§2 - Friday, April 28, 1995 - North Shore News
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Board sees
upswing in

second half

REAL ESTATE Board
of Greater Vancouver
(REBGV) is anticipat-
ing an upswing in sales
in the second quarter of
~ £995, citing such factors
as the increasing supply
of: properties available
to homebuyers and the
current trend. of, low-
rate, long-term mort-
"gage rates,

The trend of higher levels
of residential listings con-
tinued in March, with. an
increase of 23% in. listing
inventory over last year.

“This seems to be a good
time to be out. looking for a
home, given the wide range

“of mortgages ‘available to
_ ‘homebuyers ‘at moderate
. Yates of less than 10%, com-
bined with the wide range of housing product
on the market right now,” said Board president
Allan Corbett. “The real estate market is likely
to respond to the financial stability in the mar-
ketplace.”

Teel While the high-end: market continued to
the:

. keep. average real estate prices up during
“month of March, 81% of the total 4,761 resi-
dential: units sold through REBGV’s MLS®

“during the first quarter of 1995 were priced
“under $450,000. During the same time period

~ the Board had record sales in the high-end mar-

-. ket: with 113 units priced at $1 million plus.

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: Sussex x GroWp - §.R. C Realty Corpo

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This compares to 94 units in the first three

months of last year. The overall average price

of residential units in March was $329,447,
down slightly from the average in February of
$348,391, but up slightly from. $322,827 in
January, indicating a fairly steady market.
Even with the sale of 37 detached homes for
$1 million plus during March, the average price
inthis category declined slightly to $424,562
from the February 1995 average of. $437,549,
but up from the average of $405,663 in January.
There were 1,067 detached home sales record-
ed through MLS® in March. Of those 747 or

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ERE OBS ame SHAT TUBS ERAN A TE LOS AM PACA SRS

SEM, LESTE LS IEA Ba a i a elt

Photo submitted

NINE NORTH Vancouver area realtors have been elected to serve as Real Estate Board of Greater
Vancouver divisional directors. They are (front row, left to right): Robert Boyne, Cherry Bouton and Ted
Hansen. (Back row, left to right): Rosario Setticasi, Pauiean MacHale, Evelyn Paulik and Bill Binnie.
Absent are Ed Emery and John Boden Sr. .

70% sold for under $450,000. A total of 63.7%
of the 254 attached units sold in March were
purchased for under $250,000. The average
price was $249,696, reflecting a continued
increase from the average of $235,802 recorded
in February 1995 arid $231,850 in January.
The average price of apartment’ units
declined to $177,045 this month when 88.5%
sold for under $250,000. This ‘is a slight
decrease from the February 1995 average price
of $181,209, and a very slight rise over the
January average of $174,016. There were 533
apartments sold through MLS® in March 1995.

AMSG a ghYe

STIR RI A EE STUER TG SPAT SATE WLR,

Mortgage
rates to
level off,
- CMHC

forecasts

HOUSING AFFORD-
ABILITY will improve in
the second half of 1995
after sliding last winter,
according to a recently
released Canadian
Housing Markets report
by Canada Mortgage and
Housing Corporation
(CMHC).

“A. brighter affordability
situation is expected in the
second half of the year as
mortgage rates settle down,”
the report states. “Mortgage
tates which began rising last
year have led to a drop in the
perceritage of. renters who ©
could become homeowners,”.
states the CMHC report.” ’ .

Housing was ‘still ‘more
affordable in February 1995
than in 1990 when affordabili-
ty wasatalow,

In February, with mortgage .
rates at 10.5%, one quarter of
renters could afford their first
home. By contrast, in i990, §
when. three-year mortgage : §
rates were over 13%, just
under 20% of renters could °
afford to buy a starter home.

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46 SOLD & OCCUPIED

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or equivalent cash discount

H ¢ Price includes GST, appliances including washer & diver,
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a Rapid Transit to Vancouver the fall of 1995 corn

to marie hieed =p

open Daily 1-4 i
Except Friday

Turn tight at Ford.
‘Road, Pitt Meadow: 34