IN THIS ISSUE:
IN THIS ISSUE:
• REBGV: Memorable month for Vancouver market
• 'I could not have been in more caring or capable hands'
• Real estate's new normal: virtual marketing & moving
• Interest-rate prognosis by Bank of Canada boss stunning
REBGV statistics: Vancouver market heating up
What do you have when there’s a pent-up demand for housing, a limited supply and an increase in sales and prices?
You have July in Vancouver.
Relative to the past decade, it was a record July performance. Residential home sales were 9.4 per cent higher than the 10-year average for July. Compared to July 2019, sales were up 22.3 per cent. Compared to the previous month (June 2020), sales were up 28 per cent.
These figures were compiled and released by the Real Estate Board of Greater Vancouver at the beginning of August, and there are signs that as a result of the activity the inventory of homes is on the rise. While there were 15.1 per cent fewer homes listed than there were a year ago (July 2019), new listings were up 28.9 per cent over last July, and 5.8 per cent over June 2020. The latest number of detached, attached and apartment properties on the market in Greater Vancouver is 12,083. Of those, 5,948 are new listings. Total number of sales last month was 3,128.
The REBGV explains the activity this way:
“We're seeing the results today of pent-up activity, from both home buyers and sellers, that had been accumulating in our market throughout the year. Low interest rates and limited overall supply are also increasing competition across our market.”
Prices?
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,031,400, a 4.5 per cent increase over July 2019 and a 0.6 per cent increase over June 2020. One recent national study showed that Vancouver real estate prices were rising at a rate of about three per cent.
Also on the rise was the sales-to-active listings ratio, another statistical yardstick for measuring real estate activity. Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while upward pressure occurs when it surpasses 20 per cent.
For all property types, in July 2020 it was 25.9 per cent — 25.1 per cent for detached homes, 31.1 per cent for townhomes and 24.7 per cent for apartments.
July, if nothing else, was a memorable month for real estate.
What do you have when there’s a pent-up demand for housing, a limited supply and an increase in sales and prices?
You have July in Vancouver.
Relative to the past decade, it was a record July performance. Residential home sales were 9.4 per cent higher than the 10-year average for July. Compared to July 2019, sales were up 22.3 per cent. Compared to the previous month (June 2020), sales were up 28 per cent.
These figures were compiled and released by the Real Estate Board of Greater Vancouver at the beginning of August, and there are signs that as a result of the activity the inventory of homes is on the rise. While there were 15.1 per cent fewer homes listed than there were a year ago (July 2019), new listings were up 28.9 per cent over last July, and 5.8 per cent over June 2020.
You have July in Vancouver.Relative to the past decade, it was a record July performance. Residential home sales were 9.4 per cent higher than the 10-year average for July. Compared to July 2019, sales were up 22.3 per cent. Compared to the previous month (June 2020), sales were up 28 per cent.
These figures were compiled and released by the Real Estate Board of Greater Vancouver at the beginning of August, and there are signs that as a result of the activity the inventory of homes is on the rise. While there were 15.1 per cent fewer homes listed than there were a year ago (July 2019), new listings were up 28.9 per cent over last July, and 5.8 per cent over June 2020.
The latest number of detached, attached and apartment properties on the market in Greater Vancouver is 12,083. Of those, 5,948 are new listings. Total number of sales last month was 3,128.
The REBGV explains the activity this way:
“We're seeing the results today of pent-up activity, from both home buyers and sellers, that had been accumulating in our market throughout the year. Low interest rates and limited overall supply are also increasing competition across our market.”
Prices?
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,031,400, a 4.5 per cent increase over July 2019 and a 0.6 per cent increase over June 2020. One recent national study showed that Vancouver real estate prices were rising at a rate of about three per cent.
Also on the rise was the sales-to-active listings ratio, another statistical yardstick for measuring real estate activity. Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while upward pressure occurs when it surpasses 20 per cent.
For all property types, in July 2020 it was 25.9 per cent — 25.1 per cent for detached homes, 31.1 per cent for townhomes and 24.7 per cent for apartments.
July, if nothing else, was a memorable month for real estate.
The REBGV explains the activity this way:
“We're seeing the results today of pent-up activity, from both home buyers and sellers, that had been accumulating in our market throughout the year. Low interest rates and limited overall supply are also increasing competition across our market.”
Prices?
