Feday, December 10, 1999 — orth Shore Mows ~ 73

North Shore Monthly Real Estate Update - December 1999
INTO THE FINAL STRETCH... (FAREWELL 20TH)

Basic economics (101) is stili driving the real estate market... why wouldn’t it? The segments of the market which evidence
reduced levels of inventory are seeing improved average prices and those with high (or increasing) fevels have yet to post
any significant gain. West Van attached (townhouses) is the one exception as inventory is up by 39% while average prices,
-year to date, have increased by 7%. This aberration is likely due to a dismal year of sales in 7998 - 24 units vs. 47 so far in
1899. West Van apartments are down 14% in active listings with average prices off 6% despite number of sales increasing
by 21%.
-North Van remains relatively stable price-wise with inventories of both detached and attached homes way below last year.
-Apartments here, on the other hand, are still in greater supply than last year but are showing strong signs of price stability
‘with both year to date and Nov-io-Nov average prices up from 1998. 45% more apartments have sold in 1999. :
| believe it is this significant increase in the purchase of apartments that is the strongest economic indicator of the moment.
| First time buyers are becoming more active. The “wait and see” syndrome exacerbated by the “how stable are our job
| prospecis?” concern does not appear to be as prevalent ameng younger couples as it was earlier this year. Discussion with
-other. realtors confirms this suspicion and indeed, a number of cases of first timers jumping straight to lower end detached
‘homes gives further indication of improving optimism. :

North Shore iion is moving firmiy into the upcoming century.

On. that note and on behaif of my family and myself, I wish. you. and your kin a. joyiul festive season. May you achieve the~
=: goals for which; 2 striving and may we all embrace a positive outicok as we move together as neighbours and fellow h

Canadians into our new Millennium.

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#401-131 WEST 3RD ST. NVAN. ee ee