Resale activity thrives

New construction has remained rel-
atively flat during the first quarter
of 1997 despite low interest rates
and a healthy level of economic
growth.

Lower mortgage rates have allowed a fur-
ther reduction in existing inventory which
will pave the way for increased starts later this

a number of projects ready to begin construc:
tion In Vancouver's downtown area,”

Resale activity will continue to fourish
this year, rising 4% from levels seen in 1996,

Single detached sales are expected to show
the largest increase, as few homes are cur
rently available on the market. CMHC is
Canada’s Housing agency. The B.C. business
Centre of CMHC produces its Vancouver
Housing Market Outlook report three times
per year, highlighting trends in the new and
resale housing markets.

year and into 1998, according to a report
released today by Canada Mortgage and
Housing Corporation (CMHC).

“Single detached starts are expected to fin-
ish the year 9% over last year’s pace, with the
greatest increase in activity occurring in the
Northeast sector,”said Ray Toscani, marker
analyst with CMHC’s B.C. business centre.
“Apartment starts are also forecast to rise with

eaves ;
$274 million is spent annually on 1 the openision of
cars and trucks on the Novth Shore.
Th reach this lucrative market, place your ads
where the readership is.

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