IN THIS ISSUE:
• Summer statistics set stage for September
• News: Rate change, Leger poll and Dr. Seuss
• Decor: The comeback of Mid Century Modern
• Cruise ships: viewing season coming to a close
• Events calendar: first autumn month a busy one
August real estate statistics as expected
The summer of ’22 was predictably quiet for real estate. Rising interest rates and an inventory shortage are the principal reasons for the relative inactivity found in the August statistics from the Real Estate Board of Greater Vancouver. And now fall is here. Typically, the first week after Labour Day is a time for post-summer activity to begin emerging as people in general and real-estate participants in particular stir from their summer vacations and start feeling it’s time to get on with their lives.
Often, that means moving.
The second week of September is traditionally when that activity really starts to blossom.
Residential sales in Metro Vancouver were down 40.7 per cent compared to August of ’21. Sales were about the same as July of this year and 29.2 per cent below the 10-year average for August.
The time for growth is ripe. The caveat, as always, is how many listings there are.
In August, there were 3,328 new listings for detached homes, attached homes and apartments. The previous August, that number was 4,032. Last September, there were 5,171 new listings, so it will be interesting to see how that number compares when this September statistics are in, next month.
Often, that means moving.
The second week of September is traditionally when that activity really starts to blossom.
Residential sales in Metro Vancouver were down 40.7 per cent compared to August of ’21. Sales were about the same as July of this year and 29.2 per cent below the 10-year average for August.
The time for growth is ripe. The caveat, as always, is how many listings there are.
In August, there were 3,328 new listings for detached homes, attached homes and apartments. The previous August, that number was 4,032. Last September, there were 5,171 new listings, so it will be interesting to see how that number compares when this September statistics are in, next month.
However, there were more homes — that's in total, including the new listings — on MLS this August (9,662) compared to last August (9,005).
In its monthly release, the REBGV said:
“With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer. This shift in market conditions caused prices to edge down over the past four months. Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs. Preparation is critical in today’s market. Work with your realtor to assess what today’s home prices, financing options, and other considerations mean for you.”
The decrease in sales applied to all three categories, with the largest drop in detached homes: 45.3 per cent. As for prices, the all-important sales-to-active-listings ratio implies that they’re at least stable. Any ratio between 12 and 20 per cent for a sustained period usually means stable pricing, and in August those percentages were 12.2 per cent (detached), 25.3 per cent (attached) and 24.8 per cent (apartments).
That’s another statistic worth checking as the fall market evolves.
In its monthly release, the REBGV said:
“With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer. This shift in market conditions caused prices to edge down over the past four months. Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs. Preparation is critical in today’s market. Work with your realtor to assess what today’s home prices, financing options, and other considerations mean for you.”
The decrease in sales applied to all three categories, with the largest drop in detached homes: 45.3 per cent. As for prices, the all-important sales-to-active-listings ratio implies that they’re at least stable. Any ratio between 12 and 20 per cent for a sustained period usually means stable pricing, and in August those percentages were 12.2 per cent (detached), 25.3 per cent (attached) and 24.8 per cent (apartments).
That’s another statistic worth checking as the fall market evolves.
Statistics for the markets of West Vancouver, North Vancouver, Vancouver West and Vancouver East are graphically displayed below, as always.
What’s in the news this month
Is the bank’s next rise of interest rates the end of that trend?
Another interest-rate bump is expected to be announced this month by the Bank of Canada, and now there is speculation it will be the last one for a while. CIBC’s team of experts anticipates the next hike (75 basis points) will take the prime lending rate to 3.25 per cent, and that “a narrative shift is coming” which would pause the B of C’s rate-hiking cycle.
Polled Canadians willing to take on home prices by moving
A study conducted this summer by the largest Canadian-owned market research and analytics company, Leger, estimates that 64 per cent of Canadians are willing to move to a more affordable area and/or a more affordable home because of high prices and rising interest rates. The online project involved 1,500 Canadians selected from a pool of 400,000 people across the country.
