IN THIS ISSUE:
• Suggest a decor idea for chance to win $100 gift card
• Coming soon: presale for Character Homes project
• News: densification, affordability and lumber costs
• Lack of listings the main driver for real estate market
Decor: Your chance to have a say...and to win!
Readership response tells us there is a growing interest in reading more about home “decor” and so it’s only right you should find all topics that interest you in each edition of News From Nexus.Starting next month, there will be a a regular feature about home decor, and your help is welcome in determining what about “decor” most appeals to you.
There is a seemingly endless supply of topics under the heading of decor.
For example, if anything changes as often as clothing styles, it’s paint styles, and you’ll find out more about the hottest, newest, most popular colours.
And if you’ve ever struggled when hanging pictures, did you know there’s a pretty easy way to do it — and we’re going to show you how in News From Nexus?
Arranging furniture and finding what kinds of furniture are the rage right now is another potential topic. There are signs that antiques are making a comeback during the years of COVID-19.
That’s just for openers.
So, what would you like to read? We’re looking for your feedback, something about what you’re hoping to read on the wide-ranging subject of decor. We’ll do the research, then we’ll share your thoughts with other News From Nexus readers.
And to get you started, we’ll draw from all entries submitted by email for a $100 gift card for Starbucks. So send your decor preferences and your decor wishes to info@nexusrealtycorp.com, and to get in the draw send it before September 30th.
Inventory shortage biggest factor in markets
Whether it’s because homeowners are still nervous about selling in a pandemic world re-charged by the Delta variant, or homeowners are waiting for more favourable market conditions, here’s the bottom line about real estate in the Lower Mainland:There’s a shortage of homes for sale.
According to statistics released by the Real Estate Board of Greater Vancouver, August was another month in which the supply dropped for the third straight month. That often creates more demand than supply, which means sales go up as listings go down.
The monthly release from the REBGV explained, and added an appeal to political leaders as the September 20 election nears:
“Housing supply is the biggest factor impacting the market right now. To help relieve pressure on prices and improve peoples’ home buying options, the market needs a more
abundant supply of homes for sale. Housing affordability has been a key issue in the federal election. We encourage the political parties to focus on policy solutions that will help streamline the creation of more diverse housing options for hopeful home buyers today and into the future.”
In August, residential home sales increased 3.4 per cent in Metro Vancouver from the same month in 2020, and a 5.4 decrease from July 2021, but were still 20.4 per cent above the 10-year average for the month of August.
Meanwhile, new listings were down 30.6 per cent from a year ago and 7.9 per cent from a month ago. Combined with existing listings, the total number of homes for sale was down 29.7 per cent and 8.6 per cent, respectively.
In the markets Nexus Realty regularly tracks for its readers, in the statistics below, there is not a significant change from last month, in terms of arrows up and arrows down. The comparisons are year-to-year (between August 2020 to August 2021), and they were mostly the same as they’d been for July 2020 to July 2021.
Listings stayed down across the board, in all categories and all four micro-markets. Benchmark prices remained up across the board. The volatility — and it was minimal, especially in the two North Shore markets — was in sales.
Sales for detached homes in West Vancouver were even in July and down 12.2 per cent in August. In Vancouver East, sales went from up 23.9 per cent (July) to down 28.6 per cent (August) for attached homes. That swing of 52.5 per cent was the largest of any category in these markets except for the 75 per cent difference for West Vancouver’s attached homes, which is based on an extremely small sample size.
Until there are more homes for sale, experts conclude these trends are unlikely to change significantly.
Review:
To address the issue of density, in the City of Vancouver it’s possible for multiple families to own a piece of grass on the same lot, with a residence on that piece of grass, of course. One such property has been in the works for more than a year, with three buildings on the same lot, each with private entrances and garages. That’s the concept in the rendering with this article.
Update: The project is moving along and presales are coming soon, so stay tuned.
Because there are approvals and permits that are part of the process (especially when the concept is relatively new), and because it involves some transition in a neighbourhood, it takes time to put the plan into action — and the City of Vancouver has been most supportive in moving along the approvals, permits and neighbourhood acceptance. All moving in the right direction.
The homes have unique and defined outdoor spaces, are thoughtfully designed with things in mind such as air conditioning, minimal stairs, rooftop and ground-level private patios.
The current time estimates indicate that with pre-sales getting underway soon, construction is likely to begin before the end of the year and be completed sometime in 2022. When finished, they will increase the densification for this Vancouver neighbourhood in a nice way, while providing six homes where there has been only one.
This is something that can only be done with a Character Home, defined as one built before 1940, and only in the City of Vancouver.
As you can see in the rendering, there will be three buildings on the lot. The biggest one, on the left, is the Character Home and its “character” will be maintained and extended to the other homes.
The smallest of the six residences will be about 650 square feet, the largest about 1,600 square feet and the other four will have individual square footage in between. When completed, a one-family lot will be a six-family lot, with each of these reasonably-priced homes addressing the problem of affordability in Vancouver.
