IN THIS ISSUE:
IN THIS ISSUE:
• Making the most of one Vancouver property
• REBGV sales, listings both up for June
• Current market always dictated by latest sales
• Watch what's happening in Hong Kong
Creating density and affordability in Vancouver
In last month’s issue of News From Nexus, you read how lawyer Richard Bell’s family of four generations all live on the same lot in Vancouver, each with “a piece of grass outside.” They are combining affordability and density, words that often don’t go together in B.C.’s largest city.
This is a growing concept.
In another part of the city, the process of adding multiple dwellings on a lot where there is an existing Character Home. It’s a large piece of property, on a corner, a deep rectangular lot that when completed will provide at least five homes, with privacy and affordability and “a piece of grass in Vancouver.”
Character Homes is a specialty of Nexus Realty — a significant section of the Nexus website is devoted to the concept, which grew from the original “Laneway House” idea of adding density to large lots to provide Vancouver residents with more affordable housing. In a case that you can expect to read much more about in future editions of News From Nexus, what is currently a Character Home will — ideally — be a Character Home 
with an addition, a single-family home and a duplex. They will vary in size, and each will accommodate “a household” of varying size. Having this different mixture of Vancouver homes on the same lot caters to affordability and adds appeal for residents who want to stay in or to move to an urban area where it’s feasible to do that. The City of Vancouver has long expressed a desire to increase density by having homes that are more affordable. The early conceptual drawing on the left gives you a snapshot of what this is intended to look like when completed.
Most of the homes will be on one level, and will or can be wheelchair accessible. All will front on one of the two streets, with easy access either from the street or a paved, pleasant lane that runs behind the property. All will have that “piece of grass” — either on “terra firma” or on a sizeable deck that will cater to gardening. And all will have a sense of place, creating a little neighbourhood of its own.
The City’s mandate for green space is consistent with the project philosophy. Energy efficiency is important and energy advisors have been been consulted to try and maximize the efficiency and reduce the carbon footprint.
The plan is to create spaces inside and outside which will give a sense of home to its residents, and landscaping will be an important part of maintaining that mandate.
Watch for more on this project as it evolves, in future issues of News From Nexus.
In last month’s issue of News From Nexus, you read how lawyer Richard Bell’s family of four generations all live on the same lot in Vancouver, each with “a piece of grass outside.”
They are combining affordability and density, words that often don’t go together in B.C.’s largest city.
This is a growing concept.
In another part of the city, the process of adding multiple dwellings on a lot where there is an existing Character Home. It’s a large piece of property, on a corner, a deep rectangular lot that when completed will provide at least five homes, with privacy and affordability and “a piece of grass in Vancouver.”
Character Homes is a specialty of Nexus Realty — a significant section of the Nexus website is devoted to the concept, which grew from the original “Laneway House” idea of adding density to large lots to provide Vancouver residents with more affordable housing.
This is a growing concept.
In another part of the city, the process of adding multiple dwellings on a lot where there is an existing Character Home. It’s a large piece of property, on a corner, a deep rectangular lot that when completed will provide at least five homes, with privacy and affordability and “a piece of grass in Vancouver.”
Character Homes is a specialty of Nexus Realty — a significant section of the Nexus website is devoted to the concept, which grew from the original “Laneway House” idea of adding density to large lots to provide Vancouver residents with more affordable housing.
In a case that you can expect to read much more about in future editions of News From Nexus, what is currently a Character Home will — ideally — be a Character Home with an addition, a single-family home and a duplex. They will vary in size, and each will accommodate “a household” of varying size.
with an addition, a single-family home and a duplex. They will vary in size, and each will accommodate “a household” of varying size. Having this different mixture of Vancouver homes on the same lot caters to affordability and adds appeal for residents who want to stay in or to move to an urban area where it’s feasible to do that. The City of Vancouver has long expressed a desire to increase density by having homes that are more affordable.
The early conceptual drawing on the left gives you a snapshot of what this is intended to look like when completed.
Most of the homes will be on one level, and will or can be wheelchair accessible. All will front on one of the two streets, with easy access either from the street or a paved, pleasant lane that runs behind the property. All will have that “piece of grass” — either on “terra firma” or on a sizeable deck that will cater to gardening. And all will have a sense of place, creating a little neighbourhood of its own.
The City’s mandate for green space is consistent with the project philosophy. Energy efficiency is important and energy advisors have been been consulted to try and maximize the efficiency and reduce the carbon footprint.
