estate. Be aware of what’s happening in Ukraine; watch it to see what developments it could have on real estate, starting with an anticipated influx of immigrants.
Keep an eye on home prices which, while they continue to rise, are unlikely to be sustainable in a balanced community. How long can somebody living in, say, Coquitlam continue to work in, say, Kerrisdale and continue to make ends meet with all the costs involved…starting with transportation?
Take note that there are signs that builders are starting to buy lots again, an indication that they are again thinking developments can be profitable…and think about how that might affect real estate in general.
Consider the seemingly inevitable changes that could come to your neighbourhood with the additional densification that seems inevitable to deal with the shortage of housing everywhere.
Assess whether the interest rate, which this month the Bank of Canada increased by 0.25 per cent to 0.5 per cent, could have an impact on your real estate thinking.
Watch the real estate market for trends, especially if you’re thinking about selling your home because, while nobody knows if the market has peaked, nobody knows that it hasn’t. Try to pick the right time to list your property or, if you’re unsure, call Dale (604-720-3353) or Jennifer (604-726-8768) to get their educated input.
Avoid making assumptions. In this time of “watchful waiting” it’s wise to look for certainties where now there are only indicators.
What’s in the news this month
One opinion what the spring market will be like:
Shaun Cathcart, Senior Economist and Director of Housing Data and Market Analysis at the Canadian Real Estate Association, says the spring market now underway “may see a burst of new listings…but because the overall stock of supply is so low and demand is so strong, they will likely be gobbled up very quickly.”
B.C. city getting ready for increase in extreme weather:
The City of Grand Forks is taking steps to prepare for future impacts from climate change, spending $16.5 million in a flood mitigation program that includes buying approximately 90 properties most at risk of damage and co-ordinating movement of people, and sometimes infrastructure, away from natural hazards often brought about by extreme weather events.West Vancouver to vote on new property regulations:
Because flooding has become more common and more severe, new regulations for building, sub-dividing or additions on land at risk from coastal flooding — it could impact about 780 residential properties from Ambleside to Horseshoe Bay — will go to a vote by the District of West Vancouver councillors after a public hearing that is scheduled for March 29.
‘Listings’ still buzzword for real estate statistics
The real estate statistic that attracts the most attention these days is “listings” simply because the shortage of properties for sale has been positioned as the market’s principal driver.
That being the case, the February statistics from the Real Estate Board of Greater Vancouver were something of a mixed bag once again.
For example:
• There were more listings in Metro Vancouver last month (6,742) than in January 2022 (5,663) and fewer than in February 2021 (8,358).
• Breaking it down to new listings, there were more last month (5,471) than in January 2022 (4,170) and also more than in February 2021 (5,048).
So new listings were up over both the previous month and the previous year, and total listings (on MLS) were up over the previous month and
down from a year ago. And while there were 8.1 per cent fewer sales this February (3,424) than last February (3,727), there were also 19.3 per cent fewer listings a year ago.
Even though sales are stronger than a year ago, the bottom line is that there remains a listings shortage, or more demand than supply.
The REBGV explained the situation this way:
“Despite having a higher volume of people listing their homes for sale in February, the region’s housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month. A lack of housing supply is at the heart of the affordability challenges in Metro Vancouver. We need more coordinated action from stakeholders at all levels to help create an ample, diverse supply of housing options for residents in the region today and into the future.”
Other statistics reinforce that sales remain strong. Sales were 26.9 per cent above the 10-year average for February. The sales-to-active listings ratio for February was 50.8 per cent — by property type, 34.9 per cent for detached homes, 64.3 per cent for townhomes, and 62.2 per cent for apartments. Analysts say home prices often experience upward pressure when the ratio surpasses 20 per cent over several months, as has been the case.
Also up from February 2021 — in all three categories — is the benchmark price, by 25 per cent for detached homes, 27.2 per cent for attached homes and 15.9 per cent for apartments. The benchmark price represents a “typical” property in each category.
Decor: Origins of (and plans for) spring cleaning
Sixth in a Series
Every month, News From Nexus features ideas or observations about Decor, or ways you can make your home more appealing.
Whose idea was it to clean our homes every spring?
It seems religion and cultures had something to do with it. Traditionally, the Catholic church thoroughly cleaned the altar and everything associated with it on Maundy Thursday, the day before Good Friday.
The Persian New Year, the Iranian Nowruz, falls on the first day of Spring, and a traditional cleaning takes place before that.
In the Jewish faith, spring cleaning is linked to Passover, generally in March or April.
While the reasons may vary from culture to culture, the purpose is the same — it’s a time of freshening up, organizing and preparing for the longer days of summer. And everyone has different priorities when the process actually gets underway.
But at your home, like everybody’s home, spring cleaning starts the same way.
Take a quick inventory of cleaning supplies. There is a wide variety of environmentally-friendly 
products on the market, and many common household ingredients (lemon juice, vinegar, baking soda) are also effective options. Microfibre or 100% cotton cloths are recommended.
products on the market, and many common household ingredients (lemon juice, vinegar, baking soda) are also effective options. Microfibre or 100% cotton cloths are recommended.
