mm #4 REAL ESTATE

L. Mainland market siows;

other city sales increase

HOUSING MARKETS in
British Columbia have done
an abrupt about-face in re-
cent months.

While Vancouver has
slowed to more normal Jevels
of home buying activity, the
pace in other housing mar-
kets in B.C. centres has
picked up sharply.

According to the April

1990 issue of the Royal
LePage Survey of Canadian
House Prices, price increases
in Vancouver have moder-
ated this year, while in
communities like Victoria,
Kelowna, and Penticton,
house prices have risen 30
per cent or more in the past
year.
Jerry Jackman, vice-
president and divisional gen-
eral manager for Royal
LePage Residertial Real
Estate Services in British
Columbia comments: ‘‘In
Vancouver, the affordability
issue and a slowdown in off-
shore investment has
brought the market back
down to earth. There is a
better inventory of homes
listed for sale, buyers aren’t
forced to make hasty deci-
sions, and vendors are
moderating their asking
price.

“In Victoria, on the other
hand,” says Jackman, ‘‘the
retirement market continues
to fuel demand for housing
and this is putting upward
pressure on house prices.

“In the interior of B.C., a
number of communities are
experiencing a spill-over ef-

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Telephone 430-5955
SUNDAY 2-4

fect from the very active
Alberta market,’’ he adds.

Jackman’s comments
coincided with the release of
the April issue of the Survey
of Canadian House Prices.
The quarterly, cross-Canada
study tracks the estimated
selling price of seven
categories of housing in over
200 communities from coast
to coast.

Although the Vancouver
market has returned to more
normal fevels of activity,
prices are still significantly
higher than they were a year

ago.

Although some parts of the
city are still reporting 40 per
cent increases in housing
values, typical increases tend
to range in the 20 to 30 per
cent range since last April.

A three-bedroom bunga-
low in North Vancouver is
now priced at $225,000, up
over 28 per cent since April,
1989, A similar bungalow in
Tsawwassen is listed at
$200,000, up 25 per cent
since Jast year, while the
same house in West Van-
couver is up 18.3 per cent to

90,000.

Some of the strongest
buying activity, and the
highest percentage increases,
are currently taking place in
the more affordable areas. A
three-bedroom townhouse in
Langley, for example, has
increased 40 per cent to
$105,000. An identical unit
in Port Coquitlam is up 51.2
per cent to $130,000, while
in Surrey the same
townhouse is valued at

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$123,000, a 66.2 per cent ir-
crease over last April.

In Victoria, price increases
in the past year are averag-
ing 30 per cent or more.
With as much as one-third
of buyers coming from out-
side the city, Victoria is ex-
pected to continue to see
strong demand for resale
homes, particularly from
buyers over the age of 50.

Although prices in areas
like Penticton and Kelowna
are lower than Vancouver,
the percentage increases in
the past year have been
dramatic. A typical bunga-
low in Kelowna has risen
37.2 per cent to $112,500
and a two-bedroom con-
dominium apartment is up
67.4 per cent to $72,500. A
bungalow in Penticton is
now valued at $100,000, 46.7
per cent more than a year
ago.

House price increases in
communities like Kamloops,
Prince George, and Vernon
are running in the 10 to 20
per cent range.

Housing values quoted in
the Royal LePage Survey of
Canadian House Prices rep-
resent the estimated current
market value of typical
homes and are compared to
figures reported three
months ago and a year ago.
The prices cited are Royal
LePage opinions of fair
market value in each loca-
tion, based on data and
market knowledge provided
by Royal LePage residential
real estate specialists.

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1 - Friday, April 27, 1990 - North Shore News