REAL ESTATE
Buyer’s market for detached homes in region’s posh areas
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CONTENTS 7
By Charlie Smith Cover photo by Dayna Szyndrowski
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LIQUOR
With the worst of Juneuary, hopefully, behind us, it’s time to look forward to mint juleps, bee-friendly cocktails, and pop-up pizzas. By Mike Usinger
This home and a laneway house at 304 West 11th Avenue was listed on June 13 for $3,875,000.
home in the West Side of Vancouver in May 2022 was $3,490,600. Over in West Vancouver, rennie reported that the sales-to-listings ratio for detached residences in May was 10 percent, again ref lecting a buyer’s market. Also, sales fell month-over-month by 20 percent, and were 28 percent below May 2021. The median price for detached homes in West Vancouver in May was $3.3 million, a three percent increase fromF April and six percent over May last year. The REBGV has reported that the benchmark price for single-family homes in this North Shore municipality in May was $3,475,600. The June 2022 edition of rennie review noted that the sales-to-listings ratio for detached homes in the combined markets of Greater Vancouver and Fraser Valley in May 2022 was 16 percent. This means that market conditions for single-family homes in these jurisdictions as a whole are now balanced. The Straight reported on May 11 about that month’s edition of the rennie review. The publication suggested that the realestate market as a whole may find itself in a balanced condition by summer. “Maybe—just maybe—we’ll find ourselves with balanced market conditions just in time for summer,” the bulletin stated. g
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THEATRE
Saccha Dennis spent over a year as a cast member touring with We Wil Rock You, and now she’s directing it for Theatre Under the Stars. By Steve Newton
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EDITOR Charlie Smith GENERAL MANAGER Sandra Oswald SECTION EDITORS Mike Usinger (ESports/Liquor/Music) Steve Newton SENIOR EDITOR Martin Dunphy
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THE GEORGIA STR AIGHT
COVER
Indigenous female choreographers, including Olivia C. Davies, are hoping to help decolonize some minds at this year’s Dancing on the Edge festival.
by Carlito Pablo
hange has come to the two most expensive places for detached homes in Metro Vancouver. The West Side of Vancouver and West Vancouver are now a buyer’s market. The shift in market conditions for single-family homes in these areas was noted in the June 2022 edition of the monthly rennie review. Rennie is a major real-estate marketing company that regularly comes up with market reports and analyses. On June 6, the Straight reported that the market for detached homes in areas covered by the Real Estate Board of Greater Vancouver (REBGV) has statistically become balanced. The real-estate board reported that the sales-to-active-listings ratio for single-family homes in May 2022 shifted to 18.3 percent. To explain, a market is balanced when the sales-to-listings ratio is between 12 percent and 20 percent. Sellers and buyers are on an even playing field when the ratio sits at that range. It is a seller’s market when the ratio goes over 20 percent, which means prices tend to go up. It becomes a buyer’s market when the ratio goes below 12 percent, which generally leads prices to drop. Well, rennie reported that the sales-tolistings ratio for detached homes in the West Side of Vancouver in May 2022 was down to 11 percent. Rennie also reported that sales of singlefamily residences in this part of the city fell month-over-month in May by 14 percent, and were 32 percent below May 2021. The median price in May was $3.6 million, down four percent from April and 0.6 percent above the same month last year. Based on the market report by the REBGV, the typical price of a detached
June 23-30 / 2022
JUNE 23 – 30 / 2022
STAFF WRITERS Carlito Pablo (Real Estate) SOLUTIONS ARCHITECT Jeff Li ART DEPARTMENT MANAGER Janet McDonald
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Hit-and-run motorist kills 24-year-old pedestrian on Vancouver’s West Side. Russian free agent Andrei Kuzmenko tells the world he’ll play for the Canucks. 45 things to do in Vancouver this week, June 20 to 24.. Photo shows premier’s mom using computerized equipment in 1976. Massive house fire in Point Grey visible to residents of Vancouver’s West End. @GeorgiaStraight
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