IN THIS ISSUE:
• The wait for the market to hit 'go time'
• February MLS listings up from January
• Commercial client’s neighbourhood synergy
• Next month possible for character home project
• Decor: the safest paint as a starting point
Market bottom: here or visible from here?
Today's real estate market is like it was when COVID struck, only different.
In the spring of 2020, buyers and sellers stayed on the sidelines, waiting to see what would happen with the virus. The pent-up demand continued to build as prices and activity dropped, and everybody wondered when it would bottom out. Once it was perceived to have hit the bottom, the market exploded both in sales and home prices.
Now, it's the spring of 2023. It's clear to many that the buyers and sellers are there, but in the wings again, waiting for the market to reach a bottom that has been fuelled by rising interest rates. The interest-rate increase is on hold, at least, and once that confidence in real estate returns the number of listings will start growing...and the activity will increase.
Until then, buyers are waiting because they don't want to make an investment and then find they could have made a smaller one, if prices fall. The sellers are waiting because they want to benefit when the market is more active in the hope of generating multiple offers for the home they are selling.
When will that happen? History has shown that often nobody knows until it's already happened. History also shows that, when tough economic times end or even start to end,
In the spring of 2020, buyers and sellers stayed on the sidelines, waiting to see what would happen with the virus. The pent-up demand continued to build as prices and activity dropped, and everybody wondered when it would bottom out. Once it was perceived to have hit the bottom, the market exploded both in sales and home prices.
Now, it's the spring of 2023. It's clear to many that the buyers and sellers are there, but in the wings again, waiting for the market to reach a bottom that has been fuelled by rising interest rates. The interest-rate increase is on hold, at least, and once that confidence in real estate returns the number of listings will start growing...and the activity will increase.
Until then, buyers are waiting because they don't want to make an investment and then find they could have made a smaller one, if prices fall. The sellers are waiting because they want to benefit when the market is more active in the hope of generating multiple offers for the home they are selling.
When will that happen? History has shown that often nobody knows until it's already happened. History also shows that, when tough economic times end or even start to end,
real estate usually is first to recover. Sometimes it happens while other sectors are still experiencing those tough economic times. And even in a recession, people still buy and sell homes.
There are some opinions that now is the absolute best time to list a property because the inventory is so low and the demand is so great that homes are selling higher than the pundits think, and inferring that multiple offers are a given. This is an exceedingly optimistic position in a seller climate that's "wait and see." For example, 75 potential buyers visited one home on the market — either during open houses or showings — and while there was solid interest, there weren't multiple offers. It resulted in one offer that was accepted.
The real estate market is not unlike the stock market. When the buying begins, the listings will grow because — just like the buyers — the sellers will start believing they have seen the bottom.
The real estate market is not unlike the stock market. When the buying begins, the listings will grow because — just like the buyers — the sellers will start believing they have seen the bottom.
The synergy of Twiga with West Vancouver neighbourhood
Every realtor enjoys a perfect match of clients, and that’s what happened early this year with Nexus Realty representing the landlord, who really wanted to retain the synergy for a lovely location that attracted a lovely business. As it happens, the new tenant is a lovely woman who owns the business.Meet Ima Crossley, who just re-located her specialty business to Ambleside Village in West Vancouver. Her specialty is natural fabrics and comfortable easy-wear that can be accompanied by a wide variety of accessories. Twiga is a pure retail store, operated by Ima and her daughters Amelia and Maggie, and the neighbourhood synergy is ideal with a flower store on one side and a music shop on the other (as it happens, the space for both Twiga and the Music Gallery and Academy was leased by Nexus).
Ima opened her store at Edgemont Village in 1993 before moving it to White Rock when her lease expired a little more than a year ago. She now occupies about half of a 1,500-square foot space that Nexus helped to divide a few years ago — Flowers By Nan is in the other “half.”
What is Twiga’s definition of pure retail?