The plan is to create spaces inside and outside which will give a sense of home to its residents, and landscaping will be an important part of maintaining that mandate.
Watch for more on this project as it evolves, in future issues of News From Nexus.
Most of the homes will be on one level, and will or can be wheelchair accessible. All will front on one of the two streets, with easy access either from the street or a paved, pleasant lane that runs behind the property. All will have that “piece of grass” — either on “terra firma” or on a sizeable deck that will cater to gardening. And all will have a sense of place, creating a little neighbourhood of its own.
The City’s mandate for green space is consistent with the project philosophy. Energy efficiency is important and energy advisors have been been consulted to try and maximize the efficiency and reduce the carbon footprint.
The plan is to create spaces inside and outside which will give a sense of home to its residents, and landscaping will be an important part of maintaining that mandate.
Watch for more on this project as it evolves, in future issues of News From Nexus.
REBGV real estate stats a boon for June
In the Real Estate Board of Greater Vancouver’s monthly report on sales and listings, there’s a lot to digest that sounds good.
Two facts in particular jumped out:
Number one, home sales in June were up 64.5 per cent over the previous month, and 17.6 per cent over June of last year. The second figure, while smaller, is especially significant because “June of last year” was eight months before the COVID-19 pandemic.
Number two, for all property types — detached homes, attached homes and apartments — the sales-to-active listings ratio for June was 21.4 per cent. This is significant because, generally, the expert analysts say upward pressure on home prices occurs when that ratio surpasses 20 per cent. Those FACTS mean (a) homes are selling and (b) home prices are — or should be — going up. This applies across the board; sales were up and the ratio was consistent for all three property types. In the Nexus Realty corner of the real estate world, the drilling goes a little deeper. As you know because you’re a News From Nexus reader, the focus here is one four micro-markets: North Vancouver, West Vancouver, Vancouver East and Vancouver West. If you check the stats further down in this newsletter, you’ll see a “sea” of green arrows, pointing up.
These are all comparisons to June 2019, long before the virus paralyzed life everywhere. Sales and listings are up in all categories in all four of these micro-markets, with two exceptions. Attached home sales in East Vancouver were equal (43-43) and in the same category for West Vancouver, sales were down 60 per cent — it’s worth noting this is based on a small sample size (5 sales in June 2019 and 2 in June 2020).
In the other 22 categories cumulatively for the four markets, sales and listings were both up.
So, in spite of the pandemic, people are getting accustomed to the fact that “business is happening” in real estate. The REBGV put it this way, in its monthly release:
“Home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place. Much more of the real estate transaction is happening virtually today. Before considering an in-person showing, realtors are helping potential buyers pre-screen homes more thoroughly by taking video tours, reviewing floor plans and an increased number of high-resolution images, as well as often driving through the neighbourhood.”
The result is in the results.
In the Real Estate Board of Greater Vancouver’s monthly report on sales and listings, there’s a lot to digest that sounds good.
Two facts in particular jumped out:
Number one, home sales in June were up 64.5 per cent over the previous month, and 17.6 per cent over June of last year. The second figure, while smaller, is especially significant because “June of last year” was eight months before the COVID-19 pandemic.
Number two, for all property types — detached homes, attached homes and apartments — the sales-to-active listings ratio for June was 21.4 per cent. This is significant because, generally, the expert analysts say upward pressure on home prices occurs when that ratio surpasses 20 per cent.
Those FACTS mean (a) homes are selling and (b) home prices are — or should be — going up. This applies across the board; sales were up and the ratio was consistent for all three property types.
In the Nexus Realty corner of the real estate world, the drilling goes a little deeper.
As you know because you’re a News From Nexus reader, the focus here is one four micro-markets: North Vancouver, West Vancouver, Vancouver East and Vancouver West. If you check the stats further down in this newsletter, you’ll see a “sea” of green arrows, pointing up.
These are all comparisons to June 2019, long before the virus paralyzed life everywhere. Sales and listings are up in all categories in all four of these micro-markets, with two exceptions. Attached home sales in East Vancouver were equal (43-43) and in the same category for West Vancouver, sales were down 60 per cent — it’s worth noting this is based on a small sample size (5 sales in June 2019 and 2 in June 2020).
In the other 22 categories cumulatively for the four markets, sales and listings were both up.
So, in spite of the pandemic, people are getting accustomed to the fact that “business is happening” in real estate.
