Real Estate

ACCORDING TO SURVE

Local real estate
market moderatin

THE VERY active resale
housing market in Van-
couver has stabilized slightly
in the past three months.

However, selling prices
have increased close to 10
per cent in the past year in
most parts of the city,

According to the Royal
LePage Survey of Canadian
House Prices released
recently, Vancouver and
Victoria have seen very
strong buyer demand for
homes, while many other
B.C. communities have ex-
perienced relatively flat
markets in the past. year.

“Despite uncertainties like
the new Property Purchase
Tax and the potential for
labor unrest, the market for
homes is expected to remain
buoyant in Vancouver,"’
comments Jerry Jackman,
vice-president and divisional
general manager for Royal
LePage Residential Real
Estate Services in British
Columbia.

“The continuation of
moderate interest rates and
the renewed strength of the
B.C. economy created high
levels of demand, especially
among first-time home
buyers,’’ says Jackman.
“Some of the strongest de-
mand is for condominiums
and affordably-priced

homes, although many areas
are beginning to repert in-
creasing activity in the
higher price ranges us well.”’

Jackman'’s comments
coincided with the release of
the July, 1987 issue of the
Survey of Canadian House
Prices. The quarterly,
cross-Canada study = tracks
the estimated selling price of
six categories of housing in
over 170 communities from
coast to coast.

The Royal LePage Survey
is designed not only to track
house price trends in a given
aiea, but also to compare
the value of similar homes in
different communities ucross
the country.

In the Vancouver area, for
example, the percentage in-
crease in the price of the
three-bedroom detached
bungalow defined by the
Royal LePage Survey has
increased anywhere from
four per cent in Surrey to
almost 14 per cent in West
Vancouver. The actual price
of this category of housing
ranges from $84,000 in
Maple Ridge to $230,000 in
Kerrisdale for similar homes.

In Victoria, the same
bungalow has increased nine
per cent to $98,000, while in
Kamloops it is estimated at
$64,000, up only 1.6 per cent

since July, 1986.

Almost all categories of
housing in Vancouver have
enjoyed price increases in the
five to 10 per cent range. In
North Vancouver, the execu-
tive detached two-storey cat-
egory of housing is up just
under nine per cent in the
past year to $172,000, while
the same home in Coquitlam
has increased 6.5 per cent to
$162,000. In Kerrisdale, an
execulive home is now
valued at $320,000, 6.6 per
cent more than last July.

First-time buyer demand
has put strong upward
pressure on the price of
condominium apartments
and townhouses in many
areas. In Burnaby, one of
the most active areas in the
city in recent months, the
price of a standard
townhouse has risen 12.6 per
cent since July, 1986 to
$76,000. A standard con-
dominium apartment in
Burnaby is up !2 per cent to
$65,000.

Jn North Delta, a similar
condominium apartment
unit is now priced at
$80,000, up over 14 per cent
from last year, while in Sur-
rey this category of housing

See Prices
Page 53

hore News
Tp

45 - Friday, July 24, 1987 - North §

ONS

Sutton Group West Coast Realty takes pleasure in con-
gratulating John Rippon upon attaining the highest M.L.S. §
dollar volume of sales for the first half of 1987 for Sutton &
Group West Coast Realty combining both North and West

B Vancouver offices. John specializes in residential sales g
fon the North Shore where he has spent his whole life. &
B When John advertises “EXPECT RESULTS” he obviously @
a means it and would welcome any real estate enquiries &
Bat 925-1111 or 922-5791.

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