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82 - Friday, August 29, 1986 ~ North Shore News

REAL ESTATE BOARD OF GREATER VA
Demand for housing builds

MID-YEAR statistics releas-
ed by the Multiple Listing
Service of the Real Estate
Board of Greater Vancouver
show continued strong de-
mand in all sectors of the
residential market, with a
corresponding good supply.

Detached homes sales in-
creased six per cent, with
6,391 single family units sold
in the first six months of
1986 compared to 6,042 in
the same period last year.
Attached housing and
apartments were also popu-
lar purchases, with 1,981
sold in the first half of this
year compared to 1,874 a
year ago.

In its quarterly repori of
sales by area, the real estate
board shows prices from the
lowest priced property sold
to the highest, and further
divides this full range into
four equal parts, showing
four ‘median’ or middle fig-
ures to more accurately
describe each area’s market
for all levels of buyer.

The median figure repre-
sents the property that sold
at the precise middle of each
of the four ranges, with one
half the sales below that fig-
ure and one half above.

While the second quarter
report shows some fluctua-
tions of median values in all
areas, it shows correspon-
ding fluctuations in the low
and high end of the price
ranges, which directly effect

LOCATION!

SECURITY!

SUSSEN GROLP

the middle value.

Only four specific areas of
the 14 served by members of
the Vancouver Board
reported fewer single family
home sales this year. South
Delta, Port) Moody, Van-
couver Westside and West
Var couver.

This year a total of 179
detached units sold in South
Delta, compared with 204 in
the same period last year,
and prices remained stable in
all price ranves eaxcept the
highest, which showed a
slight) inerease in median
value, | Port) Moody single
family unit sales declined to
§3 from 62 in the same
period last year, but some
higher medians were noted
as a result of higher priced
stock on the market.

On the west side of Van-
couver, 394 detached units
suld this year, compared to
412 in the same six month
period last year. As at the
end of the first quarter this
year, real gains in median
values were noted, and this
was truc also of West Van-
couver, where 186 sales in
the first six months of 1986
compared to 204 in the same
period last year.

Higher median values are
directi; related to the lowest
and highest ends of the price
ranges in which they occur.
In the first six months of
1985 the lowest priced West

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Vancouver home, for in- Fluctuations in medians Median figure may be us- continuing supply of stoct in
stance, sold for $86,000 and can often mean that the ed as a market trend in- every price range are the Kev
the highest for $715,000. “median™ house pictured indicator but cannot be ap- ingredients in the increase 1

This year the range was the board's quarterly report plied to specific properties sales registered in the first
from $103,000 to $960,000. is quite different from the because of the many dif- six months of 1986,’? says

Median or ‘‘middle’’ values median house of the ferences from one house to Real Estate Board President
can only be calculated from previous period, not neces- another.
sales of the type of home on sarily due to increasing
the market at any one time.

Janet Wainwright. ‘‘As a
“Lower and stable mor- result, housing affordability

housing values. tgavge interest rates, and a has improved substantially.

i a <
NEWS photo submitted

AN EXAMPLE of how homeowners can improve their homes, this interior shows 2 recent addition to a house. The 10
by 14-foot room has been added to tiis home's kitchen and includes a sliding glass door leading to a wooden sun deck.

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