4 ANGLES AND PLANES tak NEWS photo Terry Peters GIVING THE illusion of a stairway to heaven, girders on a focal bridge create a strong graphic composition. _ Survey shows resale housing THE SECOND quarter of 1985 saw a turnaround in the British Columbia resale housing market, with de- mand exceeding supply in the under-$140,000 price range. That’s one of the conclu- sions drawn from the latest Royal LePage Survey of Canadian House Prices. The quarterly cross- Canada survey tracks hous- ing prices in six categories: detached, three-bedroom bungalow; detached two- storey, four-bedroom home; standard condominium townhouse; luxury con- dominium townhouse; stan- dard condominium apart- ment; and luxury con- dominium apartment. TREND REVERSING ‘*The trend last year toward price decreases seems to be reversing; even luxury home sales are on the in- crease,’ say Ozzie Jurock, vice-president and divisional general manager for the real estate company in British Columbia. ‘‘Detached houses priced from $80,000 to $140,000 are most in de- mand, especially in the Lower Mainland. There's a general increase in con- fidence among buyers, which is reflected in an 8 per cent sales gain for detached homes over the same period last year.’’ Jurock reports that the turnaround began in the first quarter of the year, as selling prices started to inch up. In the second quarter, he notes a particularly strong upsurge in sales in Victoria, as well as in several areas of the Lower Mainland, including Richmond, West Side, Co- quitlam and Port Co- quitlam. MORE CONFIDENCE “The recovery seems to be accelerating as we get closer to Expo °86,’? Jurock com- ments. ‘‘We see increasing confidence among buyers as Expo’s construction nears completion and as other ma- jor projects proceed, With lower interest rates, buyers are again discovering the value of real estate.”” The report shows detached bungalows are selling for $410,000 in Burnaby, up 5.8 per cent over a year ago. In East Vancouver, detached two-storey houses are selling for $148,000, slightly below the year-ago figure of $150,000. Luxury con- dominium townhouses in East Vancouver, however, are at the $125,000 level, an increase of 3.3 per cent in recovery compared to one year ago. in North Vancouver, detached bungalows were selling at $115,000 in the first quarter of 1985 bur are now up to $117,000. Detached two-storey houses, selling for $145,000 three months ago, are up to $150,000, while con- dominium apartments in that area are selling slightly below 1984 levels. HIGHER PRICES ‘*Based on rising demand, we can expect somewhat higher selling prices in the next quarter and throughout the year,’’ said Jurock. “The economic picture con- tinues to brighten and British Columbia buyers as a whole have a much more positive attidude.”’ Strong demand for homes in the low- and mid-priced ranges is expected to con- tinue. . Resale values quoted in the survey represent market values of typical homes and are compared to figures reported 12 months ago and 6 months ago. The survey reflects Royal LePage’s estimate of fair market value in each location, based on data and opinion supplied by real estate personnel across Canada. 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