46 - Friday, February 1, 1991 ~ North Shore News REAL ESTATE A CONSTRUCTION WORKER works on a building site on the north side of East Keith Road in North Vancouver. Economy dampens most housing markets DECLINING CONSUMER confidence levels and a poor economy dampened residen- lial real estate activity in most major markets across the country during much of last year, says Royal LePage. According to the latest issue of the company’s Survey of Canadian House Prices, housing values for the fourth quarter of 1990 reflected the sluggish state of the economy. “Peaks and valleys are part of the cyclical nature of the real estate business,’’ says Gino Romanese, Exec- utive Vice President, Royal LePage Residential Real Estate Services. ‘‘I believe prices have now bottomed out or are very near bot- toming out in most areas. Given the increased affor- dability, with respect to house prices and mortgage rates, and the wide selection of properties available, sales activity should scabilize dur- ing the first half of 1991 and show moderate growth thereafter. Traditionally, when mor- tgage rates drop, prices begin to increase. This is the climate we are now in’ and supports my belief that prices ure at or near bot- tam, “Uneertainiy over the GST is expected to be gone by the end of the first quarter as consumer under- standing gradually in- creases,’’ he added. Romanese made his comments with the release of the January issue of the Royal LePage Survey. The quarterly, cross—Canada study tracks the estimated selling price of seven categories of housing in over 200 communities from coast lo coast. The notable exceptions to the rule in 1990 were Ed- monton, Calgary, the B.C. Interior, and Ottawa. These areas bucked the national urend with housing values increasing over 40 per cent in some categories. For instance, in the Castledowns area of Ed- monton, a standard con- dominium increased 42.8 per cent. In Lethbridge, a standard two-storey home jumped 44 per cent in value. Calgary experienced a 24.7 per cent increase in the standard townhouse catezo- ry in the NW. Dalhousie area. The senior executive home in’ Lake Bonavista rose 17.1 per cent over the previous your. In B.C... othe Penticton area experienced increases in excess of 20 per cent ia tour our at seven categorics. Ip Vernon, the standard townhouse rose 24.7 per cent over last year’s level. Homes located in the Ot- tawa region also appreciated significantly it value. For example, a luxury con- dominium apartment in western Ottawa jumped 11.9 per cent over the January, 1990 level. — Cities in proximity to Ottawa, such as Pembroke, also experi- enced increases. The rest of Ontario was feeling the effects of the recession. Outside of met- ropolitan Toronto house prices increased marginally, usually in the one to six per cent range, or remained stable. In metro Toronto and adjacent areas such as Peel and York Regions, it was a buyer’s market as prices declined in nearly every category reported in the survey. Housing values in the Royal LePage survey repre- sent the estimated current value of typical homes and are compared with figures reported three months ago and a year age. The prices cited are Royal LePage opi- biens of fair market value in each location, biased on data and market knowledge provided by Royal LePage residential sneckilists. / Now see the Best new home value in West Van... . cellent price! For Professional Service Please Call SOREN FREDERIKSEN, PEng. 986-4371 (24 hrs.) : or 735-4199 Pager THIS WEEKEND ONLY... BUILDER PAYS GST! We're down to our last few har- § ~"-. & bour VIEW suites — and they | $e” must be sold quickly! 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