68 - Friday, October 20, 1989 - North Shore News

PRICE DOWN MARGINALLY

Housing sales gain

HOUSING SALES at the
end of the third quarter in
Greater Vancouver gained
momentum from a slow
down in the second quarter,
and are 10 per cent ahead of
those experienced in the
comparable period !ast year,
according to the Real Estate
Board of Greater Van-
couver.

Despite increasing sales,
the average price per unit
stayed at $206,500, down
marginally from the
$205,900 in June, but the
percentage of sales below
this simplistic average rose.

In June, a review of resi-
dential sales showed that 61
per cent occurred below
$200,000, and at the end of
the third quarter this number
has now increased to 66 per
cent. :
Nineteen per cent of all
detached and condominium
units sold under $100,000,
which is the level of eligibili-
ty for the government's
Mortgage Assistance Pro-
gram. A further 24 per cent
of residential units sold be-
tween $100,000 and
$150,000, so 43 per cent of
all residential sales could
qualify for Property Pur-
chase Tax Relief announced
in the 1989 provincial
budget. Another 23 per cent
of residential sales are be-

tween $150,000 and
$200,000.

Board president Brian
Calder says when 66 per cent
of sales occur below the
simplistic statistical average
it is evident that higher-pric-
ed properties sold during the
period distort the average
figure. Of the 23,413 resi-
dential units sold through
Multiple Listing in the first
nine months of this year,
1,075 were priced over
$500,000, many the result of
new construction and infill
building throughout the city.

This smal! number of sales
— .05 per cent of the total
— forces up the average
price per unit to an
unrealistic figure.

In the third quarter
statistical report, Vancouver
East was again the area
where the most detached
sales occurred, with 837 sales
between $80,000 and
$577,000, with a median, or
middle, price of $185,000.
The median means one half
the sales were below the me-
dian and half occur above
that figure. Second in activi-
ty was Richmond, with 555
detached sales between
$110,000 and $544,000, and
a median value of $220,000.

North Vancouver and
Burnaby were next in single
family home sales with 552

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and 539 respectively, and
medians of $218,000 and
$210,G00, followed by Van-
couver’s West Side, where
491 sales between $183,000
and $5,500,000 resulted in a
median price of $430,000.
The Maple Ridge Pitt
Meadows area, where con-
siderable building activity
has increased the supply,
also saw 440 detached sales
in the quarter, in a price
range varying from $36,000
to $257,000 with a resulting
median price of $122,000.

Further single family sales
include 413 in Coquitlam,
282 in West Vancouver, 279
in Port Coquitlam, 276 in
South Delta, 138 in New
Westminster, and 93 in Port
Moody. A total of 2,081
condominium units were
also sold throughout the
board’s service area during
the third quarter.

Market activity is expected
to continue through the
year’s fourth quarter, says
Calder, and an inventory of
some 11,000 properties at
the end of September selling
should maintain stability in
the marketplace. As in-
migration continues, so
should demand, but the cur-
rent supply and stable inter-
est rates will satisfy the
needs of potential buyers.

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VANCOUVER
4346-2626