It includes linens, both local and from Lithuania. Sweaters from Thailand, made by women working in their homes (”Anybody can visit where they’re made,” says Ima). An ebony-wood chief’s chair from Tanzania. Pillows from Zimbabwe. Necklaces from Spain. Umbrellas from Australia. Hats from Panama. Hand-made bracelets from the famous Masai Tribe in the Uganda-Tanzania-Kenya part of East Africa. Baskets from Ghana, in West Africa. Wallets from Colombia and watches from India. Silk scarves from Indonesia and jewelry from Spain. And a generous supply of Canadian-made products, including these slippers from North Vancouver.
It includes linens, both local and from Lithuania. Sweaters from Thailand, made by women working in their homes (”Anybody can visit where they’re made,” says Ima). An ebony-wood chief’s chair from Tanzania. Pillows from Zimbabwe. Necklaces from Spain. Umbrellas from Australia. Hats from Panama. Hand-made bracelets from the famous Masai Tribe in the Uganda-Tanzania-Kenya part of East Africa. Baskets from Ghana, in West Africa. Wallets from Colombia and watches from India. Silk scarves from Indonesia and jewelry from Spain. And a generous supply of Canadian-made products, including these slippers from North Vancouver.
In short, a wonderful variety of products from almost everywhere, all of them of high quality and fairly priced in a location that’s, well, just a perfect match.
REBGV statistics: MLS listings on a modest rise
It’s a small sample size and a modest increase, but the number of homes for sale is showing signs of being on the rise, according to the latest monthly statistics from the Real Estate Board of Greater Vancouver. Here are the facts about February’s current listings:
• The 7,868 listings on MLS are 16.7 per cent more than there were in February 2022.
• That’s also 5.2 per cent more than TOTAL listings in January 2023.
• The 3,467 NEW listings is 36.6 per cent fewer than there were in February last year (5,471).
• NEW listings from January (3,297) to February this year also rose by 5.2 per cent.
Sales remains below average, even though the 1,808 homes sold in February is up 76.9 per cent from the previous month. That’s still 33 per cent below the 10-year average for February and down 47.2 per cent from February 2022, when 3,424 homes were sold before the start of the series of interest-rate increases began.
The REBGV pointed out in its monthly release:
“It’s hard to sell what you don’t have, and with new listing activity remaining among the lowest in recent history, sales are struggling to hit typical levels for this point in the year. On the plus side for prospective buyers, the below-average sales activity is allowing inventory to accumulate, which is keeping market conditions from straying too deeply into sellers’ market territory, particularly in the more affordably priced segments.”
The statistics total sales and listings in all three home categories: detached homes, attached homes and apartments.
And what’s happening with prices?
“While we continue to expect home price trends to show year-over-year declines for a few more months, current data and market activity suggest pricing is firming up,” said REBGV. “In fact, some leading indicators suggest we may see modest price increases this spring, particularly if sales activity increases and mortgage rates hold steady. In the somewhat unusual market environment we find ourselves in right now with higher mortgage rates, fewer sales, and inventory that is inching higher but remains far from abundant, working with a realtor who understands your local market conditions and has experience navigating challenging markets is paramount.”
Understandably, the sales totals are down markedly in all three categories, compared to a year ago: 49.1 per cent for detached homes, 34.6 per cent for attached homes and 49.9 per cent for apartments. In part, this is a function of the peak market that existed early in 2022, before interest rates began to rise.
However, comparing February 2023 sales to the previous month (January) tells a different story. All three categories showed increases in sales: 74 per cent fro detached (295 in January, 514 in February), 134 per cent for attached (156 in January, 366 in February) and 62 per cent for apartments (571 in January, 928 in February).
• The 7,868 listings on MLS are 16.7 per cent more than there were in February 2022.
• That’s also 5.2 per cent more than TOTAL listings in January 2023.
• The 3,467 NEW listings is 36.6 per cent fewer than there were in February last year (5,471).
• NEW listings from January (3,297) to February this year also rose by 5.2 per cent.
Sales remains below average, even though the 1,808 homes sold in February is up 76.9 per cent from the previous month. That’s still 33 per cent below the 10-year average for February and down 47.2 per cent from February 2022, when 3,424 homes were sold before the start of the series of interest-rate increases began.
