Prices post strong gains

HOUSE PRICES in many
areas of British Columbia
posted strong gains during
the last four months and a
growing number of buyers
are relocating to areas such
as Nanaimo and Kamloops,
according to a_ national
survey of residential real
estate. . ends released by
Century 21 Canada.

“British Columbia has the
best performing economy in
all of Canada right now,”
said Don Lawby, chief
operating officer for Cen-
tury 21 Canada. ‘’Offshore
investment, immigration,
consumer confidence, low
interest rates, and a strong
demand for housing resulted
in price increases in, all
survey areas.”

Richmond led the nation
in price increases. The
survey found the average
selling price of a typical
three-bedroom _ split-level
home rose from $274,000 to
$311,000, a jump of 13.5%,

between February and May.

On the cast side of Van-
couver and in West Van-
couver, price increases of
10% were reported during
the survey period.

“The higher cost of hous-
ing in greater Vancouver
and Victoria is prompting a
growing number of buyers
to look elsewhere for more
affordable homes,’’ Lawby
said.

Nanaimo, for example,
now has a shortage of
listings.

“The average selling price
of a typical home in
Nanaimo is $142,000 and
that's up four per cent since
February. Year-to-year
sales are up 37% over last
year,’’ reported Cidalia
Placetic, owner of Century
21° Icarus Realty Ltd. in
Nanaimo.

“Space is the principal at-
traction. People are com-
fortable here, and don’t
want to move.””

Lawby added, ‘‘A similar

+ URBAN B.C.

Single
Delached

Dec. /°92
Jan. /°93
Feb. /’93
Mar./’93
‘Apr. /°93
May/’93

Multiples Total

Canada

situation is occurring in
Kamloops as buyers take
advantage of homes that are
underpriced compared to
other areas."

The housing market in
greater Vancouver and Vic-
toria cooled somewhat dur-
ing May and overall unit
sales are expected to
decrease during the summer
months, but selling prices
are projected to remain
Jargely unchanged.

Each of the over one
hundred areas surveyed
across Canada has a home
style that is ‘‘typical’’ of the
majority of homes in that
community or neighbor-
hood.

By following changes in
this ‘‘typical’’ house catego-
ry rather than average or
median prices, the Century
21 Canada survey provides
consumers with an accurate
picture’ of price «changes
related to the majority. of
homes in their area.

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'

Cali Real Estate Advertising 985-6982

Rick Anderson
Real Estate
Advertising Manager

ff LESTIR

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