While a whole house deep-clean may seem like a daunting task, there are two advance tips that can help: (1) a plan and (2) a checklist.
On it you may find these chores:
• Dust ceiling fans and light fixtures
• Clean window sills and tracks
• Vacuum curtains and blinds
• Wipe down baseboards and dust corners for cobwebs
• Test batteries in smoke detectors
• Disinfect doorknobs, cabinet handles, light switches
And remember, it doesn’t have to be done in a single day because spring lasts…as long as it takes!
“It was priced so well that we had a dozen offers, and it sold so quickly. It was just incredible…in our experience, you will never find more caring, knowledgable and dedicated folks than Dale and Jennifer. We missed them when it was over!"
— Dick & June Smith, West Vancouver
Photo credits:
Sunset on English Bay: Mike Benna, Unsplash Lemons: unsplash Cleaning tools: Heather Ford, unsplashGavel: Conny Schneider, unsplash Tulips: Tomas Williams, unsplash
316 – 15745 Croydon Drive
White Rock
(working with buyer)
Real Estate Monthly Statistics
The following statistics for West Vancouver, North Vancouver, Vancouver West and Vancouver East compare February 2022 to February 2021
(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.
What's happening in March throughout the Lower Mainland, with protocols included as currently known.
March 6-10
Vancouver Cocktail Week
Vendors all around Vancouver
A showcase of events, ranging from seminars to Happy Hours and cocktail-paired dinners (Covid-19 safety protocols in effect)
March 8-20
Monster Jam
Pacific Coliseum, PNE
An action-packed motorsport experience for the whole family
Vancouver Canucks at Rogers Arena
March 9: vs Montreal Canadiens, 7:30 p.m.
March 11: vs Washington Capitals, 7 p.m.
March 13: vs Tampa Bay Lightning, 7 p.m.
March 15: vs New Jersey Devils, 7 p.m.
March 17: vs Detroit Red Wings, 7 p.m.
March 19: vs Calgary Flames, 7 p.m.
March 20: vs Buffalo Sabres, 7 p.m.
March 30: vs St. Louis Blues, 7 p.m.
March 11 - May 1
Cloud Album
The Polygon Gallery, North Vancouver
A scientific exhibition celebrating the many facets of clouds in all their glory
Abbotsford Canucks at Abbotsford Centre
March 11: vs Colorado Eagles, 7 p.m.
March 13: vs Colorado Eagles, 4 p.m.
March 15: vs Manitoba Moose, 7 p.m.
March 16: vs Manitoba Moose, 7 p.m.
March 29: vs Toronto Marlies, 7 p.m.
March 30: vs Toronto Marlies, 7 p.m.
www.abbotsfordcanucks.com
March 11: vs Colorado Eagles, 7 p.m.
March 13: vs Colorado Eagles, 4 p.m.
March 15: vs Manitoba Moose, 7 p.m.
March 16: vs Manitoba Moose, 7 p.m.
March 29: vs Toronto Marlies, 7 p.m.
March 30: vs Toronto Marlies, 7 p.m.
www.abbotsfordcanucks.com
March 19
The Big Jungle Run
Burnaby Lake Park
Themed, family-friendly fun run offers 5km/10km run/walk and a 1km kids walk, minimal inclines and stable paths
www.destinationvancouver.com/event/the-big-jungle-run
www.destinationvancouver.com/event/the-big-jungle-run
March 22-27
Shen Yun
Queen Elizabeth Theatre
Theatrical presentation that takes you on a journey through 5,000 years of Chinese civilization
www.destinationvancouver.com/event/shen-yun
www.destinationvancouver.com/event/shen-yun
March 25 - May 1
Alegria, Cirque du Soleil
Under the Big Top, Concord Pacific Place
An iconic Cirque production with acrobatics, costumes, vibrant sets, all told with delightful humour
www.destinationvancouver.com/event/cirque-du-soleil
www.destinationvancouver.com/event/cirque-du-soleil
Until March 27
Museum of Anthropology, UBC
Sankofa: African Routes, Canadian Roots
An exhibition of works by contemporary artists from Lagos, Nigeria, and Vancouver, with stories, histories and projects of African and Black affirmation
Until April 15
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
Until April 18
Winter Vallea Lumina, Whistler
An evening excursion filled with unexpected enchantment, cryptic radio transmission and the lingering traces of two long-ago hikers in search of the scenic trailhead where the real journey begins
vallealumina.com
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
Until April 18
Winter Vallea Lumina, Whistler
An evening excursion filled with unexpected enchantment, cryptic radio transmission and the lingering traces of two long-ago hikers in search of the scenic trailhead where the real journey begins
vallealumina.com
Until April 18
FlyOver Canada: FlyOver Iceland
Picturesque scenery, massive glaciers and spectacular Icelandic fjords, daily from 10 a.m-9 p.m. (proof of vaccination required); purchase tickets online in advance
flyover canada.com
flyover canada.com
Until May 1
Yoko Ono: Growing Freedom
Vancouver Art Gallery
A two-part exhibit that focuses on her instructional work, and a second display of projects for peace, undertaken by Yoko Ono and John Lennon (proof of vaccination required)
www.vanartgallery.bc.ca
www.vanartgallery.bc.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
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
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