Home of Dr. Seuss on the market for first time in 74 years
Three decades after the famous children’s author died, his home is on the market for $19 million (US). Theodor Seuss Geisel purchased it in 1948 and the Los Angeles Times says many of his classics were written at the home just listed by the University of California San Diego, to which it was gifted by the Geisel Trust in 2019. It comes with a 270-degree view of the Pacific Ocean.
“We think this is the seventh time our family or friends have been represented by Dale and Jennifer, so that alone tells you what we think of them.”
— John and Freda Cryer, North Vancouver
Decor: A furniture style that’s timeless
12th in a Series
Every month, News From Nexus features ideas or observations about Decor, or ways you can make your home more appealing
Several pieces of furniture in the dining room and living room had served their purpose. After two decades, it was time to replace them. The frames were brass-plated, the shelves or table tops were thick, bevelled glass. They still looked nice, but were starting to show some wear.
Onto Craigslist went the first piece, a shelf unit more than two metres (seven feet) across and almost two metres (six feet) high.
Twenty bucks?
Within minutes of posting, there was interest. Within hours, multiple inquiries and a buyer. It went for the $20 asking price and a few days
later the owner discovered why the interest was so high. The furniture was classified as “Mid Century Modern” — MCM, for short.
Twenty bucks?
Within minutes of posting, there was interest. Within hours, multiple inquiries and a buyer. It went for the $20 asking price and a few days
later the owner discovered why the interest was so high. The furniture was classified as “Mid Century Modern” — MCM, for short. And it’s popular, like it was right after World War II. Everything that comes around…
The term MCM was first used almost 70 years ago. It was applied to interior, product, graphic design, architecture, and urban development. It was typically characterized by clean, simple lines and honest use of materials. Just like the shelf unit.
You may notice its resurgence in homes for sale, or you may find it attractive (chic?) enough to buy for your own. Its look has been determined by a number of characteristics. One is functionality, one of the reasons it has survived all these years, because it was built to last and because it has no parts without purpose.
Another characteristic is the simplicity that accompanies functionality, which has led to the creation of coffee tables and chairs that are undeniably beautiful. And being simple, it’s also not cluttered, either in design or in “accessories” such as trinkets and collections.
Similarly simple are colours and materials, which can range from glass to acrylic and formica...and especially wood, teak in particular. Oh yes, and brass, too. Experts say that MCM’s colour palette is bold and encompasses the bright hues of the 1950s and the earthy tones of the succeeding decades. To update an MCM piece, neutral tones with a splash of bright colour are attractive without spoiling the MCM look.
They say that Mid Century Modern is timeless and the 77-year span since the war ended surely supports that thinking. In Palm Springs, where many Canadian snowbirds spend at least part of the winter, there is a Modernism Week every February and a "mini-Modernism Week" every October, plus architecture tours from October to May, inspired by "modernism."
This renewed popularity means you’ll pay more for MCM furniture than the original owners paid.
The term MCM was first used almost 70 years ago. It was applied to interior, product, graphic design, architecture, and urban development. It was typically characterized by clean, simple lines and honest use of materials. Just like the shelf unit.
You may notice its resurgence in homes for sale, or you may find it attractive (chic?) enough to buy for your own. Its look has been determined by a number of characteristics. One is functionality, one of the reasons it has survived all these years, because it was built to last and because it has no parts without purpose.
Another characteristic is the simplicity that accompanies functionality, which has led to the creation of coffee tables and chairs that are undeniably beautiful. And being simple, it’s also not cluttered, either in design or in “accessories” such as trinkets and collections.
Similarly simple are colours and materials, which can range from glass to acrylic and formica...and especially wood, teak in particular. Oh yes, and brass, too. Experts say that MCM’s colour palette is bold and encompasses the bright hues of the 1950s and the earthy tones of the succeeding decades. To update an MCM piece, neutral tones with a splash of bright colour are attractive without spoiling the MCM look.