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,031,400, a 4.5 per cent increase over July 2019 and a 0.6 per cent increase over June 2020. One recent national study showed that Vancouver real estate prices were rising at a rate of about three per cent.
Also on the rise was the sales-to-active listings ratio, another statistical yardstick for measuring real estate activity. Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while upward pressure occurs when it surpasses 20 per cent.
For all property types, in July 2020 it was 25.9 per cent — 25.1 per cent for detached homes, 31.1 per cent for townhomes and 24.7 per cent for apartments.
July, if nothing else, was a memorable month for real estate.
Nexus client...brightening our summer
Our business, like most, is based on having satisfied clients. So when we have a client who is so happy they want us to share their experience with others, we humbly and happily pass it along. That’s why we have testimonials, and we are grateful for all of them, none more so than the testimonial from former West Vancouver resident Maria Jones, who brightened our summer on the July day that she sent this: The decision to sell the family home of 35 years was not easy. It was, therefore, incredibly fortunate that an “Open House” brought Dale and Jennifer into my life at that time.
From the first meeting with this extraordinary team to the closing of the sale on my home almost 11 months later, I could not have been in more caring or capable hands. Dale and Jennifer quietly and competently moved into my life and supported me through the anguish of separating from the home in which I had shared the last 15 years of both my parents’ lives and even longer with my only child, before he married and moved to Germany. The process was fraught with emotional and physical hurdles for which I was badly prepared. I never had to face them alone; Dale and Jennifer used their integrity, experience and compassion to assist me in preparing the property and myself for the sale.
When the climate changed in the market and it became evident the sale was going to take longer than we had initially expected, Dale and Jennifer never missed a beat. Jennifer kept her focus on current market-related details and my well-being. Never hesitating to contact each and every prospective purchaser, Dale’s perseverance and solid sales approach was rewarded and my home sold for an exceptionally good price, long after the activity and interest in West Van properties had cooled.
Even when I had to be out of the country, Dale and Jennifer kept me up to date with what they were doing every step of the way. In fact, it was during a three-way conversation with me while I was in Australia that the sale was successfully concluded.
Over 70 and entirely on my own, now and at the time of the sale, I am grateful for the many kindnesses Dale and Jennifer showed me, the professional and warm way in which all our dealings were conducted and for the friendship they continue to demonstrate today.
Our business, like most, is based on having satisfied clients. So when we have a client who is so happy they want us to share their experience with others, we humbly and happily pass it along. That’s why we have testimonials, and we are grateful for all of them, none more so than the testimonial from former West Vancouver resident Maria Jones, who brightened our summer on the July day that she sent this:
The decision to sell the family home of 35 years was not easy. It was, therefore, incredibly fortunate that an “Open House” brought Dale and Jennifer into my life at that time.
From the first meeting with this extraordinary team to the closing of the sale on my home almost 11 months later, I could not have been in more caring or capable hands. Dale and Jennifer quietly and competently moved into my life and supported me through the anguish of separating from the home in which I had shared the last 15 years of both my parents’ lives and even longer with my only child, before he married and moved to Germany. The process was fraught with emotional and physical hurdles for which I was badly prepared. I never had to face them alone; Dale and Jennifer used their integrity, experience and compassion to assist me in preparing the property and myself for the sale.
When the climate changed in the market and it became evident the sale was going to take longer than we had initially expected, Dale and Jennifer never missed a beat. Jennifer kept her focus on current market-related details and my well-being. Never hesitating to contact each and every prospective purchaser, Dale’s perseverance and solid sales approach was rewarded and my home sold for an exceptionally good price, long after the activity and interest in West Van properties had cooled.
Even when I had to be out of the country, Dale and Jennifer kept me up to date with what they were doing every step of the way. In fact, it was during a three-way conversation with me while I was in Australia that the sale was successfully concluded.
Over 70 and entirely on my own, now and at the time of the sale, I am grateful for the many kindnesses Dale and Jennifer showed me, the professional and warm way in which all our dealings were conducted and for the friendship they continue to demonstrate today.
