70 - Friday, Apri$ 27, 1990 ~ North Shore News iam 860(REAL ESTATE Local housing sales drop by 35 per cent MARKET BACK TO 1987, 1988 LEVELS RESIDENTIAL SALES through the Multiple Listing Service in the first quarter of 1990 show a marked decrease from the same period a year ago, with 6,637 residential sales registered this year, compared to 10,233 in the same period in 1989. Activity is returning to the more normal market condi- tions that existed throughout 1987 and the first half of 1988. John Eastwood, president of the Real Estate Board of Greater Vancouver, which circulates MLS cooperative listings to its members, says the 35 per cent decrease in sales represents a levelling in what was becoming an over-heated market. An in- creasing supply of properties available for sale gives buyers a longer decision- making opportunity. Mortgage rates, however, currently at a five-year high, have eliminated many buyers in the lower income level. The simplistic average sale price for the first three months was $240,335, com- pared to $205,231 for the same period last year. This figure is skewed upward by the higher priced new pro- duct which has appeared on the market due to the con- struction boom experienced by Lower Mainland com- munities in the past year. The affordability factor has registered a_ definite change, says Eastwood, with only 45 per cent of the resi- dential units selling under the $200,000 range this year, compared to 60 per cent for the same period last year. Most stock in the lower price ranges was absorbed in 1989 selling, forcing lower-end buyers to change their hous- ing expectations. A review of first-quarter sales shows that most affor- dability exists in the con- dominium segment of the market, with 72 per cent of all townhouse sales under $200,000 and 85 per cent of all apartment condominiums under that price. Only 28 per cent of single detached units were marketed at $200,000 or less. Eligible British Columbia buyers of properties under $100,000 can benefit from MAP (Mortgage Assistance Program) where a $12,000 government-guaranteed mortgage supplement will be provided to qualified buyers with as little as five per cent down. Three per cent of buyers of detached homes, seven per cent of buyers of townhouse units and 24 per cent of apartment con- dominium buyers would VIEW HOME 1055 BROOKBANK 4 BEDRNS., 3 BATHS, 2 YEARS OLD, QUIET STREET, NICELY FENCED & LANDSCAPED. 10% % MORTGAGE AVAILABLE AND VENDOR WILL CARRY! $350’s. CANYON HEIGHTS LOTS OF SPACE HERE FOR ALL THE RELATIVES. GREAT FOR INVESTORS TOO! 6-7 BDRMS., 4 BATHS, EXTRA LARGE LOT! QUIET STREET. $389,000. have been eligible in the first quarter. Buyers of properties of $150,000 or less are eligible for a reduction in Property Purchase Tax if they are committed to high-ratio mortgages. A further five per cent of single family, 33 per cent of townhouse and 41 per cent of apartment purchasers were in that cate- gory in the first quarter. The final category be- tween $150,000 and $200,060 was researched to find how many other buyers were able to purchase well below the statistical average of $240,000, and this accounted for a further 20 per cent of detached home purchasers, 33 per cent of townhome buyers and 19 per cent of apartment buyers. Demand for housing is steady, says Eastwood, and wil] continue in the years to come, but the return to more normal market conditions is good news for both buyers and sellers. Comparing this year’s activity to the frenetic experience of 1989 is mis- leading and should not be considered a signal of doom in the housing market, which will likely show a satisfac- tory performance in 1990 without the high-level mon- thly increases that charac- terized the market last year. UPPER LYNN! QUIET CUL-DE-SAC, ONLY 4 YRS. OLD, 3 LEVELS, 4 BDRMS., PRIVATE REAR GARDEN! ASK- ING $249,500. FOR LEASE OR PURCHASE A GRAND OLDE CAULFEILD MAN- SION, OCEAN VIEWS, POOL, OVER ONE ACRE IN PRIME W/V! GOGD BUILDING LOT 50x LOT N/V. VENDOR WILL GIVE BUILDERS TERMS OR HELP WITH FINANCING! $190’s! ~ VISTA:REALTY.~ “926-1991. SS WEST VANCOUVER 845 JEFFERSON a Exceptional FAMILY home on large SUNNY lot. MUST BE SEEN INSIDE just updated. Loads of versatile accomm.,. 5 bedrooms & 2 baths. Magnificent apartment like lower level. Super location PRICE SLASHED. Absolutely best value in W. Vancouver. Must be sold this wknd. Come to the open. Offers please. JOE VAN STEKELENBURG 926-1991 CAMPBELL- SAGE REALTY cox” _SEARCH NO MORE! ae Here's a 4-BR delightfully updated well-kept home in a quiet area yet close to public transpert, recrea- tional facilities (Eagle Harbour just blocks away), junior schoo! and 5 minutes from Caulfeild Shopp- ing Malt. Huge rec-room for energetic youngsters. Sounds like the perfect recipe for family hap- piness? Come see for yourselves. You'll be so glad you did. Best of all: asking only $295,000 MLS. Mr. Lee 922-7537 or Mr. Whitely 874-1506. CAMPBELL-SAGE REALTY CORP. 922-4191 (24 hrs.) PARAGZ@OUNIT | REALTY: LTD. Your “Five Star Choice” Realtor he OPEN HOUSE SUNDAY 1-4 2754 WYAT PLACE BLUERIDGE ELEGANCE! * Five bedrooms * Three bathrooms *% Family room off kitchen * Sunny & private fenced garden * Ample covered parking * Tile roof * Hot water heat %* Two fireplaces ~ Allof these features and more for just $299,000. See you Sunday!! OWNER HAS BEEN TRANSFERRED EAST — LEAVING A SUPERB BUYING OPPORT. ON THIS 5 YRS YOUNG FAMILY HOME 3443 DUVAL ROAD (Next to Lynn Canyon Park) * immacuiate interior condition * Three bedrooms % Romantic roman tub style enste * Open views to westerly sunsets * Skylights * Obi. garage with auto. opener % Family room by kitcher. * Offers to $289,000 * Close to schools - including French Imm. This lovely home is vacant and can be admired anytime by appoint- ment — (Lockbox). IT PAYS TO BUY OR SELL WITH DAVE PATERSON — YOUR “FIVE STAR CHOICE” REALTOR Member of PLEASE CALL 929-1138 RES: 929-1275 (Located in the Mapiewood Plaza) . REALESTATE BOARI | tbe vane aee.