B4 - Friday, August 31, 1984 - North Shore News Says median prices thousands of dollars lo wer Realty company report hits average price myth A MAJOR new study released today by A.E. LePage indicates that in every major city, and almost every neighborhood surveyed, the median price of homes in Canada is thousands of dollars less than the much- publicized average price. ‘*For the sake of statistical convenience, far too much emphasis has been placed on average prices,’’ says Ozzie Jurock, Vice President and Residential General Manager for A.E. LePage in British Columbia. ‘‘Consumers, par- ticularly first-time buyers, have been led to believe that homes are much more costly than they really are.”’ A.E. LePage surveyed resale housing statistics for May, 1984 in nine Canadian cities and the neighborhoods within each city. The results show median prices are anywhere from $1,600 to almost $26,000 lower than average prices. In Vancouver, the median price of homes sold in May was $105,400, almost $26,000 below the average price of $131,350. In some areas, over 60 per cent of homes sold for less than the average price. HEMISPHERE REALTY LTD. 980-8585 $107,500 lonsdale area Must sell Best West Van buy! Asking 139, flreptace off kitchen for cozy tall eves. Mtge. helper in bright basement. Priced right. Phone now. 6783 Marine Dr., West Van. SHIRLEY JOY 960-8565 /MICHAEL MOLE 921-8226 wee! . me HOW MUCH? Beutitully remodelied 2 3 bdrm ELLEN GREGG 984-2045 / 980-8585 OH DADDY BUY ME THAT! West Van completely remodelled studio suite (could easily be 1 bdrm.) floor to ceiling fireplace, privacy, everything new. ELLEN GREGG 984.2045 / 980-8585 “‘In the public’s mind, the home,’’ says Jurock. munities because a few very Jurock feels the median use of the average prices is ‘‘However, average price expensive homes will ar- price more accurately understood to describe a_ Statisticsdo notrepresent this tificially force the average describes the truly ‘average’ typical, middle-of-the-road kind of home in most com- price higher.’’ home in a given area because Vancouver Median vs. Average House Prices VANCOUVER (Total) North Vancouver $105,400 $131,350 $112,500 $117,450 West Vancouver/ — $162,100 $222,600 Vancouver West Richmond Vancouver East New Westminster $103,000 $113,000 AT THE INTERNATIONAL CHEAPER THAN RENT . Solid 1900 sq.ft. 3 bdrm. home, family rm. with 55 lot controlled subdivision 3 model homes avaiable for viewing Features: ®3 oF 4 bedrooms STARTER HOME $98,000 *®Ensutte baths WEST VANCOUVER ef amity room off kite hen 3 bdrm home plus 2 bdrm suite 1 block to ; , beach duplex lot Net monthty payments less * Woodburning Hreplaces than rent eB! Car enclosed gatages MICHAEL MOLE 921-6226, 980-8585 Kl andscaped tromt yards Horne: Wg aprere : ~ ae Wt nergy saving leatures Weekends 2-5 p.m. Gary Gartry | 029.2121 WESTERN 3521 FROMME RO Sharon Lee REAL I "Y $114,900 987 3666 motes Ota dren 7 Piath hcg . Very rd en veade rer td yaa ge heetpe: a . Cate - b - | | my ty : _ : oat _ Alan Ondra 101 Kap 100 S Park Royal 980 1064 Weat Van ELLEN GREGG 985 2045 922 6166 SHIRLEY JOY 985 8585 OPEN LONG WEEKEND 2-5 PM it is the mid-point of all sell- ing prices. Fifty per cent of homes sell for more than the median price and SO per cent sell for less. Average prices, on the other hand, are determined by dividing the total value of all homes sold during a given period of time by the total number of homes sold. However, there are more homes that sell for significantly more than the average price than there are homes that sell for significantly less. As a result, the average price ts distorted higher. It is not uncommon for homes in Vancouver to sell in the $400,000 price range, over $250,000 above the average price. Of course, no homes sell for this much below the average price. In a few cases, the median price of a _ neighborhood within a city is actually higher than the average price. In such area, there is usually a much higher-than-average percentage of either low- priced homes, or occasional- ly, very high-priced homes. In Vancouver, the median price of homes in seven of the eight neighborhoods is lower than the average price. In the Delta area, for example, the $112,500 median price is almost $22,000 less than the $134,450 average price. Your new home Our new neighbourhood Priced from $165,000 Open for inspection Wed., Thurs., & Fri. 6-8 p.m. Maxine Reid 984.7794 Marco Reichgeld 929-3846