65 - Friday, July 20, 19°0 - North Shore News

REAL ESTATE

Buyers resisting high housing prices

REAL ESTATE FIRM BLAMES SLUMP ON POLITICAL, ECONOMIC UNCERTAINTIES

BUYER RESISTANCE to
high housing prices and in-
terest rates have taken the
bloom off the boom market
in the Vancouver area.

According to the latest
issue of the Survey of Ca-
nadian House Prices releas-
ed by Royal LePage, a re-
cord number of homes listed
for sale came on stream in
the second quarter.

‘Low consumer con-
fidence levels, combined
with a general feeling of
uncertainty, given the cur-
rent politica! and economic
climate, have definitely had

an impact on housing sales.

in the Vancouver area,"
says Jerry Jackman, senior
vice president and divisional
general manager, Royal
LePage Residential Real
Estate Services, British Col-
umbia. ‘Pricing, however
has been the most critical
factor in today’s market.
‘‘Activity is in the
lower-priced properties,’’
says Jackman. ‘‘The_ re-
emergence of first-time
buyers is certainly driving
that end of the market.
“Investors are also re-
entering the housing market,
purchasing moderate to
higher-priced homes in an-
ticipation of the next upsw-

residential real
estate,’’ he says. ‘‘Not sur-
prisingly, the purchasers
that are in the market today
are very selective and look-
ing for well-priced proper-
ties.*’

Jackman made his com-
ments with the release of the
July issue of the Royal
LePage Survey. The
quarterly, cross-Canada
study tracks the estimated
selling price of seven
categories of housing in
over 200 communities from
coast to coast.

In spite of current market
conditions, most categories
in the Vancouver area

ing in

Housing starts down

HOUSING STARTS in
metropolitan Vancouver
during June declined 23 per
cent from May to 1,777
units, according to statistics
released by Canada Mor-
tgage and Housing Cor-
poration (CMHC).

There were 458 single
detached starts in June
which was a decline of 34
per cent. Multiple starts
totalled 1,319 units, a
decline of 18 per cent from
May.
“The slowdown of new
construction is attributed to
high interest rates,’’ said
Don Renaud, senior market

analyst at CMHC Van-
couver. The lower level is
particularly evident in the
single detached starts.

Despite the decline in
June, activity earlier in the
year resulted in starts for
the first half of 1990 totall-
ing 11,644, an increase of
eight per cent over the 1989
level. Residential construc-
tion in 1990 has seen a shift
from single detached to
multiple units.

In the first six months,
multiple starts totalled 7,538
units, up 33 per cent over
the 1989 level of 5,660
units. Single detached starts,

at 4,106 units in the first
half of 1990, were 20 per
cent lower than the 5,128
units started in the same
time period last year.

In June, Surrey had the
highest level of new con-
Struction starts of any
municipality in the metro-
politan area. There were 485
units started of which 364
were multiples.

Housing starts in June
were also high in the City of
Vancouver at 471 units.

North Vancouver City
had 55 starts; North Van-
couver District, 32; West
Vancouver had 22 starts.

JOE LLOYD

986-9321
985-4353

$210,000 829 WHITCHURCH ST.

OPEN 2-4 SUNDAY

— Superb southeast

exposure

— Cozy 4 bdrm home 2

up/2 down

— Near new carpets
— Large deck partially

covered
CALL JOE LLOYD
985-4353, 986-9321

Penticton, and Vernon all
Teported increases, ranging
from just over three per
cent in the condominium
market in Kamloops to 45
per cent in the con-
dominium market in
Kelowna.

A complimentary copy of
the Survey of Canadian
House Prices is available
from any Royal LePage real
estate office in Canada.

by 34 per cent in Surrey,
rising from the July, 1989,
price of $160,000 to
$215,000 in July, 1990.

On Vancouver's West
Side, the price of a standard
condominium apartment
climbed 13 per cent to
$255,000 in July, 1990,
$30,000 above the price
reported in July, 1989.

In the B.C. Interior, areas
like Kamloops, Kelowna,

increase in
a one year

reported an
values over
period.

For instance, in the Maple
Ridge area of Vancouver,
the price of a detached
bungalow jumped close to
34 per cent to $150,000 in
July, 1990, an increase of
more than $35,000 over the
July, 1989 figure.

The executive detached
two-storey home _ increased

ROBERT W. PEARSON

Office: 263-1433
Pager 631-9407

QUIET CUL-DE-SAC
LOCATION

Natural woodlands setting adja- ff
cent to park. Close to golf & coun-
try club. Treated cedar shake roof,
2x6 framing, cedar siding, 4
bedrooms, sauna in master en-
suite. Generous use of oak
throughout. Huge dream kitchen,
Jenn-Air appliances, huge games
room and family room. Cai! now.
4033 Dollar Road.

sutton group -. heritage west realty:
AN: INDEPENDENT MEMBER, BROKER ° .

a TOTTI vee
PRESTIGIOUS ... |
SECLUDED ..J

Tiffany Pines
1900 Indian River Crescent

North Vancouver, B.C.

The Largest and Best Priced
Townhomes in North Vancouver

4367 CHELSEA CRES.
Value plus! — reverse plan
rancher with full finished J
basement — 4 bdrms/2 |
bath — cover sundeck.

CALL JOE LLOYD
985-4353,986-9321

New Adult-Oriented 3 Bedroom Plus Den Townhomes

926 PLYMOUTH PLACE
(2572 to 2605 square feet)

WINDSOR PARK’S
BEST VALUE

-- Two finished levels of
living space

— 4 bdrms/2¥2 baths

-—— Huge rec/with wet bar

— Updated kitchen and
bath

-— Large sundrenched
yard (fenced)
CALL JOE LLOYD
985-4353, 986-9321 z

sutton’ group - west coast realty
“AN (NDEPENDENT MEMBER BROKER

< (OPEN PAILY FOR VIEWING. 1 |
: (except Friday)

929-3214.

REDEKOP PROPERTIES INC. 662-8144

986-9321- 986.9321. ———acnainnanain