hone
econontics
LAST week we had a
look at the MLS
Housing Price Index
for West Vancouver.
The index indicated thar
prices tor detached homes
and Apartments Were up
about 30% since 199b and
were rising through 1999.
Given that the number of

will continue to
vear. This week we
are going to have a similar
look at housing prices in
North Vancouver.

The accompanying graph
shows the MLS Housing
Price index for the fast three
years for North Van “typical”
detached and attached homes
and apartments. The typical
North Van detached home
used for the index has tour
bedrooms, three bathrooms
and has 2,205 square feet of
living space. The home also
has two fireplaces, is 29 vears
old and has a 1999 bench-
mark price of $365,636.

The typical North Van
attached home has three
bedrooms aad three bath-
rooms with! ,625 square feet
of living space and is nine
years old. It has a benchinark
price of $264,930. The typi-
cal apartment has ovo bed-
rooms, | bathroom, $65
square feet of living space
and a benchmark price of
$157,671.

You can see from the
graphs that the price index is

characterized by a certain
amount of random nenthly

reflective of changes in the
underlying price of hou
Therefore we can ignore
and look atthe trends of the
index over longer perods of
ume to vet a wood idea of
hea prices have been mov
ing.

Note that the statistic we
re fooking at is an index
number with a base of 100 in
1O¥L, Therefore the faet that
the index far detached
homes is currently around
the 140 mark indicates chat
prices are up about 40% since
199), Similarly, prices tor
attached homes are up about
25% since LYOE and prices
for apartments are ap about
15K,

In terms of rhe trends,
you can see that the index
for detached homes (top
line) held pretiy steady at or
just above the 140 mark
through 1997, slumped in
1998 and recovered more or
less to 1997 levels iast year.

Furthermore, vou can see
trom the graph that detached
prices were pretty steady for
the last nine menths of
1999,

This would suggest that,
in the absence of any other
information, we could expect
prices to continue that into
the year 2000,

However we do have
some other information,
namely that the supply of
North Van detached homes
for sale is at its lowest level in
the ten years of statistics that
are available. {n light of this
tight supply situation, we
would expect to see some
upward pressure on prices as
we move into the New Year.

For attached homes (sec-
cad line) prices were steady
through 1997 and into 1998
when they fel! about five per-

photos supplied

V's ind

as You can see, has Geen pret.
w steads over the last three
years, with a bit of a slump in
late 1998 and carly 1999,

would expect prices to

remam stable at this fevel as

we move inte the vear 2000
The thicd line shows the

centage points and then
More or less stived at that
ievel through 1999, Given
thar there is an adequate sup-

ar odds with other figures we
have looked at in this column
indicating that sales and

See High page 8&

ply of attached listings, we

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: semis

nn

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