8 - Sunday, April 1, 1990 - North Shore News Sales slow, prices rise in N. Shore housing market HOUSING SALES on the North Shore for the first two months of 1990 have substantially dropped and prices have risen compared with the same two-month period last year, Real Estate Board of Greater Vancouver statistics show. By BOB MACKIE. Contributing Writer But those same figures also show the number of listings on the North Shore has almost doubled in the first two months of this year compared with the first two months of 1989. West Vancouver townhouse sales, however, was the only cate- gory to show a price decrease. The average price per unit drop- ped from $384,700 after the first two months of 1989 to $291,000 in 1990, But only two were sold by the end of February 1990, versus 15 at the same time last year. In all other categories, figures show North Shore real estate mar- ket activity has dropped dras- tically. For example, 117 single-family houses in West Vancouver sold for an average cost of $495,000 as of the end of February 1990. At the end of February 1989, 233 single- family houses were sold for an average of $370,000 — a drop in sales of almost one half and an average price increase of $125,000. In West Vanccuver, 24 apart- ments were sold at an average price of $220,000 compared with 39 units last year at $180,200. In North Vancouver, 258 single-family houses were sold at an average of $286,000 -in 1990, while in 1989 the total was 402 sales at $217,000. Fifty townhouses were sold at an average $200,300 in 1990, while 77 units were purchas- ed for an average $155,600 last year. Eighty-nine apartments were sold at an average price of $135,800 in 1990, compared with 148 at an average of $94,500 in 1989. Although there is a marked sales slowdown on the North Shore, Grateful She Wasn’t Aborted Sandra Wade, adopted 18 years ago — “I challenge anyone to say it would have been a just act to destroy my life by abortion.”’ “Its hard to believe my life was a mistake for my natural mother; yet I guess it was. But, for my adoptive parents, that same mistake was the fulfilment of a dream. I wish my natural mother were here today. I think she’d be proud.” | “I'm glad I was born in 1969 when my pre-natal life was protected by law.” Advertisement: sponsored Nunth Shore Pro Life w listings have increased, particularly in North Vancouver. At the end of February 1989, there were 248 listings; the total jumped to 545 this year. West Vancouver also registered an increase in listings; however, not as staggering as North Van- couver. At the end of February 1989 there were 240 listings. This year there are 380. Anne Broadfoot, spokesman for the Real Estate Board of Greater Vancouver, is not alarmed with the downturn in the market. But she is concerned with the ef- fect that interest rates, which have jumped from 12.40 per cent in 1989 to more than 13.5 in 1990, may have on the market. ““We’re ahead of 1988 and 1987; however, 1989 was unusual,’’ she said. ‘‘Because historically, the first two months each year are slow. “But we had a drop in the se- cond quarter of last year due to rising interest rates. When they get up to 13.75 per cent, there’s a lot of people out there who can’t get into the market because they can’t afford it.’* Chuck Mitten, president of North Vancouver-based Mitten Realty Ltd., is optimistic that the market will recover and exceed the 1989 highs. “e's a good sign that listings are up,”’ he said. ‘‘But people are looking and finding it difficult because there’s such a cross-section to choose from and the high inter- est rates."’ But Mitten believes it is too early to adequately judge the housing market because of the recent fed- eral budget and the harsh winter weather conditions which affected ARDAGH HUNTER TURNER Barristers & Solicitors a Personal Injury AFTER HOURS [FREE INITIAL CONSULTATION FAX 645-8989 [ 986-4366 | 986.9286 #300-1401 LONSDALE _NORTH VANCOUVER, BC. many of the North Shore’s streets. “Te’s unfair to evaluate it at this point,’ he said. ‘*The heavy snowfall in February cut out the opportunity to sell in the upper levels of the North Shore, and the federal budget caused many people to wait and see the direction the economy might take.’’ Mitten said he has seen a decrease in the number of offshore purchasers, but Canadians from outside British Columbia continue to make up a large portion of buyers. Mitten, like Broadfoot, is disturbed with high interest rates which have caused first-time buyers to look to the Fraser Valley for housing. “There’s a large number of first-time buyers, mainly in the Fraser Valley, and it’s mostly sec- ondary buyers on the North Shore. You’re in great difficulty if you're a first-time buyer on the North Shore because if you're going to get something it'll likely be some- thing like a condo.”’ CORRECTION NOTICE Re Customer Care advertisement in the North Shore News on Friday, March 30, 1990. ‘Spring Car Care’ Section. In the portion of the ad ‘complete tune-up, it states that a ‘New PVC. valve’ is included in the _tune-u up package. This is incorrect. The PV! valve is not included in the tune-up package. We apologize for this error and regret any inconvenience that this may have caused our customers. YOUR ICEC. cLAIM Is. 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