They say that Mid Century Modern is timeless and the 77-year span since the war ended surely supports that thinking. In Palm Springs, where many Canadian snowbirds spend at least part of the winter, there is a Modernism Week every February and a "mini-Modernism Week" every October, plus architecture tours from October to May, inspired by "modernism."
This renewed popularity means you’ll pay more for MCM furniture than the original owners paid.
Or you can just watch for bargain pieces on Craigslist.
One current theory about buying and selling
There are always plenty of predictions when it comes to projecting where the housing market is, or isn’t, going. Experts have facts to validate their theories, and as everybody knows facts are in the past or they wouldn’t be facts. The future always comes without guarantees.To be active in the real estate market requires a leap of faith that’s often based on what a variety of facts, and a variety of experts, anticipate housing prices are expected to do. That includes looking at “micro markets” because an analysis of the market at large may differ from what’s
happening in your neighbourhood — and that’s why Jennifer and Dale are so important. One such “big-picture” analyst is Murtaza Haider, who co-writes a column for the Financial Post with Stephen Moranis. It was, however, during a TV interview with Global National that Haider offered some thoughts to help inexperienced or uncertain buyers/sellers understand how a market with lower home prices and higher interest rates could affect them.
“Affordability is not just the price of a property but what comes out of your pocket every month, then you realize that a lower price and higher mortgage could even mean more money going out of your pocket every month to support that mortgage,” said Haider. “So the answer is not whether now is the right time to buy or not. The right time is when you’re ready to purchase based on your family and financial circumstances that necessitate a purchase.”
He also has a theory on the dynamics of buying.
“What happens to buyers is when they see an asset losing value, with housing prices going down — they become concerned and say ‘Why should I buy now?’ even though they wanted the prices to fall, and the moment they start falling, they wait. And by doing that, they further contribute to lowering demand and hence lower prices. So that circle continues to unfold. Until such time that the demand comes back, prices start to rise.”
While decidedly eastern in its focus, the Global report also addresses the long-held theory that buying an old house and renovating it is a good idea, as well as when it’s the right time to be a seller.
“If your circumstances necessitate a sale, then sell,” Haider recommends. “Don’t try to time the market.”
The entire report is available here.
He also has a theory on the dynamics of buying.
“What happens to buyers is when they see an asset losing value, with housing prices going down — they become concerned and say ‘Why should I buy now?’ even though they wanted the prices to fall, and the moment they start falling, they wait. And by doing that, they further contribute to lowering demand and hence lower prices. So that circle continues to unfold. Until such time that the demand comes back, prices start to rise.”
While decidedly eastern in its focus, the Global report also addresses the long-held theory that buying an old house and renovating it is a good idea, as well as when it’s the right time to be a seller.
“If your circumstances necessitate a sale, then sell,” Haider recommends. “Don’t try to time the market.”
The entire report is available here.
Cruise ships visiting Vancouver in September
The cruise ship season winding down. September is the last month with a full slate of ships arriving in, and leaving from, Burrard Inlet. There are only two days — September 13 and 27 — when there won't be a cruise ship in Vancouver.
On then other 28 days, at least one ship will be in port. In all, 57 ships will be seen going under the Lions Gate Bridge, arriving and leaving, which makes for the typical wonderful summer views from both sides of the Inlet. The ships are all listed at nexusrealtycorp.com and if you click on the link for each one, you'll be able to find out more about that ship.
That even in this era of more people than ever working from home, the most expensive office space in the world ($163 per square foot) is not in Dubai or New York or Tokyo but in London, with Toronto 10th and Vancouver 11th at $72 and $67, respectively?
Photo credits: Night scene False Creek & cruise ship — Guy Bishop
Real Estate Monthly Statistics
The following statistics for West Vancouver, North Vancouver, Vancouver West and Vancouver East compare August 2022 to August 2021 (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.
