46 - Friday, February 17, 1989 - North Shore News REAL ESTATE Construction starts end ‘88 on high note CANADIAN CONSTRUC- TION starts turned in good performances in all type of structure categories in 1988. Even in those categories where there were declines (residential in square feet and dollars and industrial in square feet), the absolute levels of activity were still relatively high. The decline in the square footage of residential starts, -15 per cent, was the major reason for the decline in the Square footage of all **building’’ starts, down 7 per cent to 403.2 million in 1988 versus 435.3 million in 1987. Residential starts ac- counted for over 50 per cent of the total ‘‘buildings’’ cat- egory. Industrial starts in square feet were also down, -8 per cent, but were ahead, +42 per cent, in dollar terms. Commercial and _ institu- tional starts increased +8 per cent and +13 per cent respectively in square feet and +29 per cent and +33 per cent respectively in dollars. In dollar volume, the starts on total buildings in- creased 13 per cent to $27.1 billion from $24.0 billion. Engineering starts are re- corded only in dollars and they increased 15 per cent to $7.1 billion from $6.2 billion. Therefore, the dollar % MS ner TOM ALLISON — BELL REALTY PENNY MITCHELL — BELL REALTY volume of ali construction Starts increased 13 per cent to $34.2 billion fron $30.2 billion. Coastruction start data is campiled manthly by CanaData, an operation within Southam Building Reports and a member of the Southam Construction Group of 14° specialized newspapers, magazines and marketing services. CanaData provides the con- struction industry with statistics and forecasts. The starts figures are im- portant because they are ad- vance indicators of the de- mard for the products of many manufacturers and suppliers in the construction industry. In square footage, starts on residential construction declined 15 per cent to 223.5 million in 1988 versus 262.3 million in 1987. The decline in dollar volume was 7 per cent to $11.2 billion from $12 billion. The East to West regional changes in dollar volume, 1988 versus 1987, were: the Atlantic -18 per cent; Quebec -I5 per cent; Ontario -14 per cent; Manitoba -3 per cent; Saskatchewan + 14 per cent; Alberta +7 per cent; and British Columbia +21 per cent. In this economic cycle, Eastern Canada experienced the upturn in housing starts first and now it is seeing the downturn first. The regional per cent change fig ves above indicate that resiten- tial construction markets are still strong in the West. The economy of the West has improved relatively recently as resource prices recovered late in the cycle. Commercial starts achiev- ed a high level of activity in 1988. The square footage nationally increased 8 per cent from 95.5 million to 103.3 million. The dollar volume rose 20 per cent from $6.7 billion to $8.6 billion. The regional changes in dollar terms were: the Adantic +35 per cent; Quebec +59 per cent; On- tario +13 per cent; Manitoba +98 per cent; Saskatchewan -10 per cent; Alberta +19 per cent; and British Columbia +30 per cent. Office building projects were particularly strong in 1988. Toronto and Montreal led the way. Early in the year there were starts on such projects as the Banque Nationale tower in Montreal and BCE Place and the Yonge- Adelaide Centre in Toronto. In other cities, there were the Canlands project in Ottawa See Industrial Page 56 | “PAULA BRADNER — j SUTTON GROUP-SENTINEL REALTY VALERIE SMYTH — “TPs the friendly community spirit that has made Lincoln Gardens sucha wonderful place to live. Only 3 Luxury Apartments Left The opportunity to own a luxury garden apartment at the Don't delay. Plan to visit adult Lincoln Gardens today. community of Lincoln Gardens is fast disappearing. There are only 3 suites left in this exciting new development that has captured the hearts of so many West Vancou residents -and for good reason! Lincoln Gardens has ita premier address, close to and services, and just steps away from the seawalk. Timeless architecture th captures the spirit of the community and quality construction -the ingredients that put the value into yc home purchasing investment. Check these outstanding features. ® | bedroom and | bedrcom with den garden suites available ver e@ 2 bathrooms ® Huge storage rooms ILA ® Secure underground parking shops e Intercom security system ® Garden lounge with big screen, T.V, pool table, bridge tables and kitchen ® Hobby workshop at yur e Lushly landscaped gardens ® Resident manager WESTERN REALTY