The REBGV put it this way, in its monthly release:
“Home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place. Much more of the real estate transaction is happening virtually today. Before considering an in-person showing, realtors are helping potential buyers pre-screen homes more thoroughly by taking video tours, reviewing floor plans and an increased number of high-resolution images, as well as often driving through the neighbourhood.”
The result is in the results.
China-Hong Kong news to be felt in Canada
What’s happening in Hong Kong and China seems to change by the day, but one thing appears certain: There's going to be a significant number of people leaving Hong Kong.
Its impact here starts with the 300,000 Hong Kong residents who are either Canadian citizens or have the right to live in Canada, plus another 200,000 who have a legal right to enter Canada. The federal government has already suspended its extradition treaty with China, perhaps of sign of things to come.
According to the BBC, based in the country that returned Hong Kong to China in 1997, pro-democracy activists have stepped down and one-time student leader and local legislator Nathan Law has fled Hong Kong.
Other nations, Australia for one, are offering asylum.
What does it means for real estate here, and elsewhere?
What’s happening in Hong Kong and China seems to change by the day, but one thing appears certain: There's going to be a significant number of people leaving Hong Kong.
Its impact here starts with the 300,000 Hong Kong residents who are either Canadian citizens or have the right to live in Canada, plus another 200,000 who have a legal right to enter Canada. The federal government has already suspended its extradition treaty with China, perhaps of sign of things to come.
According to the BBC, based in the country that returned Hong Kong to China in 1997, pro-democracy activists have stepped down and one-time student leader and local legislator Nathan Law has fled Hong Kong.
Other nations, Australia for one, are offering asylum.
What does it means for real estate here, and elsewhere?
'Just the facts' what identifies current real estate market conditions
Predicting what’s going to happen in the real estate market can be like predicting the weather. Make a prediction and the next thing you know, something’s changed. The facts will tell.
From the Nexus Realty corner of the market, these are some of the facts from last month:
A stunning four-bedroom home (left) in North Vancouver’s Dollarton district sold for over the asking price. The offer was accepted just three days after the property was listed, and the transaction closed in June.
Three Nexus Realty buyers made accepted offers on an apartment and an office building in West Vancouver, and a condo in New Westminster. That’s an example of — and an indication that — both ends of the market at work…sellers and buyers. If it’s a post-pandemic market forecast, it’s promising for both parties. New properties on the market will help provide more answers. Two of them were listed by Nexus in June, both three-bedroom townhomes that will appeal to families. One is in New Westminster, on Francis Way in the Victoria Hill community. The other is in West Vancouver, in prestigious Olde Caulfeild and access to everything is easy, especially the attractive schools. This activity suggests the pent-up demand — buyers waiting to jump into the market, as identified by News From Nexus two months ago — is for real. At least until something changes and there’s another prediction.
Predicting what’s going to happen in the real estate market can be like predicting the weather. Make a prediction and the next thing you know, something’s changed. The facts will tell.
From the Nexus Realty corner of the market, these are some of the facts from last month:
A stunning four-bedroom home (left) in North Vancouver’s Dollarton district sold for over the asking price. The offer was accepted just three days after the property was listed, and the transaction closed in June.
Three Nexus Realty buyers made accepted offers on an apartment and an office building in West Vancouver, and a condo in New Westminster.
That’s an example of — and an indication that — both ends of the market at work…sellers and buyers. If it’s a post-pandemic market forecast, it’s promising for both parties.
New properties on the market will help provide more answers. Two of them were listed by Nexus in June, both three-bedroom townhomes that will appeal to families. One is in New Westminster, on Francis Way in the Victoria Hill community. The other is in West Vancouver, in prestigious Olde Caulfeild and access to everything is easy, especially the attractive schools.
This activity suggests the pent-up demand — buyers waiting to jump into the market, as identified by News From Nexus two months ago — is for real.
At least until something changes and there’s another prediction.
That you can see a home that's on the market, more or less in entirety, without even setting foot in it...thanks to Matterport? In fact, follow these links to Nexus listings with Matterport access right now:
17 - 4957 Marine Drive
in West Vancouver
36 - 245 Francis Way in New Westminster
CMHC’s new regulations now in effect
If you haven’t heard, as of Canada Day there are new mortgage rules for Canadians. They are tighter, making it more difficult for some Canadians to buy homes.