Watch nexusrealtycorp.com and News From Nexus for details and timing of the presale.
In August, residential home sales increased 3.4 per cent in Metro Vancouver from the same month in 2020, and a 5.4 decrease from July 2021, but were still 20.4 per cent above the 10-year average for the month of August.
Meanwhile, new listings were down 30.6 per cent from a year ago and 7.9 per cent from a month ago. Combined with existing listings, the total number of homes for sale was down 29.7 per cent and 8.6 per cent, respectively.
In the markets Nexus Realty regularly tracks for its readers, in the statistics below, there is not a significant change from last month, in terms of arrows up and arrows down. The comparisons are year-to-year (between August 2020 to August 2021), and they were mostly the same as they’d been for July 2020 to July 2021.
Listings stayed down across the board, in all categories and all four micro-markets. Benchmark prices remained up across the board. The volatility — and it was minimal, especially in the two North Shore markets — was in sales.
Sales for detached homes in West Vancouver were even in July and down 12.2 per cent in August. In Vancouver East, sales went from up 23.9 per cent (July) to down 28.6 per cent (August) for attached homes. That swing of 52.5 per cent was the largest of any category in these markets except for the 75 per cent difference for West Vancouver’s attached homes, which is based on an extremely small sample size.
Until there are more homes for sale, experts conclude these trends are unlikely to change significantly.
Watch for Character Home project presale
It’s time for an update on the Character Home idea which you have read about before in this newsletter, and which is always featured on the Nexus Realty website.Review:
To address the issue of density, in the City of Vancouver it’s possible for multiple families to own a piece of grass on the same lot, with a residence on that piece of grass, of course. One such property has been in the works for more than a year, with three buildings on the same lot, each with private entrances and garages. That’s the concept in the rendering with this article.
Update: The project is moving along and presales are coming soon, so stay tuned.
Because there are approvals and permits that are part of the process (especially when the concept is relatively new), and because it involves some transition in a neighbourhood, it takes time to put the plan into action — and the City of Vancouver has been most supportive in moving along the approvals, permits and neighbourhood acceptance. All moving in the right direction.
The homes have unique and defined outdoor spaces, are thoughtfully designed with things in mind such as air conditioning, minimal stairs, rooftop and ground-level private patios.
The current time estimates indicate that with pre-sales getting underway soon, construction is likely to begin before the end of the year and be completed sometime in 2022. When finished, they will increase the densification for this Vancouver neighbourhood in a nice way, while providing six homes where there has been only one.
This is something that can only be done with a Character Home, defined as one built before 1940, and only in the City of Vancouver.
As you can see in the rendering, there will be three buildings on the lot. The biggest one, on the left, is the Character Home and its “character” will be maintained and extended to the other homes.
The smallest of the six residences will be about 650 square feet, the largest about 1,600 square feet and the other four will have individual square footage in between. When completed, a one-family lot will be a six-family lot, with each of these reasonably-priced homes addressing the problem of affordability in Vancouver.
Watch nexusrealtycorp.com and News From Nexus for details and timing of the presale.
What’s in the news this month?
Affordable housing:
One of the hot-button issues at the forefront of the campaigns leading up to the September 20 election is how the next government will address affordable housing. To check the positions of the three main contenders to form the Federal Government click on the links for each of the parties — Liberal Party, Conservative Party, New Democratic Party.The cost of building homes:
As August came to an end, the price of lumber fell 74 per cent from an all-time high in May, because there is now a lot of wood in the distribution system — the reason is the high prices in the spring fuelled increased production just as builders and do-it-yourself carpenters quit buying. Could a decrease in the cost of building new homes be next?Dealing With Density in Vancouver:
The Vancouver Sun reports that the city is pushing high-density rental housing in seeking permission to build 4-to-6 storey rental buildings in low-density neighbourhoods, and that the “Vancouver Plan” is moving to the public meeting phase in October and November. An updated version of the Plan calls for “quick start actions.”Impact of the ever-changing Hong Kong
For close to a couple of years, at least, the prospect of how the "situation in Hong Kong" might have an impact on real estate in Canada in general and Vancouver in particular has been simmering.As democracy deteriorates, the potential exodus from Hong Kong grows — of Canadian citizens and those who have a legal right to live in Canada. This has always been a sizeable number and now a survey conducted by a non-profit research firm could mean an even more dramatic impact.
According to a study from Hamazaki Wong Marketing Group and Vividata, more than 60 million adults from China (not just Hong Kong) are “considering immigration” to Canada in the next two years. This does not mean more than 60 million will immigrate, of course, but it could be a larger number than past speculation.
Remember, there are at least 500,000 Hong Kong residents who are either Canadian citizens, Canadian residents or people with the right to enter Canada.
