Real Estate

B.C. housing starts
ahead of forecasts

HOUSING ACTIVITY in
British Columbia is far
ahead of earlier forecasts,
according to the Economic
Research Committee of the
Canadian Home _ Builders
Association of B.C.
(CHBS-BC).

The Economic Research
Committee of the CHBC-BC
is composed of 29 senior
representatives of economic
and financial institutions,
government and the housing
industry.

As late as June, the com-

From page 42
920 units.

The distribution of Oc-
tober’s starts are 629 units in
Vancouver, 215 units in
Matsqui, 47 units in
Kelowna, 30 units in
Kamloops, 10 units in Ver-
non, 43 units in both
Nanaimo and Penticton, and
three units in Victoria.

So far tnis year, con-
dominium starts total 6,719
units, up 40 per cent over
last year’s 4,784 units in ur-
ban B.C. Vancouver starts
are up 31 per cent, 4,981
units compared to 3,802
units, on the same basis.
Starts in Victoria are up 56
per cent to 327 units from

mittee predicted 1987 starts
of approximately 22,000,
considerably less than the
Starts forecasted by CMHC.
In actual fact the 1987 hous-
ing starts will approach
29,000.

The committee sees this
strength in housing con-
struction continuing into
1988 which the committee
now predicts will be in the
range of 25,000, compared
with their June forecasts of
21,000.

The recent stock market

adjustment is viewed as not
much more than a hiccough
in terms of impact on the
housing industry of B.C.
Homebuyers, in fact, have
benefitted from lower inter-
est rates since mid-October.
There has been a drop of
half a per cent, with a fur-
ther half per cent reduction
in mortgage rates forecast
within the next six months.
The average price of hous-
ing is expected to increase
five per cent, reflecting an
increase in supplies and
sub-trade quotations.

starts increase

209 units. Matsqui starts
levels are up 127 per cent
from 335 units to 759 units.

The condominium starts
trendline is increasing but at
a lesser rate in the last two
months. June’s increase is 61
units, followed by 53 in July
and 26 in August.

This is a sign that the
trend is approaching a peak.
Fundamentally, newly com-
pleted inventory levels are
expected to rise since com-
pletions will be up con-
siderably in the first half of
next year resulting in a starts
adjustment. This occurred
one year ago as well and it
lasted about three months.

Market rental starts total

285 units

45 units in October down
from September’s revised
and August’s
revised 423 units. So far this
year 1,394 units have
started, which compares to
287 units last year.

Total multiples starts in
October are 1,179 units
down from last meonth’s
1,368 units. A 63 per cent
increase in multiples starts to
11,046 units from 6,764
units accounts for most of
this year’s gain in total
starts.

Multiple starts are ex-
pected to be around 13,000
units in 1987 and this com-
pares to 7,721 units last
year.

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43 - Friday, December 25, 1987 - Nc “+ Shore News

WiMZz

| Kasons Greeti
To All Our Clients

In lieu of our usual personalized
Chrisimas Message, NRS Block Bros.
is pleased to make a $1,500.00
donation to The Province
Empty Stocking Fund.

The Province

Thank you for your patronage .
- throughout 1987 and our warmest
wishes for a happy 1988.

3709 Delbrook Avenue
North Vancouver, B.C. V7N 3Z4
988-3151

“alm TONY ROSSETTI

ag

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Many thanks to all my —
friends, associates and clients
for their supporét in 1987.
Wishing you all a Merry —
Christmas and a great New Year!

Tony Rossetti