76 - Friday, October 7, 1988 - North Shore News LOWER MAINLAND iOUSI STRONG ECONOMIC and population growth will result in a record number of 18,325 residential units started in metropolitan Vancouver this year, according tc the Canada Mortgage and Housing Corporation. The previous record was 17,860 units reached in 1987. Consistent with strong demand and higher land, labor and material costs, median single family house prices are expected to reach $168,000 in 1988, up 20 per cent over fast year’s $140,000. Nearly 40 per cent of all single family dwellings are expected to have a selling price in excess of $180,000, which will appea! largely to the trade-up market, Consumer confidence in the strength of the local housing market is reflected in the very short selling periods for single detached homes. The average time from completion 10 oc- cupancy is below fast year’s average of just uncer five weeks. Apartment condominium starts are expected to reach 4,500 units in 1988, while demand will run at 4,000 units, The modest yeur-end inventory will hold price in- NEWS photo Cindy Battamy CONSTRUCTION WORKERS work on the roof of a house being built on 23rd Street in North Vancouver. CHESTERFIELD & 18TH—OPEN DAILY 2-4 UNIT D: UNIT C: OR BY APPOINTMENT LOCK BOX TO AGENTS 2% bathrooms, 2 bedrooms & den with 190 sq,ft. storage. Large sunny balcony, 2 underground security parking. $156,500 2% bathrooms, 2 bedrooms, 18’x16’ room down PLUS 2 underground security parking. creases for apartment con- dominiums to five per cent in 1988 over 1987. The average price of a new tvo bedroom unit in 1988 is expected to be $147,600 compared to $140,500 in 1987, Interest rates are forecast to remain affordable through 1928, although moderate increases are forecast through year end. CMHC forecasts 11.15 per cent for one year mortgages and 11.92 per cent for five year mortgages by the fourth quarter of 1988. Inflation concerns and a strong Ca- nadian doilar are causing higher interest rates. The impact of higher prices on affordability will be partially offset by income increases of six per cent in 1938. The income requircd = att HURRY! ONLY 1 LEFT Deluxe architecturally designed 3 bdrm. home on a prime view lot in Upper Lonsdale. Don't miss the chance to choose your qwn plan and finishing touches now. Come and discuss the possibilities at 3412 St. G ANNE 666-1695 Pree sUt SHARON to purchase a median priced new house with the mini- mum downpayment is $62,000 in 1988, up from $50,600 in 1987. The income required to purchase an average priced new two bedroom apartment condominium with the min- imum downpayment is $55,100, up from $51,500 in 1987, Lape h Sharon Rowlands 980-5242 $178,900 fi 5 bedrooms — family room on main — cul-de- sac — easy care lot — central location. g 1140 Wende! Place (off Fromme), Sun. 1-4. THORA DAKIN Sutton Group Sentinel Realty take pleasure in welcoming Thora Dakin back to cur West Van office at 756 Marine Dr. (Yes, right next to the White Spot). Thora attended Inglewood (West Van High) and looks forward to doing business with old friends and new acquainiances. Currently living in Park Royal Towers, Thora welcomes any questions her new neighbours may have on the real estate market.