Four interesting housing trends in Metro Vancouver and BC

Good morning,

I find I just spend too much time endlessly scrolling on my phone, so I am making a conscious effort to read more books. Some content is great — cough The Lookout cough — but most is just a waste of time. If you read any really good books lately, reply to this email and let me know what I should check out.

Today we’ve got a big breakdown of the latest housing news. It’s a mixed bag, with some downright bad signs, Loblaws growing profits (and places to shop locally) and events this weekend.

Also be aware that it’s the BMO Marathon weekend, so there will be some road closures.

Let’s get to it!

— Geoff Sharpe, Vancity Lookout editor

PS - If you find this newsletter valuable, please consider forwarding it to your friends. New to the Lookout? Sign-up for free.

WEATHER

Friday: 20 🌡️ 11 | ☁️

Saturday: 17 🌡️ 9 | 🌧️

Sunday: 13 🌡️ 8 | 🌧️

Monday: 14 🌡️ 7 | 🌧️

HOUSING

Four interesting housing trends in Metro Vancouver and BC

Every day it seems like there’s a new story on housing. This week was no different, so we thought we’d summarize some of the biggest stories, to help you understand the macro issues facing Vancouver and the Lower Mainland housing market.

1. The bank of mom and dad grows

What happened: It’s a bird, it’s a plane, no, it’s mom and dad. BC has the highest percentage of people born in the 1990s who are getting help from their parents to purchase a home, specifically the number of parents co-owning it with their kids, according to the Vancouver Sun.

Number: In BC, the percentage is 20.3%, followed by Ontario at 19.8% and Alberta at 14.2%. This aligns with the most expensive housing markets in Canada. Vancouver, Victoria and Abbotsford-Mission had the highest rates of co-ownership in BC. 

What it means: Look, no one wants to be that indebted to their parents, but if the banks won’t help, you have to turn somewhere. It’s another example of the creative ways people are approaching purchasing a home, especially in Vancouver. 

2. Prices rising, but so does inventory

Property listing prices — you guessed it — increased in April throughout the Lower Mainland, according to CityNews. Greater Vancouver saw prices increase by 0.8% in April, and are up 2.8% since last year, for an average price of $1,203,800.

Key trend: The number of properties on the market is well above the normal 10-year average. There was a 42.1% year-over-year increase, which was 16.7% above the 10-year seasonal average. 

3. No sell-off yet

Some may have expected higher interest rates to push more properties onto the market as home owners become unable to afford the extra costs. But according to Greater Vancouver’s real estate board, that’s not the case, and demand has remained relatively strong. 

4. But this may be the calm before the story

Did you know in BC that homebuilders have 12 months to market their development, get deposits and then secure financing? And that banks require around 70 percent of a loan amount for a building tower? All of this is posing problems for builders in BC, according to the Financial post.

The issue: Many developers are not hitting those targets, with unsold homes rising, which means new developments face cancellation. 

What it means: Developer advocacy groups have been pushing for longer timelines to sell homes, in order to get more to market. The B.C. Financial Services Authority says they are aware of the issue and it’s “continuing to discuss early marketing with the development community,” according to the Post.

VANCOUVER NUMBERS

⛽ 6 cents: How much gas fell from Wednesday to Thursday. It’s expected that gas prices will be around 205.9 on average throughout Metro Vancouver today. [CTV]

⚽ 50: How many years it's been since the Vancouver Whitecaps' first game, against the San Jose Earthquakes. [CityNews]

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NATIONAL

Loblaws announces higher profits as grocery prices continue to rise

What happened: Just as a boycott of the country’s largest grocery chain began, the parent company Loblaw announced first-quarter profits rose 10% to $459 million, while revenues rose 4.5% to $13.58 billion. The company’s share price closed up 1.16%, according to Yahoo.

• The company’s CEO claimed the grocer was doing everything it could to lower food prices. “Let me assure you that in every corner of the business, our colleagues are working hard to reduce costs and do things more efficiently,” CEO Per Bank said, according to The Canadian Press. But with profits soaring, the company raised its dividend payments to shareholders by 15%.

Inflation: Food prices have been a major contributor to inflation since late 2021, it was only earlier this year that the rate of food price increases dropped below the overall inflation rate, according to Statistics Canada data. 

A man gotta have a code: Loblaw and Walmart Canada have both refused to sign on to a national grocery code of conduct, and have been warned by the government that if they don’t voluntarily agree to the code, Parliament could pass legislation to force them to comply, The Canadian Press reported earlier this year. 

• The code would set standard rules for how stores negotiate with suppliers. This week, the company’s CEO said he was “cautiously optimistic” Loblaw had been able to push the committee drafting the code into a direction the company could live with, Yahoo reported.

Enough is enough? In an internal memo to employees, CEO Bank said “nok er nok” (Danish for “enough is enough”) to the idea that Loblaws is a cause of rising prices in the country. “That's what makes this situation so frustrating. Not only are we being unfairly blamed, we're also not getting credit for the value we are providing,” Bank said. The value includes the company’s reward points, which Bank claimed were reducing its customers’ grocery bills by 10%.

• An anonymous Loblaws employee posted the memo to Reddit, which you can find here.

Boycott supporters quickly turned the phrase around, saying they’d had nok with the company, The Logic reported.

