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Buyers in Greater Vancouver’s detached property market are firmly in the driver’s seat.

According to numbers released by the Real Estate Board of Greater Vancouver, detached home sales decreased 37.1% in August compared to the same time last year.

“We had a few years where any offer with subjects was a non-starter, so on the buy side, for clients to be able to take their time and have some negotiating power with sellers is huge,” said Ryan Zupan, a broker with DLC City Wide Mortgage Services. “Over the summer, I’ve seen a big pick up of detached purchases from clients waiting on the sidelines. Now they’re getting deals.”

Vancouver’s single-family detached market has trudged all year, but as sellers adjust to new realities and lower their asking prices, buyers are noticing.

However, by no means will this market segment bear witness to the same frenzied activity it did a couple of years ago. According to Brad Henderson, president and CEO of Sotheby’s International Realty Canada, that’s because it’s merely moderating.

“For single-family homes, the rate of increase in price over the last couple of years has been nothing short of breathtaking, and we think the market scaling back is healthy,” said Henderson. “It will relieve some pressure on some of the other areas that have been quite attractive as well.”

Those areas are Vancouver’s suburbs, upon which many buyers, priced out of the city core, set their sights. But with downward pressure on housing, some might start moving back into Vancouver proper.

“In Vancouver, as the centre becomes more expensive, its suburbs become, by default, where people find more attractive and reasonably priced homes, but that means people have to travel further away from work and further from families,” explained Henderson. “So as prices moderate in the centre, it allows people to come back, which will also soften prices in the markets surrounding the centre of the city.”

While that’s certainly good news for buyers, perspective is doubtless in order. First, prices will not plummet. Second, the provincial government hasn’t been shy about intervening in the housing market—nor have successive federal governments.

“At best, prices will go up slower than they have been, or perhaps they come down a little bit,” continued Henderson. “I think the wild card factor that’s really causing some concern in the marketplace is whether there will be additional intervention from the government. If the government declares victory and says they’ve done an effective job shaping demand, where it’s now become more balanced, the market can continue on with confidence. But if there’s threat of intervention, then we’ll continue seeing softening of prices.”

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Four years after it last served patients, Temple Community Hospital has been razed to make way for a multifamily residential development.

Located at 235 N. Hoover Avenue, the six-story hospital was a prominent landmark in the Rampart Village neighborhood due to its hilltop location overlooking both Temple Street and the Hollywood Freeway.  Faced with a looming $50-million bill to retrofit the facility to meet modern earthquake safety standards, the facility was shuttered in 2014 and sold in 2016 to a joint venture between LaTerra Development and Gemdale Corp.

Earlier this year, the developers received approvals from the City of Los Angeles to redevelop the nearly three-acre campus with a five-story apartment complex called Pinnacle 360.  The proposed development would offer 221 studio, one-, two-, and three-bedroom apartments - with 19 set aside for very-low-income households - atop 384 parking spaces.

Carrier Johnson + Culture is designing the low-rise structure, which will feature amenities such as a fitness center, swimming pool, and rooftop decks with view of the entire Los Angeles basin.

LaTerra and Gemdale are currently in the process of obtaining construction permits for the new development that will replace the hospital.

The two companies have partnered on several similar projects throughout Central Los Angeles, including a proposed development near the intersection of Sunset Boulevard and Western Avenue in Hollywood.

Say no to interview intuition and use behavioral science to make an objective call. 

Once upon a time, I was hired as a recruiter for a high-end employment agency. It was a positive experience and I did well in my position. I had a strong team of coworkers, so I was surprised to learn that they had implemented a personality test for new hires at our company. I was immediately curious and asked if I could take the test. Afterward, I was told I had “failed”. My manager laughed when I asked, “Failed what? Are you telling me I have no personality?”  

She had no answers for me and simply said to stop worrying about it.  What was the meaning of this silly test? Turns out it wasn’t the job for me. I’m easily bored and need exciting experiences to keep my attention. Hunting for CFO’s and accountants wasn’t engaging for me unless I was able to steal them from another company and make a lot of money doing it. Yet, even that high was short-lived for someone who thrives under stress and excitement. This is probably why I love the always adventurous property management industry and find myself working in it now. 

