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54 - Fridsy, July 21, 1989 ~ North Shore News

$206,695 AVERAGE PRICE

North Van remains

-- ReaL Estarr —

active in reai estate

HOUSING SALES in
Greater Vancouver in the
first half of this year are 11]
per cent ahead of the same
period last year.

The Multiple Listing Ser-
vice (MLS) of the Real
Estate Board of Greater
Vancouver reports 17,069
properties in the residential
category marketed to date,
compared to 15,30! in the
first six months of 1988.

The two quarters reversed
the historical experience, as
the first quarter outstripped
the second, with 10,233 sales
in the first three months and
6,836 in the second quarter.

Board president Brian
Calder says that buyers hur-
ried into the macket earlier
this year because of bi-week-
ly increases in mortgage
rates, heavy demand and a
shortage of supply. When
mortgage rates rose to the 13
per cent range by April,
some buyers left the mar-
ketpiace and sales in the first
part of.the second quarter
dropped below the high
levels of the first quarter.

Competition by financial
institutions has now brought
mortgage rates to the 12-
12% per cent range, and an
increasing stock of available
Rousing has encouraged
buyers, as increasing
numbers of sales in June
show. Over 13,000 active
listings of residential proper-

L

ty were available at the end
of June. .

Vancouver East was once
again the leader in single
detached sales. The second
quarter’s median statistical
report shows 753 single fam-
ily homes seld in east Van-
couver in a range from a low
of $91,000 to a high of
$520,000, with a median or
middle price of $182,000.

Vancouver’s westside was
second in the number of
actached sales, with 662
sales between $175,000 and
$2,000,000, showing a me-
dian price of $408,000.

Other active areas in the
Greater Vancouver area were
Richmond with 54y detached
sales, Burnaby with 470, and
North Vancouver 2ad Co-
quitiam, which both experi-
enced 402 detached sales.

Fast growing Maple Ridg2
had 326 detached sales,
followed by 2!1 in South
Delta, 209 in West Van-
conver, 200 in Port Co-
quitlam and 112 in New
Westminster.

The board’s statistical
“‘average’’ price per residen-
tial unit at the end of June
was $206,695.

In an effort to determine
the affordability factor of its
trading area, -a review of
sales by price ranges was
undertaken. It is significant
to note that statistical
average and percentage in-

ica

creases reported each month
distort the facts to a great
degree.

Of all residences sold —
detached and condominium
units — i5 per cent were
sold under $100,000, which
ts the level of eligibility for
the government's MAP
(Mortgage Assistance Pro-
gram).

There were 23 per cent of
sales made between $100,000
and $150,000 — properties
that could be eligible for the
Property Purchase Tax
Relief program announced
in the provincial budget of
March 30, and another 23
per cent sold between
$150,000 and $200,000.

The results of the review,
Calder states, is that 61 per
cent of all residential sales
made by memi-c:rs of the
Real Estate Board of Greater
Vancouver are beiow the
statistical average figure,
which is a simplistic one
calculated by dividing the
number of units sold into
total dollar volume. This
average is distorted upwards
by the higher-priced proper-
ties and should not te ac-
cepted as the norm.

The active level of new
construction and reconstruc-
tion in Greater Vancouver is
charted by the board’s high
priced sales levels.

Thom the monvent you pass Ciough the security gate howse all you have
to do vs engoy the carefree, maintenance free and affordatle tifestyle

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