REAL EST

Capital pre

Strik

ejects and pulp
e settlement cause

house prices to Increase

A TURNAROUND in eco-
nomic prospects in’ Prince
George .has- increased the
average selling price of a
typical three-bedroom bun-
galow by 7.8%to $103,000
over the past three months,
the largest increase-in. Brit-
ish Columbia, according to
Century 21 °Canada’s
quarterly house price

"Survey.

* workers,

Four major capital spend-
ing projects and the settle-
‘meat’ of a five-week strike
_at three Prince George pulp
_mills contributed to the in-

“- epgase.:/During the previous’

‘three months, in the midst
of a-strike by 2000 pulp
prices declined
4.2%.

-’ Elsewhere in B.C., house
prices have remained stable
through the constitutional
referendum and November’s
gyrations in interest rates
and won’t increase
significantly until British

Columbians feel confident

about the economy, says the

'. chief operatiang officer of

Century 21 Canada.

Don Lawby says ‘Finance
Mini-s:ter Don
Mazankowski’s
_ mini-budget was mildly pos-
‘itive’ but didn’t change the
: fundamental ” force: which
“drives housing prices.

; “The finance © minister’s

aternent did not, alter. the.

-is returned

Dec. 2.

basic uncertainty British
Columbians have about the
economy. People’ who are
worried about their jobs

‘don’t go out and buy bigger

houses.*’

However, Mazankowski’s
policies may encourage a
marginal number of buyers
into the market.

‘In November, the
pressure on the dollar and
the resulting increase in in-
terest rates slowed sales ac-
tivity,’’? says Lawby. ‘‘Now,
with international money
markets appareutly content
with the finance minister's
policies, the dollar is firm-
ing and the Bank of Canada
is likely to allow interest
rates to slowly drift down.
This will return some activi-
ty to most markets.””

Also helpful, says Lawby,
is Mazankowski’s extension
of the provision which

‘allows buyers to use up to

$20,000. from their Regis-
tered Retirement Savings
Plans. (RRSPs) towards a
down payment. No tax will
be owed on this money if it
to the RRSP
within 15 years. ‘It has
been an important source of
funds for many buyers this
year ‘and I’m ‘sure it will
continue to help the market
in 1993.”?. .

Lawby.. says that people
and money. moving to the

province make. the B.C.
economy the strongest in the
country. However, the
business community’s
orous opposition: ia the

NDP eovernment’s propos-
ed labor code revisions is
affecting public confidence.

“tf this fight between
business and the government
continues to escalate, it
could discourage new
business creation and the
flow of money to the’ pro-
vince. And that would be
negative fer’. the housing
market and many other sec-
tors of the economy,” says
Lawby.

The uncertaiti future of
Canadian Airlines Interna-
tional, which> has 10,000
employees in the Lower
Mainland, also has a
depressing effect on the
housing market, he says.

The Century -21 Canada
survey shows that in the east
side of Vancouver, «the

average selling price of a-

typical two-bedroom bunga-
low rebounded up 6% to
$242,000 after having drop-

ped 4.3% during previous:

three months.

The largest decline’ in the
province occurred in. West
Vancouver, where. the
average selling’ price of a
typical
two-storey house dropped
3.7% to $520,000.

~ Great location backs on-
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creek. Ideal family hume.
4 bdrms.,. 2. bathrms.,
private, tranquil, bright, with
mountain and partial ocean

¢ view.

Not a’ “drive by" PRICED §

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long.- -

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: $359,900

UPPER.
DELBROOK

AWESOME
FAMILY HOME

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321: MONTERAY AVE.
NORTH VANCOUVER
$425,000 |

vig.

four-bedroom,,

AEE

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Friday, January 1,

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1993 - North Shore News - 27

seeds WU
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SEN Ee

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