The REBGV pointed out in its monthly release:
“It’s hard to sell what you don’t have, and with new listing activity remaining among the lowest in recent history, sales are struggling to hit typical levels for this point in the year. On the plus side for prospective buyers, the below-average sales activity is allowing inventory to accumulate, which is keeping market conditions from straying too deeply into sellers’ market territory, particularly in the more affordably priced segments.”
The statistics total sales and listings in all three home categories: detached homes, attached homes and apartments.
And what’s happening with prices?
“While we continue to expect home price trends to show year-over-year declines for a few more months, current data and market activity suggest pricing is firming up,” said REBGV. “In fact, some leading indicators suggest we may see modest price increases this spring, particularly if sales activity increases and mortgage rates hold steady. In the somewhat unusual market environment we find ourselves in right now with higher mortgage rates, fewer sales, and inventory that is inching higher but remains far from abundant, working with a realtor who understands your local market conditions and has experience navigating challenging markets is paramount.”
Understandably, the sales totals are down markedly in all three categories, compared to a year ago: 49.1 per cent for detached homes, 34.6 per cent for attached homes and 49.9 per cent for apartments. In part, this is a function of the peak market that existed early in 2022, before interest rates began to rise.
However, comparing February 2023 sales to the previous month (January) tells a different story. All three categories showed increases in sales: 74 per cent fro detached (295 in January, 514 in February), 134 per cent for attached (156 in January, 366 in February) and 62 per cent for apartments (571 in January, 928 in February).
Again, it’s a small sample size, yet a trend that’s starting to go in a positive direction.
Statistics for the markets of West Vancouver, North Vancouver, Vancouver West and Vancouver East are graphically displayed below, as always.
Character retention project nearing completion
That unique community at the corner of 53rd Ave. and Ross Street in Vancouver is projected to be completed next month, with its six family homes expected to be on the market later this spring.
The character retention project — taking a character home built a century ago and converting its lot into six residences — has been more than two years in the making. Designed to help address affordable housing in Vancouver, the “community” will have its own strata and hopefully a culture that will be positive and vibrant.
Each home has its own garden or patio space. Each home retains some of the character of the original, 100-year-old home. Each home will include heated floors and sound reduction. Five of the six homes have garages. Each home has been meticulously developed by award-winning Nofziger Constuction.
The announcement for availability is imminent. Watch for it here or at nexusrealtycorp.com.
Each home has its own garden or patio space. Each home retains some of the character of the original, 100-year-old home. Each home will include heated floors and sound reduction. Five of the six homes have garages. Each home has been meticulously developed by award-winning Nofziger Constuction.
The announcement for availability is imminent. Watch for it here or at nexusrealtycorp.com.
Image shown is original rendering
Meanwhile, in other news...
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.
Report: Rosy outlook for commercial real estate
Report: Rosy outlook for commercial real estate
The Canada Real Estate Market (CBRE) Outlook — the world’s largest commercial-only real estate services firm — predicts investment in Canada could reach an all-time high of $59.3 billion this year. Despite current financial challenges, this optimism is based on greater merger and acquisitions activity, and more certainty for interest rates. In addition, the firm notes a “growing demand for multi-family rental real estate.”
Provincial Government housing plans from 2023 budget
When the British Columbia’s Provincial Government unveiled its budget on the last day of February, here is what it had to say about housing: “Budget 2023 takes more action to get people into homes they can afford, providing an additional $4.2 billion in operating and capital funding over three years – the largest three-year housing investment in B.C. history.” Presumably, there are more details to follow.
Provincial Government housing plans from 2023 budget
When the British Columbia’s Provincial Government unveiled its budget on the last day of February, here is what it had to say about housing: “Budget 2023 takes more action to get people into homes they can afford, providing an additional $4.2 billion in operating and capital funding over three years – the largest three-year housing investment in B.C. history.” Presumably, there are more details to follow.
