Housing prices down across Vancouver

Good morning,

Yesterday was a little stressful. Many of you got an email asking to become a member. When you start a publication, you have no idea what the response will be…

Suffice to say, it’s clear I underestimated the number of you interested in becoming Lookout Insider members, and we blew past our goal of 50 new members.

Today’s newsletter is a little shorter than normal as I shuttle between Vancouver and Victoria. As I write this there’s been no delays on the ferry, fingers crossed it continues!

Let’s get to it!

— Geoff Sharpe, Vancity Lookout newsletter writer

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

WEATHER

Wednesday: 24 🌡️ 16 | 🌤️

Thursday: 21 🌡️ 13 | ☀️

Friday: 26 🌡️ 17 | 🌤️

HOUSING

House prices flat across Metro Vancouver

What do a sasquatch, a unicorn and lower housing prices in Vancouver have in common? They’re all myths! But according to a new report, at least one of these may actually be a real thing…

What happened: A new report from RE/MAX Canada says detached home prices in the Greater Vancouver Area and the Fraser Valley were lower in the first half of the year compared to the previous year, according to Bloomberg. They did not break out the total cost, but for most, it was single-digit declines.

• The report says 93 percent of homes saw a decline when compared to the previous year.

With that said, house sales also rose, with an increase in areas outside of Vancouver with single-family homes.

Breaking it down: Interest rates were the key driver of lower prices, according to Business in Vancouver. Those working from home, who don’t need to live close to their job in the city, kept home buying demand high. Looking ahead, experts don’t see prices rising all that much either.

In other housing news

Approved: A controversial (for local residents) rezoning application to build supportive housing at 2086-2098 West 7th Avenue and 2091 West 8th Avenue in Kitsilano was approved by the Development Permit Panel, according to Urbanized. In April the provincial government killed a petition to the Supreme Court of BC by residents to stop the development.

• What it means: It is interesting to see what types of zoning projects are approved. It’s clear all levels of government are committed to expanding this type of housing. Now let’s see this type of gusto applied to childcare spaces!

Housing starts starting: Over the last six months, housing starts, the number of units starting to be built in the city, has grown substantially, up 50 percent compared to 2022 according to Urbanized.

Breaking it down: Unfortunately, there were 211 single-family housing starts in July, which seems counter intuitive for building more homes. Luckily there were 2,751 of all other types in July, up from 1,700 last year.

Yes, but: 100,000 people are moving to Vancouver each year. The city needs around 136,000 new housing units to meet demand according to the Vancouver Sun. So we’re still a ways off…

VANCOUVER NUMBERS

🥕 $214 million: How much B.C. set aside for school meal programs, the largest in B.C.’s history. But experts are warning it won’t be rolled out quickly, with some districts able to move faster than others. [Vancouver Sun]

🔥 12: The number of wildfires Vancouver crews fought in 24 hours. [CityNews]

HOUSE OF THE WEEK

Sometimes I like checking out neighbourhoods to see what’s available for under $1 million. One of my favourite neighbourhoods, around Commercial Street, is not pretty.

In today’s newsletter, I thought I’d feature one of the nicer units for under $1 million.

This place’s key feature is a patio and garden. That’s right, it’s got both. With 900 square feet and two bedrooms, it’s not badly sized either. It’s still expensive for what you get, but is reasonably priced for the area.

House of The Week is a home selected by the Lookout team and is not a paid advertisement. All ads are labelled as such. If you’re a realtor who wishes to feature your home in our newsletter, please contact our sales team.

THE AGENDA

🧒 After a story generated huge public backlash over the city’s rejection of new childcare spaces, Vancouver city councillors are looking at whether it’s possible to reverse the decision, as well as broader changes to ensure more childcare spaces. [Vancouver Sun]

🚒 A fire on Commercial Drive at Graveley Street yesterday morning has forced 10 people from their homes and a gelato shop to close down. The cause of the fire has not been discovered, though it appears it may have started in the restaurant. [Global]

🔥 A new analysis breaks down the location of all the fires in SROs last year. There were 214 incidents, with 10 injuries and four deaths. The map itself shows the majority of the fires were located in the Downtown Eastside, as well as some located in downtown Vancouver. [Vancouver is Awesome]

💔 The former popular music venue the Smilin’ Buddha Cabaret burned down this weekend. The fire was deemed to be set intentionally after someone lit gasoline in a nearby dumpster. [Urbanized]

🚌 A total of 54 TransLink bus routes will be modified after Labour Day, with major increases for service between post-secondary institutions. The No. 44 to UBC will see some major changes. [Urbanized]

⛴️ Another newsletter edition, another story about B.C. Ferry delays… It appears Coastal Renaissance will be broken for weeks before it’s back running. BC Ferries CEO said it’s a problem with the number 2 drive motor. [CTV]

🪡 Experts say B.C. is falling behind in dealing with soaring overdose deaths of those between the ages of 10 to 18. A coroner's inquest into one child’s death recommended the creation of a publicly funded residential substance use disorder treatment centre. But it’s been four years and that still hasn’t happened. [Vancouver Sun]

🚌 A tour operator company is using their vans to shuttle people between Penticton and Vancouver for people stranded by the fire, as flights out of the area are banned. [CTV]

TWEET OF THE DAY

This chart illustrates well just how bad Canada’s wildfire season has been this year…

COMMUNITY HIGHLIGHTS

• Got $6.8 million lying around? If so, you can afford the home of former Canucks defenceman Oliver Ekman-Larsson. [Offside]

• Turns out not even the police are safe! [Reddit]

• Transit shelters across Vancouver will feature art from Caitlin Aleck showcasing First Nations weavings. [City of Vancouver]

• Why does the city make these signs so confusing? [Reddit]

• For all you train enthusiasts, you can see the new Mark V SkyTrain being tested in Kingston. [YouTube]

GAME TIME

Today we’re doing another beach for VancouverGuesser. Can you guess this beach? Reply with the answer and your name to be featured in the newsletter.