From the first meeting with this extraordinary team to the closing of the sale on my home almost 11 months later, I could not have been in more caring or capable hands. Dale and Jennifer quietly and competently moved into my life and supported me through the anguish of separating from the home in which I had shared the last 15 years of both my parents’ lives and even longer with my only child, before he married and moved to Germany. The process was fraught with emotional and physical hurdles for which I was badly prepared. I never had to face them alone; Dale and Jennifer used their integrity, experience and compassion to assist me in preparing the property and myself for the sale.When the climate changed in the market and it became evident the sale was going to take longer than we had initially expected, Dale and Jennifer never missed a beat. Jennifer kept her focus on current market-related details and my well-being. Never hesitating to contact each and every prospective purchaser, Dale’s perseverance and solid sales approach was rewarded and my home sold for an exceptionally good price, long after the activity and interest in West Van properties had cooled.
Even when I had to be out of the country, Dale and Jennifer kept me up to date with what they were doing every step of the way. In fact, it was during a three-way conversation with me while I was in Australia that the sale was successfully concluded.
Over 70 and entirely on my own, now and at the time of the sale, I am grateful for the many kindnesses Dale and Jennifer showed me, the professional and warm way in which all our dealings were conducted and for the friendship they continue to demonstrate today.
New to the new world of Vancouver real estate?
Say that you’ve bought or sold houses half a dozen times in your life, but none of them in the last half-dozen years…or even the last half dozen months. Say that you’re thinking of selling the family home and buying something that better suits your current lifestyle. Be prepared to be surprised.
With the coronavirus came a different way of doing business in real estate. It is, in short, a whole new ball game.
It starts with marketing, as in “virtual” marketing.
In today’s climate, if it’s your house:
You won’t likely have as much physical traffic going through it, because much of the marketing will already have been done virtually, through programs like Matterport, and decisions could be made on the basis of that. Often only one buyer (or one set of buyers) at a time will be shown the house, with your realtor, although this is not a hard-and-fast rule. Open houses are possible again, but with limitations and regulations. Many have been replaced by virtual open houses. And when a physical showing is over, you can expect your home to be as sanitized as you leave it…at least you can expect that if you’re a Nexus client.
In today’s climate, if you’d like to buy the house:
You’ll have the opportunity to take a virtual tour of the home to get a good sense of what it offers before setting foot inside. And once you do set foot in it, you will be asked to practice social distancing, and you may wish to wear a mask or gloves. You may be asked not to touch things you might have been accustomed to touching when visiting a house on the market, and perhaps to sign a form agreeing to the provincial health authority protocols regarding COVID-19 contacts.
Some of these things may never return to the “old way” of buying and selling houses. Buyers, sellers and realtors are all getting used to the new world of real estate and, like the rest of the outside world, adjusting to the new normal.
With the coronavirus came a different way of doing business in real estate. It is, in short, a whole new ball game.
It starts with marketing, as in “virtual” marketing.
In today’s climate, if it’s your house:
You won’t likely have as much physical traffic going through it, because much of the marketing will already have been done virtually, through programs like Matterport, and decisions could be made on the basis of that. Often only one buyer (or one set of buyers) at a time will be shown the house, with your realtor, although this is not a hard-and-fast rule. Open houses are possible again, but with limitations and regulations. Many have been replaced by virtual open houses. And when a physical showing is over, you can expect your home to be as sanitized as you leave it…at least you can expect that if you’re a Nexus client.
In today’s climate, if you’d like to buy the house:
You’ll have the opportunity to take a virtual tour of the home to get a good sense of what it offers before setting foot inside. And once you do set foot in it, you will be asked to practice social distancing, and you may wish to wear a mask or gloves. You may be asked not to touch things you might have been accustomed to touching when visiting a house on the market, and perhaps to sign a form agreeing to the provincial health authority protocols regarding COVID-19 contacts.
Some of these things may never return to the “old way” of buying and selling houses. Buyers, sellers and realtors are all getting used to the new world of real estate and, like the rest of the outside world, adjusting to the new normal.
That of the seven provinces or territories that showed an increase in the price of an average house in May, two months into the pandemic, the top three were P.E.I. (9.2%) and Quebec (8.2%), and B.C. was fourth (3.0%) behind the Northwest Territories?
“Interest rates are very low and they are going to be there for a long time,” Bank of Canada Governor Tiff Macklem. That statement, in mid-July, was at the very least unique and at the very most stunning to financial analysts who interpreted that “a long time” means perhaps two years.
The Bank of Canada’s new governor added this:
“I can’t put a date on it. You need to get to a point when Canada’s economy and society and every other jurisdiction is operating in whatever the new environment is.”
