November 2, 1990 - North Shore News _ REAL ESTATE Economic uncertainty blamed for slow sales WANING CONSUMER contidence, drained, in part, by higher interest: rates and economic uncertainty, has continued to dampen resi- dential real estate sales in Canada during the first nine months of 1990, Royal LePage said recently. But despite the slower sales activity, Royal LePage. in its Survey of Canadian House Prices, said there are some bright spots on the horizon, **Phere are many pockets right) across ihe country where sales acti ity fies ree mained relativeiy stuable."* said Gino Romanese. execu- live vice-president of Royal LePage Residential Real Estate Services Ltd. “In fact, in many areas, prices have continued to rise and, in some cases, have escalated quite substantially from a year ago."* Romanese, wy sho heads up the company's — residenti Hivision, pointed speci to othe Alberta market, where prices in each of the seven housing — caiegories tracked by Royal LePage rose significantly in’ most parts of the province. Depending on the city and the particular neighborhood, some prices in the third quarter soared 30° per cent from a year ago. Romanese attributed market strength in) Alberta to improved consumer con- fictence and a return of the QUALITY! VIEW! PRIVACY! OPEN SUNDAY 1-4 Architecturally custem designed. % acre -- Close to all arnenities. Great communily! For more info & a private showings. JEANETTE MURDOCH 921-9618 CAULFEILD AREA! 2 Year old horne on prestigious street. Extra large Maste; Bedroom with lull ensuite. Large sunny lot. 4842 Northwood Place. MICHAEL MOLE 921-3226, 922-8080 Sparkling 4 bedroom, 2 year ae home with fanc- ed yard and walk {o work or shopping proximity 5 spifly charmer! Motrated ven, are ‘basics in thi investor. Newfoundland, too, has had reason to celebrate because the Hibernia oil project, after years of study and delay, was officially given the green light this fall. AS a house sales in the province's capital, St. John’s, have ingreased dramatically. Because de- mand will continue [oO rise — partly a result of provin- cial immigration and partly due to higher) employment — Romanese eapeets sles will remain) brisk and put upward Pressure an Prices. Although there is current: Ivo an ample supply of exee- ulive-stvle homies, a short- age could occur some time nent year if sales continue at their current pace, he said. While sates activity. in Vancouver fas slowed from a year age, prices have re- mained relatively strong. Depending on the neighborhood and type of house. vittues have climbed in over half che Vancouver miarkel areas surveyed. indicative of a relatively stable market is the price ascakation of duxury gon- dominium apartments. fn West Vancouver, for exam- ple, the value of a luxury condo climbed 18.8 per cent to $475,000 this: year. while the median price for con- dominiums in’ the Van- cuuver area was $187,500, result, cutive and around teens. up 15.4 per cent from fast year. Other parts of the coun try, however, have not been as buovant. While some buyers have postponed house purchases because of recessionary fears and uncerlainty Over the immiuct of the new seven per cent federal Goods and Services Tav scheduled to come into effect oo Jan. 2, 1991, higher interest rates have abo slowed the pace of sales In mans parts of Casiuda. Bur Romanese sad mor- tgage rates, Which peaked in the spring at about l4'a per cent for a five-year term, hase dropped one percent. age point since fife sununer. As oa oresult., housing has become mere affordable to a olarger group oof Cuna- dians For example. the one Percentage point drap te 13'a per cent on a SPS0,000 mortgage Means ao monthly saving oof $107.82 of S6.481.20 for a five-year term, Among the Canada, most severely im- pacted by shuvgish real estate sales is Southern On- tario, particularly Poronto. areas oF Values. fou. have declined In same cases by as much as 20 per cent from a year ago An esecuive detached tw storey house tn centritl Toronto, for example, now costs $750,000 — dann bals per cent from a year ago. CENTRAL “LYNN VALLEY Conveniently ocated for easy living -- Conve- niently planned home, great for a tarnily, complete with separate suite for grandparents or older PENNY GANDY 921-7534 DENISE EAVES 922-8693 “| $256,500 BEST BUY IN CAPILANO ESTATES! Like new 1 bedroom & den wit: iots of “elhow room!" Appliances are top of the line, some never used! Vendor transferred — Must seli NOW!! LOU NASR 985-1964 PATRICK BRITTON 980-8068 CAREER IN REAL ESTATE?? JUST PASSED THE TEST? NEED A CHANGE?? At REALTY WORLD dor wants to move belore Xmas! VERA S{OLMAN 922-8080 PETER MADSEN 980-0538 —— — we train you first! VERA HOLMAN 922-8080 ROYAL isPAGE DEBORAH SPICER Office: 926-6071 (24 hrs.) 2407 Marine Dr. West Vancouver “Whatever the reasons your realtor for all seasons!” SHOWHOME TOWNHOME 3431 ST. MARY'S AVE. Deiacned & private Sparkling city views 2400 sq.ft. Mitrors & glass Care-free living eae A RARE FIND MUST SELL! SERIOUSLY PRICED $296,00C JEROME WONG 328-2276 1221 Lonsdale Ave. MIKE North Vancouver RYAN 985-9544 Our Feature Home of the Week aera BRING YOUR BIG FAMILY 3132 MILTON AVENUE, NW. 5 pedroom, 2 kitchen home. cul-de-sac lot, new Eurcpean style kitchen. updated bathrooms. hot water heating, wrth near new rool, sundecks, carpet and hot water tank. Assumable mortgage at 11%. SQUAMISH REALTY LAD. 38145 2nd Ave. -«<éieeiumm Squamish, B.C. P.O. Box 1571 REALESTATE BOARD = YON 3GO OF GEFATER Sancourter BE YOUR OWN BOSS! Squamish Diet Centre. Excellent opporlunily with exclusive franchise territory for Britannia Beach to Birken (includes Squamish, Whistler, Pemberton). Over $14,G00 in equipment & franchise fee included. 897 sqft. retail space in prime Squamish foction with 2 yrs. & 3 yr. option lefl, Qwner selling for personal reasons. Call Bill Biln.