Over the years, we can perform jobs that are either perfectly suited for us or leave us wanting more and lacking in productivity as we become stale. The assessment I took back then could have given me the tools I needed to find my perfect position faster, and my employers the answers they needed to motivate me and keep me moving forward. Realizing their potential, I decided to investigate the reasons these assessments are used throughout the nation’s most successful companies. This is a bit of what I found:

I learned that assessments are not all created equal, and that there are several types including behavior, aptitude, skills, personality, talent and insight assessments. These are only a few of the many that have surfaced over the years. When implementing assessments, the genre should be personalized for your company and the position.  

Second, the employer’s main objective is to establish that the candidate can do the job and will do the job well. Assessments assist the employer in evaluating how a person will handle activities such as working with teams, complying to regulations, solving problems, and coping with pressure. Employers would seek out candidates whose skills and traits matched the job requirements. For example:

•The candidate for a Leasing Consultant position may be required to demonstrate a competitive nature, high motivation to achieve results, and the ability to initiate and close sales.

•The candidate for a Maintenance Supervisor position is likely required to demonstrate a practical and calculated approach to work, uphold work-safety practices, and cope with pressure.

•The candidate for a Regional Manager position may be required to demonstrate problem solving, team leadership, organization, and strong communication skills.

These requirements show that there is no pass or fail when it comes to assessments. These tests are based on the skills needed for a position. As you can see by the following quote, science rather than intuition is a better solution:

“Entry-level hiring is ripe for disruptive change, and companies that incorporate more objective methods with  scientific support can reap solid gains. This could benefit both employers and job applicants as more objectivity is incorporated into the hiring process.” – Sameer Gadkaree, Joyce Foundation Senior Program Officer

Next, I learned that although assessments are a fantastic way to hire, the improvement shouldn’t stop there. Once the candidate is hired, the assessment should be passed on to their manager to open lines of communication. Discussing job expectations and needs for future growth is the perfect icebreaker for structuring a coaching relationship with the new employee. My last hire took an assessment and during our review it was discovered that keeping on task was difficult for this individual. This was the perfect time for me to ask, “How can I better assist you in keeping on task?” It gave them the tools needed to stay focused and gave me the insight needed to make sure they were performing and staying productive. 

Finally, I learned that assessments can be used incorrectly. I spoke to a manager who said that she had stopped using assessments because her company was matching all new hire personalities to hers. She exclaimed, “I don’t want to work with only people who are exactly like me!” Assessments can be extremely useful when used correctly, but ineffectual when used incorrectly. Often inappropriate use stems from not having a clear understanding of what you want to measure and why you want to measure it. To avoid this mishap, have a clear understanding of job descriptions and what team structure you’re looking to build. By incorporating behavioral science into your talent acquisition and management, your ROI in monetary and company culture divisions will rise. 

A winning proposal has been announced for the San Pedro courthouse, bringing the project one step closer to finally being built.

West Hollywood-based Genton Cockrum Partners’ chosen proposal is for a mixed-use development with market-rate and affordable housing and retail space. A grocery store is intended for the property as well.

The project will be built using 100 percent union labor, according to Ted Chandler, chief operating officer of the American Federation of Labor and Congress of Industrial Organizations Housing Investment Trust.

L.A. County received six proposals after reissuing a request for proposals in July. In March, the county ended negotiations with Holland Partner Group. Ties were cut after Holland requested a free lease for the 66-year life of the development agreement and a 67 percent reduction in taxes.

The county owns the 1.8-acre site.

“This project is a good fit for downtown San Pedro,” said Supervisor Janice Hahn in a statement. “Not only will it mean new apartments, retail space, and a much-needed new grocery store in the heart of downtown, it lives up to our values and is both union funded and union built.”

Commercial real estate reporter Hannah Madans can be reached at [email protected] Follow her on Twitter @HannahMadans