43 ~ Friday, February 10. 1989 ~- North Shore News REAL ESTATE NEWS photo Tom Surtsy THE SMOW-CAPPED peaks of the The Lions are framed by an ornamental structure at Capitezo River Park near Cleveland Dam. . 1515 EASTERN AVE. “An address of distinction in the heart of North Vancouver” Congratulations! all the 65 new residents of Eastern House on their selec- tion of the very best in hi-rise living. — Best Wishes! : Sussex Realty & the Sodican Group wish to congratulate : LOWER MAINLAND REAL ESTATE Older home buyers dominate local market THERE WERE some Significant changes in the type of people who have been buying homes in Canada recently, according to a major new study by Roya! LePage. In Vancouver, the number of families with children buying homes increased in 1988. Homes buyers in the Lower Mainland continue to be the oldest in the country, and single people account for 25 per cent of all home buying. The Royal LePage study also revealed that both in Vancouver and nationally, the number of first-time buyers dropped last year. Across Canada, couples without children are the largest household group among home buyers. These are among a few of the findings in a survey released recently by Royal LePage. The study analyzed over 143,000 residential resale real estate transactions over the past three years, Among the Lower Mainland highlights: © People wait longer to buy a home in Vancouver than anywhere else in the country. In 1988, the pro- portion of homes buyers in Vancouver under the age of 30 years declined to 16 per cent of the market. The na- tional average in this age group was 21 per cent. ® The percentage of home ro ee ‘DOREEN RUSHTON SALES CONSULTANT buyers over the age of 40 in Vancouver continues to be the highest in the country, rising to 47 per cent of all purchasers in 1988. Natural- ly, 39 per cent of homes buyers are over 40. © The proportion of fami- lies with children buying homes increased to 37 per cent of the market here, while the number of singles and couples (without children) declined. © First-time buyers drop- ped to 30 per cent of the market in 1988, the lowest in Canada. Nationally, the proportion of first-time buyers has declined from 37 per cent in 1986 to 33 per cent last year. © First-time buyers paid an average of $161,000 for a home in Vancouver last year, compared to an average of $182,000 paid by all buyers in the sample. CANADA © Canadians wait to have children until after they've bought a home. Over 51 per cent of first-time buyers in 1988 were couples (with no children) and a further 27 per cent were single. © Nationally, first-time buyers paid an average of $113,700 for a home last year, almost $32,000 less than the average for all buyers. © First-time buyers bought more condominium townhouses than the average LEWISTER NY. guns) GLADYS P _FRi., CMR, RI (B.C) (8.4 per cent compared to 6.2 per cent), and fewer detached homes (65.7 per cent compared to 68.4 per cent). According to Gino Romanese, executive vice- president, Royal LePage Residential Real Estate Ser- vices: “‘Some of the conclu- sions we can draw from the data are that first-time buyers have adjusted their expectations to the realities of their situation. In Van- couver, for example, rising prices haven't prevented people from buying homes. What is happening is that young people are waiting a little longer to buy a home.”’ According to Jerry Jackman, vice-president and divisional general manager for Royal LePage in British Columbia: ‘‘First-time home buyers here undoubtedly mirror the national trend of two-income couples working to buy a home before they have children. “Although our = study doesn’t include specific statistics, common sense in- dicates that first-time buyers in the Vancouver area are choosing more affordable types of housing, like con- dominiums and semi- detached homes, and more affordable areas, like the suburbs and outlying com- munities.’’ See Market ICKSTONE DON'T MISS SEEING THIS ATTRACTIVE 3 BEDROOM RANCHER WITH FAMI- | LY ROOM OFF KITCHEN! LARGE 70x110’ LOT ON QUIET STREET! WELL MAIN- TAINED WITH ROOF, CARPET, GUTTERS, FURNACE AND H/W TANK ALL UP: § DATED! SHORT, EASY STROLL TO EDGEMONT VILAGE! ASKING $209,500! pe iece NEW ROOF HERE! § SO HURRY TO SEE THIS COZY POST 'N BEAM RANCHER! EXTRA LARGE L/R f WITH F-C BRICK FIREPLACE, DINING ROOM, KITCHEN WITH FITTED NOOK, 3 3 BEDROOMS, LARGE WINDOWS OVERLOOK FENCED AND PRIVATE } BACKYARD! QUIET STREET! ASKING $169,900! :