Early last month, the Canadian Mortgage and Housing Corporation (CMHC) announced “the following changes will apply for new applications for homeowner transactional and portfolio mortgage insurance:
• Limiting the Gross/Total Debt Servicing (GDS/TDS) ratios;
• Establish minimum credit score of 680 for at least one borrower; and
• Non-traditional sources of down payment that increase indebtedness will no longer be treated as equity for insurance purposes.”
Translation: reduction of borrowing limits, demanding higher credit scores and restricting the source of down payments for anyone who needs default insurance from the agency — mandatory for “high-ratio” buyers putting less than 20% down on a home. Explained CMHC President and CEO Evan Siddall:
“COVID-19 has exposed long-standing vulnerabilities in our financial markets, and we must act now to protect the economic futures of Canadians. These actions will protect home buyers, reduce government and taxpayer risk and support the stability of housing markets while curtailing excessive demand and unsustainable house price growth.”
One interpretation of the CMHC strategy came from the Financial Post. In its MoneyWise column, Juliette Baxter wrote, in part: “While the rules will sting for some people trying to crack their way into the real-estate market, they could be a boon for others. By reducing the number of buyers, the crown corporation hopes to quell demand and balance out home prices.”
The entire analysis by the Financial Post can be found at this link.
If you haven’t heard, as of Canada Day there are new mortgage rules for Canadians. They are tighter, making it more difficult for some Canadians to buy homes.
Early last month, the Canadian Mortgage and Housing Corporation (CMHC) announced “the following changes will apply for new applications for homeowner transactional and portfolio mortgage insurance:
• Limiting the Gross/Total Debt Servicing (GDS/TDS) ratios;
• Establish minimum credit score of 680 for at least one borrower; and
• Non-traditional sources of down payment that increase indebtedness will no longer be treated as equity for insurance purposes.”
Translation: reduction of borrowing limits, demanding higher credit scores and restricting the source of down payments for anyone who needs default insurance from the agency — mandatory for “high-ratio” buyers putting less than 20% down on a home.
Explained CMHC President and CEO Evan Siddall:
“COVID-19 has exposed long-standing vulnerabilities in our financial markets, and we must act now to protect the economic futures of Canadians. These actions will protect home buyers, reduce government and taxpayer risk and support the stability of housing markets while curtailing excessive demand and unsustainable house price growth.”
One interpretation of the CMHC strategy came from the Financial Post. In its MoneyWise column, Juliette Baxter wrote, in part:
“While the rules will sting for some people trying to crack their way into the real-estate market, they could be a boon for others. By reducing the number of buyers, the crown corporation hopes to quell demand and balance out home prices.”
The entire analysis by the Financial Post can be found at this link.
What our clients are saying...
“At first I thought the asking price was over the top, but, oh my gosh… the selling price was really over the top! It just shows the depth of their knowledge of the market. The fact that they priced it correctly was definitely a big part of it. They did all the research, and the timing was perfect." — Ellen Luthy, West Vancouver
“At first I thought the asking price was over the top, but, oh my gosh… the selling price was really over the top! It just shows the depth of their knowledge of the market. The fact that they priced it correctly was definitely a big part of it. They did all the research, and the timing was perfect."
— Ellen Luthy, West Vancouver
Real Estate Monthly Statistics
The following statistics for West Vancouver, North Vancouver, Vancouver West and Vancouver East compare June 2020 to June 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.
Benchmark Price: Estimated sale price of a benchmark property. Benchmarks represent a typical property within each market. 
• 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
• 3 bedrooms • 3 balconies • 3 levels• Victoria Hill community • Heart of New Westminster
• 3 bedrooms • 3 balconies • 3 levels
• Victoria Hill community • Heart of New Westminster
Looking for things to do online during the summer? Below is our monthly list of virtual events — contributions from readers are welcome. The first event this month is a special request by a reader, for one of the many churches in many denominations that provide live-stream services every Sunday.
West Vancouver United Church
Indian Summer Fest
10th anniversary, through July 18
www.indiansummerfest.ca
www.indiansummerfest.ca
Tourism Vancouver
Virtually Vancouver, and more
www.tourismvancouver.com
www.tourismvancouver.com
Vancouver Aquarium Live Cams
Otters, Penguins, Jelly Fish
Otters, Penguins, Jelly Fish
BC Winery Virtual Tours
Vancouver Art Gallery
Art Connects — a series of online gatherings that encourage dialogue and connection in the era of physical distancing.
http://www.vanartgallery.bc.ca/exhibitions/art-connects
Every Tuesday and Friday, the Gallery will stream live and interactive conversations into your homes, featuring guests from local and international arts communities. Everyone is invited to join via Zoom.