The Financial Post’s interpretation was: “…it’s possible to deduce from recent data and the Bank of Canada’s latest quarterly economic report that the right conditions won’t be met until late 2022 at the earliest.”
To use a word that applies to so many things about 2020, it’s unbelievable that the Bank of Canada — long known for keeping its intentions quiet — would make or at least imply that interest rates would remain more or less static for two years.
Naturally, the effect of that will be felt by the real estate market.
This is positive for the market, of course, but it is just one more indicator that real estate is unlikely to suffer the catastrophic predictions some have said it will. There is already ample proof that pent-up demand is supporting market activity as the world gets more accustomed to the new normal of living with COVID-19. Real estate prices have remained stable, at least in the Lower Mainland, and the fluctuation of activity seems to depend on individual niche markets.
And as attractive as low interest rates are for buyers, it is also counter-balanced by new mortgage regulations that went into effect on Canada Day. The rules will make it more difficult for some Canadians to buy homes, as outlined in the July issue of News From Nexus. Low interest rates for a long time helps to level that playing field.
“Interest rates are very low and they are going to be there for a long time,” Bank of Canada Governor Tiff Macklem.
That statement, in mid-July, was at the very least unique and at the very most stunning to financial analysts who interpreted that “a long time” means perhaps two years.
The Bank of Canada’s new governor added this:
“I can’t put a date on it. You need to get to a point when Canada’s economy and society and every other jurisdiction is operating in whatever the new environment is.”
The Financial Post’s interpretation was:
The Bank of Canada’s new governor added this:
“I can’t put a date on it. You need to get to a point when Canada’s economy and society and every other jurisdiction is operating in whatever the new environment is.”
The Financial Post’s interpretation was:
“…it’s possible to deduce from recent data and the Bank of Canada’s latest quarterly economic report that the right conditions won’t be met until late 2022 at the earliest.”
To use a word that applies to so many things about 2020, it’s unbelievable that the Bank of Canada — long known for keeping its intentions quiet — would make or at least imply that interest rates would remain more or less static for two years.
Naturally, the effect of that will be felt by the real estate market.
This is positive for the market, of course, but it is just one more indicator that real estate is unlikely to suffer the catastrophic predictions some have said it will. There is already ample proof that pent-up demand is supporting market activity as the world gets more accustomed to the new normal of living with COVID-19. Real estate prices have remained stable, at least in the Lower Mainland, and the fluctuation of activity seems to depend on individual niche markets.
And as attractive as low interest rates are for buyers, it is also counter-balanced by new mortgage regulations that went into effect on Canada Day. The rules will make it more difficult for some Canadians to buy homes, as outlined in the July issue of News From Nexus.
To use a word that applies to so many things about 2020, it’s unbelievable that the Bank of Canada — long known for keeping its intentions quiet — would make or at least imply that interest rates would remain more or less static for two years.
Naturally, the effect of that will be felt by the real estate market.
This is positive for the market, of course, but it is just one more indicator that real estate is unlikely to suffer the catastrophic predictions some have said it will. There is already ample proof that pent-up demand is supporting market activity as the world gets more accustomed to the new normal of living with COVID-19. Real estate prices have remained stable, at least in the Lower Mainland, and the fluctuation of activity seems to depend on individual niche markets.
And as attractive as low interest rates are for buyers, it is also counter-balanced by new mortgage regulations that went into effect on Canada Day. The rules will make it more difficult for some Canadians to buy homes, as outlined in the July issue of News From Nexus.
Low interest rates for a long time helps to level that playing field.
Moving Day — what's different, what's not
Business is still happening. That means home sales are still happening. That means moving is still happening. When you sell your house, moving is the next step, and it’s one that requires you to think about moving in a coronavirus world.
Unless it’s going to be a do-it-yourself move, strangers will be entering your house and your “bubble.” Movers should be expected to wear masks so that you are protected from a possible virus transmission from them, as well as gloves and foot protection, for the same reason.
Even before that, it’s a good idea to make sure there’s a cancellation clause in the agreement you sign, in case you have to change your plans because of COVID-19.
Having said that, moving companies are taking more care to make it comfortable and safe for their customers because, well, they want happy customers. There are still some steps that customers would be wise to take on their own.
