== The Market

vr

RENOVATIONS POPULAR

Housing scene
remains stable

EXTREME CHANGES in prices or volume of
sales appear unlikely for Canada’s residential resale
market during 1985, predicts a senior real estate ex-
eculive in a major research study released today.

According
Cormack,

to George J.
President, A E.
LePage Residential Real
Estate Services, 1985) will
represent the third con-
secutive year of stability for
this important market sector

Here are Mr. Cormack’s
specific sales and price fore-
casts which he makes in the
A.E. LePage 1985 Market
Survey, a comprehensive
analysis and forecast of the
Canadian residential and
commerctal real estate scene:

eThe number of residential!
real estate sales will increase 6
per cent in 1985S, to approx.
imately 191,000 units. Cor-
mack stresses that this fore-
cast is predicated on relative-
ly stable interest rates, which,
in turn, are very much depen-
dent on the approach to
monetary policy tavoured in
the US.

*Because the demand for
homes will be moderate,
there will be httle upward
pressure on housing values
Overall, selling prices are
forecast to increase by up to

Sty per ocent from. the

estimated 1984 level of
$78,000, to close to $82,500
in 1985.

eThe current problem of
sales and price trends in
Canadian communities is far
from homogeneous.
Therefore, home buying ac-
tivity In some cities may in-
crease by as much as 10 per
cent in 1985, while other
cies are expected to. ex-
perience only marginal gains.
Even within the same city,
sales and selling prices may
increase significantly in one
neighbourhood, while a near-
by neighbourhood may see
declines.

Generally, today’s residen-
tial real estate market is
characterized by positive per-
ceptions of home ownership,
says Cormack. For instance,
owners are more
knowledgeable about pur-
chasing homes and = more
realistic in their perceptions,
and, houses are being bought
as residences, not just as
Speculative investments

However, Cormack points
out that there have been

trends in the marketplace
that should be cause for con-
cern. At the top of the Itst, is
a growing reluctance by
many first-time buyers to
purchase a home, due to the
widespread use of average
home prices which tends to
overstate the cost of buying a
home.

‘**But, in every Canadian
community, there is an ex-
cellent supply of affordable
homes, prices well below the
average price, that are well
within the means of the ma-
jority of Canadians,’’ he
says.

In addition to immediate
concerns, Cormack notes
there are a number of trends
that will radically alter the
shape of housing in Canada.
These tnclude the growth of
the condominium market,
changing demographics of
Canada’s population and the
spectacular growth in the
renovation of older homes in
the cores of major cities

Cormack concludes that
the onus rests upon the real
estate industry and = ap.
propriate government agen
cles tO come to terms with
these trends and, where
necessary, encourage them
with tavourable bylaws and
incentive Programs

B7 - Friday, November 16, 1984 - North Shore News

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