Of the people surveyed, most are “educated, affluent, and relatively fluent in English” — and 96 per cent of them are between the ages of 36 and 64. Half of them have a Masters degree and 75 per cent have a bachelor’s degree. For a country committed to improving immigration and a country in need of educated professionals to grow its economy, as Canada is, Hong Kong seems to be an appropriate source.
For Hong Kong emigrants, there is often a need to make sure their assets can be liquidated, and there are signs that is happening, quietly and consistently. A Reuters News Service story reported that Hong Kong “saw its highest capital outflow to Canada on record last year, surpassing $40 billion.”
In other words, the impact on Canada’s economy — and real estate market — is already underway.
Client testimonial: 'Our experience...perfect in every way!
One of the things that makes Nexus Realty so fortunate is that clients often are willing to share their experience with others, as a testament of what to expect from Dale and Jennifer. The latest to do that are the McCrindles, Helen and Dal, who moved from one end of West Vancouver to another, 12 kilometres away.Here is what the McCrindles had to say about Nexus Realty:
“We decided to move from our home of 33 years in Dundarave, West Vancouver, just because our neighbourhood had changed so much. We looked at many homes in North Vancouver and then thought of Horseshoe Bay as an interesting community.
“We contacted Dale and Jennifer to arrange to visit some homes that were for sale. They were very thorough in suggesting available properties. Dal was convinced he had found the perfect house with a large back yard to accommodate our dog, Bonnie Jean. Helen was less enthusiastic about that house.
“We heard there was an Open House at a home on Argyle Avenue in Horseshoe Bay. Dale arranged a viewing. After the viewing, Helen said in the car: 'I want it!' Jennifer and Dale made it happen.
“They were so helpful and knowledgeable, steering us through the possible deterrents with the sale of our house – old oil tank under the concrete floor of our garage, and 1930s changes to the orientation of our house which made it a corner-flanking lot, thereby potentially limiting any future new construction.
“Our experience with Nexus Realty was perfect in every way!”
Here are complete testimonials from Nexus Realty clients
That, according to a report by a global real estate agency (Knight Frank), Toronto had the largest price growth for luxury homes in the second quarter of 2021 — 27 per cent — followed by Shanghai (21 per cent), Seoul and Guangzhou, China (both 20 per cent)?
Real Estate Monthly Statistics
The following statistics for West Vancouver, North Vancouver, Vancouver West and Vancouver East compare August 2021 to August 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.
This is the month that kicks off busier times for just about everybody, and while the effect of COVID-19 is still being felt, the list of things to do continues to grow. Here is what September looks like:
Until September 6
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
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
Vancouver Whitecaps at BC Place
September 4: vs Austin, 4 p.m.
September 10: vs Portland, 7 p.m.
September 25: vs Dallas, 7 p.m.
September 29: vs Houston, 6 p.m.
October 2: vs San Jose Earthquake, 7 p.m.
www.whitecapsfc.com
BC Lions at BC Place
September 11: vs Ottawa Redblacks, 7 p.m.
September 24: vs Saskatchewan Roughriders, 7:30 p.m.
October 1: vs Winnipeg Blue Bombers, 7 p.m.
www.ticketmaster.ca/bc-lions-tickets
September 18-19
Canada Sevens Rugby, BC Place
Two days of rugby matches and the ultimate costume party, with fans attending in creative outfits
canadasevens.com
September 18-26
Dragon Boat Festival (free admission)
On the shores of False Creek, featuring cultural programming with exhibits, installations, performances, discussion panels and stages with local artists, highlighted on the water by dragon boat races
concorddragonboatfestival.ca
September 24-October 24
BC Culture Days
A month-long celebration, with a wide range of socially-distanced outdoor and pre-registered indoor workshops including art journalling, medicine pouch-making, dance and music jam sessions — and livestream events featuring visual art exhibitions, artist talks and poetry readings and an online film festival.
cultural days.ca/bc
September 25
The Shipyards Festival
9 a.m. - 7:30 p.m.
A music festival and street party at the waterfront in North Vancouver’s Lower Lonsdale area, with two stages for performers, and a variety of vendors and activities for all ages
shipyardsfestival.com
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 15
Imagine Van Gogh
Dozens of the Dutch artist’s paintings in the travelling art exhibition at the Vancouver Convention Centre
vancouversbestplaces.com/vancouver-art-exhibition
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
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.or
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.or
Vancouver Aquarium
Now re-opened with limited capacity but once inside, visitors can explore everywhere — underwater galleries, tropical exhibits with amphibians and the 4D Theatre (the film Octopus) all open with the added bonus of five live cams
vanaqua.org
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
Chan Centre - Virtual Stage
In order to keep patrons, artists and staff safe during the pandemic, Chan Centre performances now temporarily moved online.
For tickets to all current and upcoming events: tickets.
vanaqua.org
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
Chan Centre - Virtual Stage
In order to keep patrons, artists and staff safe during the pandemic, Chan Centre performances now temporarily moved online.
For tickets to all current and upcoming events: tickets.
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
