Friday, January 30, 1998 - North Shore News - 73

High house prices prevent purchases

A survey of 850 potential first-time than $125,000, P6°. said SI25000 $149,990, MEO" sad they need only one bedroom, 44% payment and 52" indicated thev have benveen
home buyers revealed that high hous- 21 sad SPS8.000 517.990, L6% said said tte bedrooms. 35% said three bedrooms $10,000 and $20,000 in RRSPS;

ing costs and insufficient down pay- st S000 S190 90g, 13. ae S200,000 and 9% said they want a four bedream home, @ 78% of the respondents said an independent.
ments remain the major obstacles to S249.999 and Ta) said over S250 000, WS! said they would use RRSPs as their duwa third-party new home warranty is important.

home ownership in the Greater

Vancouver area.

The annual survey or buyers needs and
expectations was conducted at a seminar spon
sured by the Greater Vancouver Home Builders’
Association (GVHBA).

GVHBA‘S survey results reve dd thar most
potential first-time home buvers are benvcen the
ages of 25 to 34 and currently rent accomme-
dation away trem parents. They plan to bus
within a vear with a spouse er partner. “Phev
would prefer a wo: or three-bedroom town
home or detached home sized between 1.200
sq. ft. and 1,500 sq. tt. Their preterred price
range is broad at between $125,000) and
$249,000.

Most respondents will be using RRSPs tor
their down payment, will likely participate in
Canada Mortgage and Housing Corporation's
5% down-payment program. and want tieir
investment protected by an independent. third:
party home warranty.

More 1997 survey findings (rounded to
Nearest percentage):

@ 62% of survey respondents cited high hous-
ing costs as the major obstacle preventing
them from buying their first home,

@ 36% said an insufticiens down payment way
the major obstacle;

8 67% of respondents currently rent accommo-
dation, while 21% live with parents;

65% will] be purchasing their first home with
a spouse /parmer;

§ 23% said they will be buving their first home
alone;

8 44% said they plan to buy within six months;
@ 30% indicated they would buy within one
year; 2 pie 3 tue : : oa a di
@ 16% said they plan to buy within the next nwo NEWS pheto Cindy Goodman

to three years; =
@ 36% said they plan to purchase a detached Ti le styl e

house, 27% a townhome, 19% a lowrise condo-

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/PEMBERLE

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