80 — Friday, May 28, 1999 ~ North Shore News

- House buyers seek
more modest digs

CANADA Mortgage
and Housing
Corporation (CMHC)
recognizes a strong
segment of the housing
market is demanding
new single detached -
homes of modest size.

More than one in five
households intending to pur-
chase a home within the next
year (including condomini-
ums) would preter a new sin-
gle detached home of
between 1,200 and 1,600
square feet in tloor area.

“Small single detached
homes are proving popular
with first time buyers,” says
Cameron Muir, market ana-
lyst.

“A large proportion of the
new housing market consists
of first-time buyers who have
been putting off purchases
because of sales volatility.

>“The recent upswing in
the resale market is a signal
thar this group is now enter-
ing the marketplace.”

According to CMHC’s
study, Constemer Intentions ro
Buy or Renovate a Home: A
Look at ‘Tomorrow's Customers
.. Today, households buving
for the first time tend to be
younger, without children,
and earning between $40,000
and $80,000 per year.

“Apartments or row con-
dominiums used to be the
only options for these house-
holds,” adds Muir. “Now,

they are able to choose a sin-
gle detached heme trom one
of numerous “small for” sub-
divisions springing up around
the Lower Mainland,

“Gone are the dave when
every new single detached
home is a 5.000 sq. ft. mon:
ster-house’,” says Muir.

“In fact, we foresee the
stratification of many of these

“Single family
homes will likely
not experience
the dramatic price
increases of
previous decades,
at least in the
short term.”

homes into three or four
units.

“While still an excellent
hedge against inflation, single
family homes will likely not
experience the dramatic price
increases of previous decades,
at least in the short term,

“Home Duyers can no
longer count on doubling
their equity every few vears.
This makes home buyers cau-
tious of larger, more expen-
sive homes. Ne longer is big-
ger necessarily better.”

“Atfordability is a signiti-
cant factor,” explains Muir.
“However, other attributes

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893 Friar Cres.
218 E. 10th St.
1674 Peters Rd.

168 E. 26th St.

me 1S10 Bowser Ave.

#10-2151 BANBURY ROAD, N.V. (MLS)

a A #1103-130 E. 2nd St.

BE NATURE'S NEIGHBOR...

@ Spacious Deep Cove semi-watertront 2
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Suite in popular "Mariners Cove” This end unit
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#1907-145 St. Gearges Ave.

are plaving increasing roles in
buving decisions. Many home
buyers are looking more
closely at energy. efficieney
and building design, Projects
that incorporate technologies
to reduce: energy consump-

tion and enhance quality: of

hte, such as) high-efficiency
furnaces and non-toxic mate-
rial, have the advantage.”

“Litestyle is important
too,” adds Muir. “Buyers net
only look ar the home’s phys-
ical design, they also consider
where it is situated, the
neighbourhood.

“One strength of new
small lor developments is that
they adhere te the North
American ideal of singte-fam-
ily home ownership, and to
an old-fashioned
community arising from
higher residential densities
and ‘neighbour: friendly”
design. Many first-time buy-
ers entering their child-rear-
ing years find this particularly
attractive.”

To help navigate through
the entire home buying
process, CMHC has devel-
oped the B.C. Home Buyers
kit, containing a step-by-step
workbook, choice of video,
inspection checklist and other
valuable information — for
home buyers.

The kit is available for $21
(plus applicable taxes) at local
CMHC offices, participating
real estate boards, or by call-
ing CMHC Vancouver at
731-3733.

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#802-168 Chadwick Cet.
#24-240 Mahon Ave.
2401 Western Ave.

1505 Grand Boulevard
1924 Deep Cove Rd.
4204-2181 Panorama De.
1577 Coleman St.
#303-2581 Panorama Dr.
3455 Princess Ave.

2547 Montrose Way

A#STT-150 W, 22nd St.
Cali Grant or Iain for a

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North Vancouver 984-9711 / West Vancouver 925-2911

An independently owned and operated broker member of The Prudential Real Estate Affiliates. Ine.
A subsidiary of The Prudential fesurunce Company of America