Art Connects — a series of online gatherings that encourage dialogue and connection in the era of physical distancing.
http://www.vanartgallery.bc.ca/exhibitions/art-connects
Every Tuesday and Friday, the Gallery will stream live and interactive conversations into your homes, featuring guests from local and international arts communities. Everyone is invited to join via Zoom.
http://www.vanartgallery.bc.ca/exhibitions/art-connects
Every Tuesday and Friday, the Gallery will stream live and interactive conversations into your homes, featuring guests from local and international arts communities. Everyone is invited to join via Zoom.
Play: Kids Yoga Day
Kids and parents: ready to move and have fun together!
Kids and parents: ready to move and have fun together!
Connect with Family and Friends
To connect with family and friends you can use Facebook, Messenger, FaceTime, Google Duo or Hangouts, Zoom, Instagram Video Chat, Snapchat Video and Chat, Skype, WhatsApp…the list is long. Check with family or friends and decide which is the best way to connect.
Tired of Cooking?Many restaurants are offering take-out. Breaking Bread Now provides a list of restaurants in different areas with take-out meals breakingbreadnow.com/. On Facebook there is a group called Support Local Business which supports local restaurants and businesses and gives them and others the opportunity to spread the word. Maybe your area has a similar Facebook group:
https://www.facebook.com/groups/290321101944891/.
Need some culture or learning in your life?
Go to a virtual museum — you’ll find a lot of them through Google: https://artsandculture.google.com
And for Canadian museums: http://www.virtualmuseum.ca/virtual-exhibits/type/virtual-exhibits/
Go to a virtual opera: https://www.metopera.org/
You can even take a virtual tour of The Louvre in Paris: www.louvre.fr/en/visites-en-ligne#tabs
Visit the Science Centre: www.scienceworld.ca/
Nature web cams can be fun to watch. explore.org/livecamsSearch for lots of free learning programs for kids and adults online.
To connect with family and friends you can use Facebook, Messenger, FaceTime, Google Duo or Hangouts, Zoom, Instagram Video Chat, Snapchat Video and Chat, Skype, WhatsApp…the list is long. Check with family or friends and decide which is the best way to connect.
Tired of Cooking?
Many restaurants are offering take-out. Breaking Bread Now provides a list of restaurants in different areas with take-out meals breakingbreadnow.com/.
On Facebook there is a group called Support Local Business which supports local restaurants and businesses and gives them and others the opportunity to spread the word. Maybe your area has a similar Facebook group:
https://www.facebook.com/groups/290321101944891/.
https://www.facebook.com/groups/290321101944891/.
Need some culture or learning in your life?
Go to a virtual museum — you’ll find a lot of them through Google: https://artsandculture.google.com
And for Canadian museums: http://www.virtualmuseum.ca/virtual-exhibits/type/virtual-exhibits/
Go to a virtual opera: https://www.metopera.org/
You can even take a virtual tour of The Louvre in Paris: www.louvre.fr/en/visites-en-ligne#tabs
Visit the Science Centre: www.scienceworld.ca/
Nature web cams can be fun to watch. explore.org/livecams
Go to a virtual museum — you’ll find a lot of them through Google: https://artsandculture.google.com
And for Canadian museums: http://www.virtualmuseum.ca/virtual-exhibits/type/virtual-exhibits/
Go to a virtual opera: https://www.metopera.org/
You can even take a virtual tour of The Louvre in Paris: www.louvre.fr/en/visites-en-ligne#tabs
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.
Visit your Library for virtual programming
Need some exercise?
Go for a walk and get some fresh air if you’re healthy and following physical distancing.
Here is a link to some free exercise programs posted on CBC: www.cbc.ca/life/wellness
Many exercise, yoga or meditation videos are available on YouTube.
Go for a walk and get some fresh air if you’re healthy and following physical distancing.
Here is a link to some free exercise programs posted on CBC: www.cbc.ca/life/wellness
Many exercise, yoga or meditation videos are available on YouTube.
Here is a link to some free exercise programs posted on CBC: www.cbc.ca/life/wellness
Many exercise, yoga or meditation videos are available on YouTube.