Point Grey home that's on the market with a special meaning
Interested in living in the home that belonged to former Vancouver Canucks’ captain Bo Horvat? According to dailyhive.com, his 3,600-square-foot Point Grey mansion is on the market for just a little less than Horvat’s average annual salary with the Canucks — $5.599 million — and far less than the $8.5 million he’ll be earning each season with his new team, the New York Islanders.
“When the house sold, Dale and Jennifer negotiated a rental back for four months and, as it turned out, they needed every month to do renovations in the apartment we bought. They even found a lady who did design and supervised the sub trades. They just knew all the right people!”
— Ron and Ethel Youngberg, West Vancouver
Decor: So, about the world of white…
Are you still on the fence when it comes to choosing paint colours for walls? Going into a paint store and looking at all those little sample squares of colour can be overwhelming, and that’s only one of your options. Every paint company has its own palette to choose from, so there are literally THOUSANDS of paint-colour choices.
There is a tried-and-true paint colour trend that decorators are still suggesting — start with white!
That sounds simple enough, but when you dig a little deeper into colours you’ll find there are hundreds of “whites.” Because it really is the ultimate neutral colour,
starting with it opens up a wide range of accessories and furnishings from which you can choose.
Once you’ve decided on which white, the next decision is whether to lean towards the warm families or the cool families. White walls means you have a blank decorating canvas, so furniture, flooring, artwork and accessories can all play into your decisions. If you’re bringing in blues, greens or greys, then you’ll want to choose white paint with a cool, crisp undertone and, remember, a touch of grey adds a soothing feel. Conversely, leaning towards browns, reds, yellows and terra cotta puts you in the warm colour wheel.
After choosing the colour, most people believe the best finish for white walls is still eggshell, or satin. And in choosing both colour and finish for trim — which includes baseboards, door frames, trim and mouldings — whitest white is probably the safest colour and semi-gloss is the finish that generally works with all wall colours.
If you’re painting a small room, using white will make it feel more spacious. Another upside to choosing white for walls is that it’s versatile; you can easily change the look and feel of a room without picking up a paint brush!
That sounds simple enough, but when you dig a little deeper into colours you’ll find there are hundreds of “whites.” Because it really is the ultimate neutral colour,
starting with it opens up a wide range of accessories and furnishings from which you can choose.
Once you’ve decided on which white, the next decision is whether to lean towards the warm families or the cool families. White walls means you have a blank decorating canvas, so furniture, flooring, artwork and accessories can all play into your decisions. If you’re bringing in blues, greens or greys, then you’ll want to choose white paint with a cool, crisp undertone and, remember, a touch of grey adds a soothing feel. Conversely, leaning towards browns, reds, yellows and terra cotta puts you in the warm colour wheel.
After choosing the colour, most people believe the best finish for white walls is still eggshell, or satin. And in choosing both colour and finish for trim — which includes baseboards, door frames, trim and mouldings — whitest white is probably the safest colour and semi-gloss is the finish that generally works with all wall colours.
If you’re painting a small room, using white will make it feel more spacious. Another upside to choosing white for walls is that it’s versatile; you can easily change the look and feel of a room without picking up a paint brush!
Every month, News From Nexus features ideas or observations about Decor, or ways you can make your home more appealing.
That there are hundreds of stones positioned on Japanese coastlines susceptible to tsunamis that read: ‘Do not build your homes below this point!’?
Photo credits
Vancouver aerial view: Alice Davies, Unsplash;
Decor: Yoann Siloine, Unsplash
Real Estate Monthly Statistics
The following statistics for West Vancouver, North Vancouver, Vancouver West and Vancouver East compare February 2023 to February 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 March throughout the Lower Mainland, with protocols included as currently known.
March 2: vs Minnesota Wild, 7 p.m.
March 4: vs Toronto Maple Leafs, 4 p.m.
March 6: vs Nashville Predators, 7:30 p.m.
March 8: vs Anaheim Ducks, 7 p.m.
March 11: vs Ottawa Senators, 7 p.m.
March 14: vs Dallas Stars, 7 p.m.
March 21: vs Vegas Golden Knights, 7 p.m.
March 23: vs San Jose Sharks, 7 p.m.
