66 - Friday, March 10, 199 - North Shore News

Hot high-end sales keep

average local prices up

THE HIGH-END real
estate market in Greater
Vancouver continues to
be strong, boosting aver-
age prices in February,
while the number of sales
remains flat.

A total of 1,510 residen-
tial units (detached, attached
and apartment) were sold

_ through the Real Estate
Board of Greater Vancouver's
(REBGV) multiple listing
service (MLS) in February,

.yeflecting an increase of 8%

compared to the number of
sales recorded in’ January.

However, the*sales numbers

are down from the same peri-
od in 1994, when 3,110 units

stiles were recorded. During
the same time the average
price increased 22% to
$348,391 from $284,382 in
February 1994.

“While the average price
has increased again, it is a
somewhat misleading indica-
tor because the higher end
housing is a hot market right
now,” said REBGV president
Alan Corbett. “For example,
to date this year there have
been 70 detached homes
which sold for $1 million
plus, compared’ to only 4!
detached homes sold during
the same period in 1994."

The average price of
detached homes rose to
$437,549 (an increase of
22%) over the average price

of $358,413 for detached
homes in February 1994,
There were 942 detached
home sales recorded through
MLS in February, down 46%
from the 1,775 detached
home sales in February 1994,
In the first two months of
1995, 19% of detached hous-
ing sold for under $250,000
compured to 26% of detached
housing in the first: two
months of 1994,

The number of attached
units sold declined 56% in
February of this year, with a
total of 201 compared to 461
sold in the same month last
year. However, the average
price of these units rose 8%
from $217,613 in Feb. 1994
to $235,802 in Feb. 1995.

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