On moving day, it’s best to have hand sanitizers by the door in case the moving company doesn’t supply it for its movers. Make sure the bathrooms are outfitted with soap and paper towels. Try to be around to disinfect things that have been touched, in particular door handles and window latches.
Part of your moving-day prep should probably include new cardboard boxes to pack your personal effects, because the virus is known to live for a day on cardboard so, while used boxes may be perfectly safe, they also may not.
It’s probably prudent to let your neighbours know about the move, because it gives them the opportunity to avoid unnecessary contact or socially distance when your movers are there. If you have canned goods or unopened food items that you’re not interested in moving, give them to your local food bank.
And if anybody in your family experiences coronavirus symptoms, change your moving day. That’s why you want a cancellation clause included.
Moving can be just safe and comfortable as always, and chances are your move will be completed without a hitch. However, in the coronavirus world, it’s always wise to take as many precautions as possible.
Photo: Erda Estremera, unsplash
Business is still happening. That means home sales are still happening. That means moving is still happening.
When you sell your house, moving is the next step, and it’s one that requires you to think about moving in a coronavirus world.
Unless it’s going to be a do-it-yourself move, strangers will be entering your house and your “bubble.” Movers should be expected to wear masks so that you are protected from a possible virus transmission from them, as well as gloves and foot protection, for the same reason.
Even before that, it’s a good idea to make sure there’s a cancellation clause in the agreement you sign, in case you have to change your plans because of COVID-19.
Having said that, moving companies are taking more care to make it comfortable and safe for their customers because, well, they want happy customers. There are still some steps that customers would be wise to take on their own.
On moving day, it’s best to have hand sanitizers by the door in case the moving company doesn’t supply it for its movers. Make sure the bathrooms are outfitted with soap and paper towels. Try to be around to disinfect things that have been touched, in particular door handles and window latches.
Part of your moving-day prep should probably include new cardboard boxes to pack your personal effects, because the virus is known to live for a day on cardboard so, while used boxes may be perfectly safe, they also may not.
It’s probably prudent to let your neighbours know about the move, because it gives them the opportunity to avoid unnecessary contact or socially distance when your movers are there. If you have canned goods or unopened food items that you’re not interested in moving, give them to your local food bank.
And if anybody in your family experiences coronavirus symptoms, change your moving day. That’s why you want a cancellation clause included.
Moving can be just safe and comfortable as always, and chances are your move will be completed without a hitch. However, in the coronavirus world, it’s always wise to take as many precautions as possible.
Photo: Erda Estremera, unsplash
Unless it’s going to be a do-it-yourself move, strangers will be entering your house and your “bubble.” Movers should be expected to wear masks so that you are protected from a possible virus transmission from them, as well as gloves and foot protection, for the same reason.
Even before that, it’s a good idea to make sure there’s a cancellation clause in the agreement you sign, in case you have to change your plans because of COVID-19.
Having said that, moving companies are taking more care to make it comfortable and safe for their customers because, well, they want happy customers. There are still some steps that customers would be wise to take on their own.
On moving day, it’s best to have hand sanitizers by the door in case the moving company doesn’t supply it for its movers. Make sure the bathrooms are outfitted with soap and paper towels. Try to be around to disinfect things that have been touched, in particular door handles and window latches.
Part of your moving-day prep should probably include new cardboard boxes to pack your personal effects, because the virus is known to live for a day on cardboard so, while used boxes may be perfectly safe, they also may not.
It’s probably prudent to let your neighbours know about the move, because it gives them the opportunity to avoid unnecessary contact or socially distance when your movers are there. If you have canned goods or unopened food items that you’re not interested in moving, give them to your local food bank.
And if anybody in your family experiences coronavirus symptoms, change your moving day. That’s why you want a cancellation clause included.
Moving can be just safe and comfortable as always, and chances are your move will be completed without a hitch. However, in the coronavirus world, it’s always wise to take as many precautions as possible.
Photo: Erda Estremera, unsplash
Real Estate Monthly Statistics
The following statistics for West Vancouver, North Vancouver, Vancouver West and Vancouver East compare July 2020 to July 2019 (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.
• 3 bedrooms • Olde Caulfeild • Great schools • Families or down-sizers • 2,300 square feet
• 3 bedrooms • Olde Caulfeild • Great schools
• Families or down-sizers • 2,300 square feet