March 31: vs Calgary Flames, 7 p.m.
www.canucks.com
March 3-5
World Rugby Sevens
BC Place, Vancouver
With 28 teams and 79 matches providing first-class entertainment to match the fun-filled atmosphere in the stands (full details on the website)
https://canadasevens.com
Until March 5
Beyond Van Gogh: The Immersive Experience
Agriplex at Cloverdale Fairgrounds
Over 300 of Vincent Van Gogh’s spectacular works, through the use of cutting-edge technology and an original musical score, daily from 10 a.m.
vangoghsurrey.com
March 7
Walk Right Back: The Everly Brothers Story
Centennial Theatre, North Vancouver
The wonderful, yet sad, story of one of the most successful musical duos of all time, in a spectacular tribute, 7 p.m.
www.paquetteproductions.com
March 7-12
Anastasia
Queen Elizabeth Theatre
An incredible theatre production, the story of a charming Russian street sweeper named Anya
www.vancouver-theatre.com/theaters/queen-elizabeth-theatre/anastasia
Abbotsford Canucks at Abbotsford Centre
March 7: vs Manitoba Moose, 7 p.m.
March 8: vs Manitoba Moose, 7 p.m.
March 11: vs Colorado Eagles, 7 p.m.
March 12: vs Colorado Eagles, 4 p.m.
March 17: vs Ontario Reign, 7 p.m.
March 18: vs Ontario Reign, 7 p.m.
www.abbotsford.canucks.com
Vancouver Whitecaps at BC Place
March 8: vs FC V Real CD Espana, 7 p.m.
March 11: vs FC Dallas, 2 p.m.
April 1: vs FC CF Montreal, 7:30 p.m.
www.whitecapsfcs.com
March 18 (8 p.m.) March 19 (3 p.m.)
Driving Me Crazy
The Act Theatre, Maple Ridge
The story of three generations in a family, and the unique relationships with their vehicles
theactmapleridge.org/driving-me-crazy
March 19
Legends Tribute Show
Centennial Theatre, North Vancouver
Professional artists paying tribute to Roy Orbison, Connie Francis, Elvis and Motown, 2 p.m.
centennialtheatre.com
Until March 19
Keeping the Song Alive
Bill Reid Gallery
Through traditional music, contemporary art, film and historical documentation, an exhibit exploring the decades-long work of Dr. Ida Halpern and the late Kwakwaka’wakw Chiefs Billy Assured and Mungo Martin
www.billreidgallery.ca
March 24
Rhapsody and the Blues
Grosvenor Theatre, Kay Meek Arts Centre, West Vancouver
Masterfully done rendition of George Gershwin’s Rhapsody in Blue plus the music of Duke Ellington, Oscar Peterson, Nat King Cole and more, 7:30 p.m.
kaymeek.com/events/rhapsody-and-the-blues
March 24-26
Festival du Bois: Francophone Festival
Parc Mackin, Coquitlam
Featuring French-Canadian music, food, workshops and a variety of cultural festivities, including a Children’s Tent (full details on the website)
https://www.festivaldubois.ca
March 25
Candlelight: From Bach to the Beatles
Holy Trinity Cathedral, Vancouver
The wonderfully-talented Listeso String Quartet takes you from Bach to the Beatles in the gentle glow of candlelight, 7 and 9 p.m.
feverup.com
Until April 23
FlyOver Canada, featuring Hawaii From Above
In addition to the Canadian experience, some of Hawaii’s most iconic island sights; daily from 10 a.m. - 9 p.m. (purchase tickets online in advance)
https://www.flyovercanada.com
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
www.vanaqua.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
https://vanmaritime.com/featured-exhibitions
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
Sea to Sky Gondola
Squamish
Spectacular Sky Pilot suspension bridge walking trails, the Via Ferrata adventure and many other mountain-top activities
Spectacular Sky Pilot suspension bridge walking trails, the Via Ferrata adventure and many other mountain-top activities
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
Over 65,000 animals under one roof, home of the only Marine Mammal Rescue Centre in Canada (mandatory face masks)
www.vanaqua.org
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
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
