Friday, February 8, 1991 — North Shore News - 45 B.C. house prices ride rollercoaster HOUSING SALES and prices in Greater Vancouver were on a dramatic roller coaster ride during 1990 due to the buoyant first quarter followed by recessionary Pressures in the last half of the year. According to the January issue of the Survey of Ca- nadian House Prices releas- ed by Royal LePage, hous- ing values showed marked decreases in the Greater Vancouver area while the Interior of the province ex- perienced healthy price gains. Unit sales in Greater Vancouver have dropped 40 per cent in the past 12 months and’ although price levels are almost identical to the January, 1990 levels, they have dropped 20 per cent from their peak in March of 1990. Other parts of British Columbia did not experience these price gyrations. The major centres in the Interior of B.C. experienced healthy sales activity with several areas reporting price in- creases as high as I8 per cent. The factors insulating cit- ies such as Kelowna, Ver- non, Kamloops and Pentic- ton were their continued appeal as retirement loca- tions, their excellent affor- dability and spillover from a strong Alberta market. Although Victoria saw a slight decrease in sales activ- ity at the close of 1990, the market was stable and, in Housing starts PRELIMINARY HOUS- ING starts in metropolitan Vancouver during December totalled 845 units, bringing the preliminary year-end estimate to 17,970 units, ac- cording to figures released recently by Canada Mor- tgage and Housing Cor- poration (CMHC). ingle detached siarts in December were 297 units and multiples totalled 548 units. The annual total, at 17,970 units, is down 18 per MASTERS REALTY INC. BEWARE OF REALTORS WHO OWE THEIR REPUTATION TO WHAT THEY DID ON SUNNY DAYS... THE CLIMATE HAS CHANGED! cent from the 27,834 units recorded in 1989. ‘‘Uncer- tainty by consumers throughout the year con- tributed to a weaker de- mand for new housiag,”’ said Don Renaud, senior market analyst at CMHC Vancouver. A rising inven- tory of unsold units made builders reluctant to. start additional units, he added. The December starts level was a decline of 46 per cent from December 1989. Single detached starts were down REX" some housing types, slight price increases were noted. Again, affordability and demand were the major pos- itive influences. “Consumer uncertainty did have an impact on resi- dential sales activity and housing values in British Columbia,"* says Jerry Jackman, Senior Vice President. and Divisional General Manager, Royal LePage Residential Real Estate Services, Western Canada. “Consumers, concerned about the state of the economy, adopted a wait- and-see attitude towards res- idential housing, particularly in Vancouver, during the fourth quarter of 1990. “With the implementation slow by 60 per cent and multiples were down by 32 per cent. In December, the highest level of starts were in Surrey where 150 units were started. Starts were also high in Burnaby with 117 starts, and Richmond with 108 starts. There were six starts in North Vancouver City; one in North Vancouver District; and six in West Vancouver. 926-6233 #200-1455 Bellevue Avenue, West Vancouver FOR AN UP-TO-DATE MARKET EVALUATION CALL ELIZABETH AT 926-6233 “A Classic Approach To Reai Estate” of the GST it is unlikely that we'll see any type of economic recovery during this first quarter of 1991," says Jackman. **However, the impact of the GST may be offset by a decline in mortgage interest rates, consequenily boosting consumer confidence levels. Hf that occurs, potential home buyers, particularly first-time buyers, could begin to re-enter the housing market sooner than we orig- inally anticipated." MASTERS REALTY INC. Marked decreases in sales and prices highlighted much of the activity on Van- couver’s west side. For ex- ample, the selling price of an executive two-storey home was down 14.5 per cent to $470,000 from $550,000 a year ago. A standard two-storey bungalow in Coquitlam is selling for $205,000, down from $235,000, a 12.8 per cent decrease. North Vancouver experi- enced a slight decrease of REAR" Roger Jung, MBA Cell: 657-0645 Res. 922-6023 Executive home in the Pancrama/Wesnhill area. Privacy plus. Recently renovated, gourmet kit- chen, jetted tub in ensuite. $119,000 assumable mtge at 11% iil 1993. Must see. $485,000. Call ROGER 657-0645 |TONY NEUMEYER RE/MAX 4st Narrows Realty _ #09-267 W. ESPLANADE, NORTH VANCOUVER 983-2518 $233,000 ——" HAL KRIEGER 2.5 per cenit in the detached bungalow category, with current selling prices of $195,000, down from $200,000. In Victoria, a standard two-storey house increased 4.5 per cent ia value to $172,500 from $165,000 the previous year, while stand- ard condominium = apart- ments saw their value in- crease 7.5 per cent, up from $107,000 to $115,000. See Sales page 48 926-6233 #200-1455 Bellevue Avenue, West Vancouver OCEAN & MTN. VIEWS 650-16TH ST., W. VAN. 10th floor hi-rise, beautiful 1 bedroom & 2 enclos- ed balconies. See it to believe it. $205,000. Call ROGER 657-0645 Res: 980-6686 HIGHLANDS 4104 Highland Place. END THE SPACE RACE With this 2400 sq.ft.. 3 bath, 4/5 bdrm. home on a parklike private lot backing onto greenbelt. A professional greenhouse for the gardening en- thusiast and a mtge. netper if you need one. GREAT STARTER IN CAPILANO Nicely updaied 3 bdrm. split level home on 4 70x115' lot on @ quiet street in Capilano Highlands. Slight view, very bright post and beam style. Close to schoois Try your offer. ALMOST GONE! Don’t wait to see this great home in a great loca- § tiors. 3 bdrm., 2 baths, recent renovations include § bathroom, kitchen, carpets. Clean, cute, cozy and the best value in this price range. Call me naw to view. Don't be sorry you missed this one. § WANTED 3/4 BR home Capilano Highlands, 3 Forest Hills or Upper § Delbrook. Cash buyer, quick completion. Call Hal now! in j