1102 - 1480 Duchess Avenue, West Vancouver
$998,000
2423 Mathers Avenue, West Vancouver
$2,495,000
891 165 Street, White Rock, South Surrey
$1,598,000
What's happening in September throughout the Lower Mainland, with protocols included as currently known.
Dining in the Dark: A Unique Blindfolded Dining Experience
Fable Diner and Bar, 755 Richards St.
Donning your blindfold in the darkened, candlelit room, then realizing that focusing on taste and smell alone can be a truly enlightening experience
feverup.com
September 22
Eagles Hotel California 2022
Rogers Arena
Still touring 46 years after original release of their signature song
eagles.com
September 24
Vancouver International Guitar Festival
Creekside Community Recreation Centre, False Creek
Finding everything you need to know about buying, selling, making and playing guitars
https://vancouverguitarfestival.com
B.C. Lions at B.C. Place Stadium
September 24: vs Calgary Stampeders, 7 p.m.
September 30: vs Ottawa Redblacks, 7:30 p.m.
www.bclions.com/schedule
Vancouver Canucks at Rogers Arena
September 25: vs Calgary Flames (split squad), 4 p.m.
September 29: vs Seattle Kraken, 6:30 p.m.
www.canucks.com/schedule
September 29 - October 9
Vancouver International Film Festival
1181 Seymour St.
Over 200 films, in every imaginable genre, as well as live talks and events
viff.org
EVENTS ON NOW
Orpheum Theatre Walking Tours
884 Granville St., Vancouver
Free guided tours of the Orpheum Theatre, one of the most beautiful concert halls in North America
www.destinationvancouver.com
On now
The Great Salmon Run 4D Experience
Vancouver Aquarium, Stanley Park
Based on one of Mother Nature’s most amazing events; 10 a.m - 5 p.m. daily (COVID-19 protocols in effect)
www.vanaqua.org
Until September 25
Vancouver International Flamenco Festival
Various locations
Innovative, dynamic flamenco performances…both ticketed and free events
vancouverflamencofestival.org
Until September 25
Wildlife Rescue: Miracles in Conservation
Vancouver Aquarium, Stanley Park
An up-close look at incredible animals, with hands-on displays and experts to answer your questions
vanaqua.org/explore/experiences/wildlife-rescue
Wildlife Rescue: Miracles in Conservation
Vancouver Aquarium, Stanley Park
An up-close look at incredible animals, with hands-on displays and experts to answer your questions
vanaqua.org/explore/experiences/wildlife-rescue
Until October 9
Richmond Night Market
8351 River Road, Richmond
The largest night market in North America, weekend evenings
https://richmondnightmarket.com
8351 River Road, Richmond
The largest night market in North America, weekend evenings
https://richmondnightmarket.com
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
Until February 23, 2023
T. rex: The Ultimate Predator
Science World
A life-sized model of a Tyrannosaurus rex to captivate young and old, setting the stage for entertaining investigation into dinosaur history — daily from 10:00 a.m. (Covid-19 protocols in effect)
VanDusen Botanical Gardens
Vancouver
Enjoying the great outdoors in the heart of the city, family-friendly
vandusengarden.org
Sea to Sky Gondola
Squamish
Summer Schedule
Spectacular suspension bridge, mountain music, yoga and many summer activities at the top of the mountain
www.seatoskygondola.com
Vancouver
Enjoying the great outdoors in the heart of the city, family-friendly
vandusengarden.org
Sea to Sky Gondola
Squamish
Summer Schedule
Spectacular suspension bridge, mountain music, yoga and many summer activities at the top of the mountain
www.seatoskygondola.com
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
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 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
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 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
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
On now
The Great Salmon Run 4D Experience
Vancouver Aquarium
Vancouver Aquarium
Stanley Park
Based on one of Mother Nature’s most amazing events; 10 a.m - 5 p.m. daily (Covid-19 protocols in effect)
