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NEWS photo Tom Burley

DECKED OUT for wet weather, Dave Pathal strips concrete forms for a new home being
built in the Tempe Heights residential development in the City of North Vancouver.

69 - Friday, Octuber 30, 1987 - North Shore News

CANADA-WIDE |

Housing market returns

to normal nationall

THE VERY strong levels of
activity that characterized
the housing market in many
Canadian cities during the
spring have moderated back
to more normal patterns
with the onset of summer.

Nonetheless, with few ex-
ceptions, housing prices are
considerably higher than
they were in October 1986,

According to the October
1987 edition of the Royal
LePage Survey of Canadian
House Prices released
recently, real estate sales and
price trends in the residential
real estate markets have
shown surprisingly similar
patterns.

“Although . there have
been noticeable differences
in degree, most cities en-
joyed bullish markets carly
in the year that tapered off
to more normal levels in the
second and third quarters of
the year,’’ comments Ozzie
Jurock, president, Royal
LePage Residential Real
Estate Service. ‘‘It is rare
that there is this much simi-
larity in market trends across
the country.”

Jurock’s comments coin-

cided with the release of the
October 1987 issue of the
Royal LePage Survey. The
quarterly, cross-Canada
study tracks the estimated
selling price of six categorics
of housing in over 180
communities from coast to
coast.

Jurock adds that in a
number of markets the
moderation is welcome.
“After the substantial in-
creases in the value of homes
in Toronto, for example, it
is good for the market for
price trends to revert to
more affordable patterns.

House prices in Alberta
continue to recover strongly.
Vancouver and Montreal are
enjoying very good years
and most other markets
report healthy levels of ac-
tivity.”

The Royal LePage Survey
is designed not only to track
house price trends, but also
to compare the value of sim-
ilar homes in different
communities across the
country.

Condominiums continue
to record strong gains in
value, often exceeding the
rate of increase of detached

Y

housing, according to the
Royal LePage Survey. In a
Montreal area like St.
Lambert, for instance, a typ-
ical Detached Bungalow is
up 11.5 per cent since last
year to $145,000. A Luxury
Condominium unit in the
same area has increased 24
per cent to $155,000.

In the Winnipeg
neighborhood of Fort
Richmond, an Executive
Detached Two Storey home
has increased nearly four per
cent to $158,000 since Oc-
tober 1986, while a Standard
Condominium unit has risen
just over nine per cent to
$68,000. :

Resale housing values
quoted in the Survey of Ca-
nadian House Prices repre-
sent the estimated current
market value of typical
homes and are compared to
figures reposted three mon-
ths ago and a year ago. The
prices cited are Royal
LePage opinions of fair
market value in each loca-
tion based on data and mar-
ket knowledge provided by
Royal LePage residential
real estate specialists.

Office: SB6-9321

ROBIN SADLER

986-9321

TERRY SADLER RON CHUNICK

929-4373 985-0866
645-3615 Por.
“Frust The Feam That Gets Results’’

a
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