50 - Pray. May 3, 1991 - Norih Shore News

REAL ESTATE

NEWS photo Cindy Goodman

A WORKER removes shingles prior to re-roofing a home on Grand Boulevard.

New housing market will
improve in second half

$67 in 1990,

Housing starts in metro-
politan Vancouver will start
off weak in 1991 but rising
consumer confidence and

Economic growth in metro-
politan Vancouver is ex-
pected to be modest in 199]
with less export activity and
jower capital investment
leading to fewer new jobs.
Employment is forecast to
grow by 1% to 797,000 in
1991 compared to 3.7% in
1990. Most of the increase
will occur in services.
assisted by growth in trade
and manufacturing. Average
unemployment rates are ex-
pected to rise to 8.8% in
1991 from 7% in 1990. The
decline in the value of
building permits issued will
cause the construction labor
force i9 decline to an
average of 52,000 in 1991

« New tudor asiaie
¢ Cul-de-Sac
94 dedroom

from 60,000 in 1990,

Prices for most construc-
tion materials declined in
the fourth quarter of 1990,
and dropped by one to wo
per cent with the implemen-
tation of the GST. Lumber
prices dropped 20%o in 1990
due to a surplus, but as in-
ventories are teduced dug to
mill closures, prices in 1991
are expected to increase by
8%.

Prices for most other ma-
terials are expected to rise
by 4% so that overail con-
struction costs will rise by 4
or 5% in 1991. The average
cost to build a bungalow
will be approximately $70
per square foot compared to

¢ Outsianding craftsman

PHASE

OPEN St “SUN 24

lower interest rates will
boost starts in the second
half of the year. Starts in
the first quarter will be at
low levels, with a gradual
recovery beginning in the
second quarter. Stronger
absorption will prompt ad-
ditional construction in the
second half of the year with
housing starts rising to
7,200 units trom 4,800 units
in the first half. The rise in
housing starts in the second

See Absorption page S54

REALTY
ING,

926-3100 Off.
§21-8832 Res.

661¢’s the best financial package on
the North Shore - probably the best in the
Lower Mainland. I'm confident telling
prospective homeowner's to go out and
compare...and I’m sure they'll come
back to The Sovereign??

Jacqueline Ashworth
Sales Manager

QUE IE SOVEREIGN'S.
ACKAGE

THE

SOVEREICGN

LUNURY HIE-RISE APARTMENTS

O Starting
from alow

$196,000

Only four units
per Hoor

OF Spectacular views

TD) Spacious two
bedroom uve
bathroom suites

OO Strategic North
Vancouver location

00 Great investnient
Opportunity

C3 Superior concrete
CONSEPHCTION

Visit our delightful display suites.

1353 bastern Avenue, North Vencouver
Sales Otfice Hours: Daily Nogn~ 3 p.m.
except Fridaas.

Call Jacqueline Ashworth at 988-6201
or Pager 650-4750

1a oem ee

ed

F

WS erwe ee es Reo

3