42 - Friday, January 20, 1989 - North Shore News

REAL Estate

UP 29% IN GREATER VANCOUVER

1988 home sales break record

THE NUMBER of residen-
tiat sales through the Multi-
ple Listing Service of the
Real Estate Board of Greater
Vancouver rose 29 per cent
to 29,994 units, compared to
23,211 in 1987, which had
been the previous record.

Of the fourteen com-
munities involved in Van-
couver’s MLS system, Van-
couver’s East Side led in
single detached sales with
3,726 purchases. The median
price was $145,000, meaning
half those sales were below
the median figure and half
above.

The lowest price home
sold in the last quarter was
$63,060 and the highest was
$434,000, showing that the
lower-to-median sales range
was the most active.

Vancouver’s West Side
was second in the number of
single family homes sold,
with 2,700 sales recorded in
1988 and a median price of
$325,000 in a sales range of
$130,000 to $1,450,000 in
the Jast quarter.

Third in the number of
sales was Richmond, with
2,486 single family home
sales resulting in a median
price of $184,000 within a
sale price range of $97,000
to $600,000 in the last
quarter.

A total of 2,001 single
family sales occurred in
North Vancouver last year,
with a median of $176,000 in

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a price range of $83,000 to
$485,000 in the last quarter.

In Burnaby, 2,062 sales
were recorded with a median
of $131,000 in Burnaby
East, $175,000 in Burnaby
North and $160,000 in Bur-
naby South. The lowest
Burnaby price in the last
quarter was $80,000 and the
highest priced home soid was
$488,000.

The Districts of Maple
Ridge and Pitt Meadows
came next, with 1,609 sales
between $40,000 and
$182,394, and a median
price of $103,000. These
sales reflect the rate of new
construction and popularity
of this growing suburb.

In the District of Co-
quitlam, 1,558 single family
homes were sold throughout
the year, with a median price
of $132,000 in a price range
of $55,000 ¢o $300,000 in the
last quarter.

In West Vancouver 1,026
sales of single family homes
occurred in a sales range of
$163,000 and $1,505,000.
The median, or middle price,
was $326,000 in the last
quarter,

South Delta saw 915 single
family home sales with last
quarter figures showing a
price range of $80,000 to
$470,006, and a median of
$152,509.

In the City of New
Westminster, 481 single fam-
ily homes were sold through
the year, and in the last

Ein

116 W. ESPLANADE

985-8231

QUALITY & WARMTH

1280 ADDERLEY

quarter the sales were in a
price range between $46,500
and $267,000, with a median
of $115,500,

The City of Port Moody
registered 286 sales, with a
median of $129,000 in a
range from $72,000 and
$565,000 in the last quarter.
tn Port) Coquitiam 935
homes were sold with last-
quarter prices ranging from
$15,000 to $188,000 and a
median of $119,000.

Included in the residential
sales were over 7,000 con-
dominium units located
throughout the communities
served by Vancouver Board
members, 1,615 single family
building lots and 608 sales in
the “multi-family revenue’
category.

Increases are noted in
housing prices in almost
every area of the city in
varying degrees. Gary
Brady, President of the
6,000-member Real Estate
Board, cautions that
simplistic averages and per-
centage increases often
quoted from computer cal-
culations, do not tell the
whole story.

With the current high level
of construction in single
family and condominium

Units throughout the Lower

Mainland, existing home sale
figures are pitted against the
iavariably higher sale price
of new accommodation,
leaving the impression that
all homes in an area have in-

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RES: 925-4396

. 965 DUCHESS AVE.

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$120,000, showing that af-
fordable housing does exist
within the Greater Van-
couver area,

existing home. em-
phasizes that not alt “poms
in even the most active sale
areas will have experienced
equai appreciation. Looking
at sales by price ranges is a
more significant measure of
the market place.

Gf the 29,994 residential
units sold, 18,009 — or well
over half — sold at $150,000
or less, with 12,233 of those
tesidential units selling under

creased by a certain percent-
age of value.

Brady urges contact with a
teal estate professional who
knows your area, and who
can give you factual infor-
mation on current sales in
any neighborhood with ins-
tant computer comparisons
of location, condition, and
accommodation details, so
you can get a realistic view
of the current value of your

Over 6,000 active listings
were still in inventory at the
end of December selling,
says Brady, and potential
home buyers still have the
advantage of affordable and
plentiful mortgage funding
available for 1989 purchases.

CoS 4
DAVID Off. 985-8231

MACKENZIE

+ PRIVACY IN THE
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parklike yard with huge
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beach.

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985-8231

PRESIDENTS QOLD AWARD

SUE GEDGE
Bus. 985-9544
Res, 925-8903

ee

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| Res. sas.o4ae

: 3 we
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