70 — Friday, November 7, 1997 - North Shore News First-timers st away from prices High housing costs a big factor: survey A survey of 850 poten- tial first-time home buy- ers revealed that high housing costs and insuf- ficient down payments remain the major obsta- cles to homeownership in the Greater Vancouver area. The annual survey of buy- ers’ needs and expectations was conducted at a seminar spon- sored by the Greater Vancouver Home Builders’ Association (GVHBA). GVHBA's survey results reveal that most potential first- time home buyers are Letween the ages of 25 and 34 and cur- rently rent accommodation away. from parents. They plan to buy within a year with a spouse or partner. They would prefer a wwo- or three-bedroom townhome or detached home sized between 1,200 square fect and 1,500 square feet. -~Their preferred price range is broad at between $125,000 and $249,000. 4 be Most respondents will using, RRSPs for their down payment, will likely participate in. Canada Mortgage and Housing corporation's 5% down-payment: program, and want their investment protect- ed by an independent, third- party home warranty. More 1997 survey findings (rounded to acarest percent- age): B 62% of survey respondents cited high housing costs as the major obstacle preventing them from buying their first home. Thirty-six percent said an insufficient down payment was the major obstacle. @ 67% of respondents current- ly rent accommodation, while 21% live with parents. B 65% will be purchasing their firss home with a spouse /partner and 23% said they will be buying their first home alone. B@ 44% said they plan to buy within six months, while 30% indicated they would buy with- in one year and 16% said they _ plan to buy within the next nwo to three years. @ 36% said thev plan to pur- chase a detached house, 27% a townhome, 19% a lowrise con- dominium apartment, % a4 highrise condominium apart- ment and 4% a duplex. @ 10% said their maximum price would be less than $125,000, 16% said $125,000- $149,999, 21% said Parksville, ‘Island’s ‘boasting one of ‘Canada’s best cll- shy $150,000-$174,999, 16% said $175,000-$199,999, 23% said $200,000-$249,999 and 13% said over $250,600, B 2% said they have less than $5,000 for a down payment, 26% said $5,000-S9,999. 26% said $10,000-$19,999, 28% said $20,000 $49,999 and 10% said more than $50,000. @ 3% said they will purchase a home smaller than 806 square feet, 14% said 800-999 square feet, 14% — said 1,Q00-1,199 square feet, 28% said 1[,200- 1,499 square feet, 13% said 1,500-1,799 square feet, 14% said 1,800-1,999 square feet and 9% said more than 2,000 square feet. @ 9% said they need only one bedroom, 44% said two bed- rooms, 35% said three bed- rooms and 9% said they want a four-bedroom home. @ 51% said they would use RRSPs as their down payment while 52% indicated they have between $10,000 and $20,000 in RRSPs. @ 78% of the respondents said an independent, third-party new home warranty is impor- tant fo them. @ features most desirable to respondents include cnergy efficiency, gas fireplace, and a secondary suite/rental unit. It’s time to move ‘up to a better way. of life, In a. virtual year round Paradise. Ocean Park is located in The Jewel, mates. Boating, 4 fishing and some of Canada’s best year round golfing. Not forgetting swimming, soaring eagles, walking by the ocean, hiking, indoor winter sports (sorry it’s too mild here for outdoor winter sports) sailing and, yes, more golf at reasonable prices. Ocean Park Gardens Condominium Homes are located within steps of downtown amenities and beaches. Never before have such distinctively crafted homes been so affordable. With prices ‘from $134,900 and square footage from 1029, yau’ll be aston- ished by such features as.the large patios, kitchen nooks, fireplaces, large utility rooms and dining areas. Call todey tor information. package a 1-800-665-8040 - ; ‘Wayne or Sharan Dumbrell : Homelife Central Island Realty Ltd. P.O. Box 460, Parksville, B.C. V9P 2G6 October sales down The Real Estate Board of Greater Vancouver's October Multiple Listing Service statistics indt: cate that average prives of detached, attached and apartment units rose 6% overall, while sales were down 12% for the month compared to October hast year. The number of new iistings were down 7% for the 1997 year-to-date. “In times of investor uncertainty, real estate continues to be one of the most stable and secure long-term investments you can make,” said board president, Glenn Temes. “Each mortgage payment will build equity, establish your credit rating and be a powerful tax bencfir as well.” There were a total of 1,130 detached sales in the Greater Vancouver area in October, down S%o thom Ovteder 1086, and up 2" for the vear- to-date. athe average price of a detached unis rose by 4% over October last year, but is down 3% tor the 1997 year-to-date. There were a total of 343 attached units sold in the Greater Vancouver area in October, down 15 per cent compared to October 1996, and down 1% for the 1997 year-to-date. The average price has remained stable throughout 1997. There were a total of 672 apartment unit sales in the Greater Vancouver area in October, down 20 per cent from October 1996, but up 1% for the year-to-date. Average prices are up 2% for the year-to-date. NEWS photo Brad Ledwidge Shipberthing of a legend North Vancouver's C.H. Cates & Sons’ tugboats have long been a stapie on the waters of Burrard Inlet. The company has been operating since 1886 and has evolved into a shipberthing specialist in the Port of Vancouver. 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