Here in Vancouver: Looking for places that aren’t big box chains? Here’s a helpful list of local grocers you can visit. I’m a huge fan of Afra on Main and Sunrise Market

THE AGENDA

📲 Next Wednesday be prepared for an emergency alert on your phones, TV and radio. As part of Emergency Preparedness Week, the province will be testing its alert system at 10:55 am. [BC Government]

👮Police have arrested a woman who spoke at a Pro-Palestinian rally at the Vancouver Art Gallery rally April 26. She said at the rally, “We stand with the Palestinian resistance and their heroic and brave action on October 7.” Police have yet to lay charges. [National Post]

🏠 New short-term rental rules brought in by the province took effect on Wednesday. It’s still too early to say how the rules have affected those looking for places to stay this year. AirDNA, which tracks the short-term rental market, says the data has been mixed so far. [Vancouver Sun]

👎 Apparently the government cannot just trust us to drink peacefully. The park board is requesting an additional $930,000 for enforcement around the alcohol in parks pilot program. The pilot was extended another year to gather more information. [Vancouver Sun]

🏖️ Speaking of drinking on beaches, one beach that won’t have any legal drinking spots is English Bay. The park board staff say the beach continues to be a problematic area, with violent incidents increasing from six in 2018 to 28 in 2023, though police calls to the area have decreased. [Vancouver Sun]

🍺 Council will decide on Tuesday whether to waive sidewalk patio fees for Water Street in Gastown. It comes as part of the street prepares to become pedestrian-only from June until the end of August. The goal is to reduce the fees to help businesses participate in creating spaces that encourage more people to stay in the area. [CityNews]

💉 While BC has requested recriminalization of drugs in public spaces, the federal mental health and addictions minister says she still needs more information from the province before deciding. She did not say publicly what information they required. BC’s health minister said they expect the federal government to act quickly, and that they have provided them with all the required information. [CityNews]

🔥 Council will vote next week on banning the sale of continuous flame butane lighters, which have caused a large increase in fires throughout the city, damaging buildings and even killing people. A report by the Vancouver Fire Rescue Services says that part of the problem is more and more drug users are inhaling drugs in their private residences, since most safe consumption sites do not allow inhalation. [CTV]

🏡 Three sites in False Creek North will see 670 affordable rental homes built, transferring land from Concord Pacific to the city. [City of Vancouver]

💰The BC Lottery Corporation is seeking to increase the number of slots and tables at Parq and Hastings Racecourse casinos. The expansion could bring in an additional $2.5 million to $5 million in revenue to the city each year. [Vancouver Sun]

WEEKEND GUIDE

DOXA Documentary Film Festival | Now to May 12 | Various venues and times | Western Canada’s largest documentary film festival | Tickets

Fleet Week | The Shipyards | May 3-5 | If you’ve ever wanted to see a navy ship, nows your chance! | Learn more

Jane’s Walk Vancouver | Around Vancouver | May 2-5 | Multiple free walks throughout the city to explore the community | Free

Un/Cuffed | The Motn Comedy Club | May 4, 7:30 pm | A comedy show about relationships, breakups and more | Tickets $33

Kitsilano Missing Midrise Walking Tour | 2200 Arbutus St. | May 4, 2:30 pm | Housing advocate Peter Waldkirch, who I interviewed last week, explores the history of buildings in Kitsilano and what it means for the future | Learn more

Planetarium VidLaser Zeppelin, Floyd, Radiohead | BCIT Planetarium, Burnaby | May 4, 7 pm | Lazer show and music, what’s not to love! | Tickets $29

May the Fourth Be With You: Family Night | H.R. MacMillan Space Centre | May 4, 6 pm | A fun night of music, sci-fi and space science, dress up as your favourite character | Tickets $20.50

2024 TJ Fest | 3426 Smith Ave, Burnaby | May 4-5 | Taiwanese street food, car-free, events and more at this family-friendly event | Free

Got Craft Spring Market | Maritime Labour Centre | May 4-5, 10 am-5 pm | 80 different makers and small shops selling their products | Tickets $5

Radical Metrotown | Metrotown Station, Burnaby | May 5, 12:30 pm | Learn about the good, bad and ugly of the area, along with the development history, as well as old and new visions of the area | Learn more

FOOD

Five Lookout East stories you might’ve missed

We love food here at the Lookout. If you aren’t subscribed to our restaurant newsletter, you are missing out on one of the few places doing in-depth restaurant reviews. Here are the most recent five reviews you might’ve missed (oh, and you can subscribe instantly to our newsletter by clicking here):

🍽️ Delarra is serving up modern Persian food. It’s simple but exquisite and worthy of a trip this summer.

☕ Sadacci Cafe has some creative espresso drinks that are hard to find in Vancouver. It’s a place I plan on visiting again for their refreshing summer drinks.

🇨🇳 I love Chinese food courts and Parker Place has skyrocketed near the top, with luscious pork belly pork buns, one of the best rice rolls I’ve tried, and ice-based desserts.

🍷 Bar Tartare is more than a wine bar, it’s an ever-changing, never-the-same restaurant that will have you coming back again and again. 

🇵🇭 O! Taho is serving up a Filipino dessert that makes a perfect post-dinner treat.

COMMUNITY HIGHLIGHTS

• Watch your watering, Stage 1 water restrictions are now in effect. You can read about it here. [City of Vancouver] 

• Last chance for Mother's Day gifts! Send it with a Stamp snail-mail gifts arrive with their regular mail. Use code LOOKOUT10 for 10% off. [Sponsored]

• Love discovering new Vancouver restaurants? Then subscribe in one-click to Lookout Eats, our free food newsletter, here. 

• The Vancouver Museum of Anthropology is set to open on June 13, after its 16-month shutdown. [CTV]

• Garden fans can now fly from Vancouver to Victoria’s Butchart Gardens from Wednesday to Sunday with Harbour Air. [Times Colonist]

• Want to have your announcement featured? Learn how here.

GAME TIME

Congrats to Michelle, Samantha and Corrie who guessed the answer to Wednesday’s Vancouver Guesser, which was Main and Terminal.

Can you guess today’s Vancouver Wordle? Play it here.