56 - Friday, August 23, 1991 ~ North Shore News

REAL ESTATE
Mini-boom settling down

The resale home murket in
Vancouver has slowed just
enough in the past three
months to lessen) concerns
about another boom, ac-
cording to the most recent
house price survey from
Royal LePage.

“Monthly sales have slip-
ped about 10% from their
peak in Aprile" says Jerry
Jackman, senior vice presi-
dent and divisional general
manager for Royal LePage.
“The greatest demand con-
tinues (oO be for homes in
the lower price ranges,
largely because of the
decline in interest rates. In
fact, in some areas we're
secing a Shortage of proper-

ties Tisted for sale in’ the
more affordable price
ranges.”

“The demand tor moder-
ately-priced properties has
created the momentum to
get people back ima the
market,’? adds Larry
Ferster, vice president and
regional manager for Royal
LePage in Vancouver.
“We've now got a healthy
market where people are
making positive housing
decisions and trading up.”

‘However, the market is
still very price sensitive,’’
notes Jackman. ‘Il prices
rise too fast, we'll see a
decline in first-time buyers

buying activity.""

According to the = JSuly
issue of the quarterly Royal
LePage ‘Survey of Cana-
dian House’ Prices'’, the
majority of housing values
remain below fast year’s
peak levels, despite increases
in recent months.

The median price of a
four-bedroom, two-storey
executive home in the Van-
couver area is currently
$250,000, still $10,000 lower
than a year ago. A typical
townhouse is now valued at
$126,000, up less than 1%
since last July. On the other
hand. the median price of a
three-bedroom bungalow
has increased almost 15%,

that could dampen home
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