Market outlook bright NV consultant predicts a strong year for real estate THIS YEAR will be filled ’ with opportunity in real estate says a North Vancouver real estate consultant. By Richard Ostler Contributing Writer “It’s a buyer’s market,” said Ozzie Jurock. “Today, particularly on the condominium side, sore price reductions are as much as 15 to 20%.” “Two markets have been driving real estate in Vancouver, off-shore investment and local markets, ’ Jurock added. Although housing ‘decreased in 1995 over 1994, homes selling for more than $1 . Million were on the increase. , In’ West Vancouver, 74 such homes were sold with the most “expensive house selling for $3.66 ’ “million in the British Properties. In_ North Vancouver, only one house | (in Deep Cove) sold for-over a ‘mil- lion dollars... : Jurock said a low Canadian dol- : lar was'a big incentive for foreign investment. a __. MIF you came here two years ago from ' Japan, “that million dollar "home :-was, in the - end, . only ~' $640,000," Jurock’ said. “Our "prices in the-rest of the: world bad. ” aotually . collapsed.” Recent: statistics: froma Canada “Mortgage: : Corporation ‘show. a 27% decrease Yin housing. starts last ‘year over the “previous ~ yea in Greater : Vancouver: In: North Vancouver City. there. eb. al2%: decrease, in’-North * Vancouver : District it was nearly ‘* 70% and in West Vancouver, the “.. decline was 20%.” “The result, according to Jurock, ‘ will be better home prices in 1996. “Generally the deals will be in — newer homes,” Jurock said. “It’s a ‘good solid buyers’. market. which “Means more ‘homes, for sale than “tive ‘and ondervalued i is the upper end of the British Properties. But, -in the 1990s, it may not be as much : location int itis timing. One of Canada’s 50 Best Managed | Private Companies “It is a great pleasure to extend } . | my congratulations to you on _| Fortune Financial Management § t being named one of Canada’s 50 | Bast Managed Private | Companies.” Jean Chretien, Prime Minister | For a free 1 hour financtal consultation contact , James Perkins, Vice President and Retirement Planning Spectailst. | Call 681-1300 Sulte 1750, 1075 W. Georgia St., Van. starts - “This year, the vendor is throw- ing in lots of incentives, we have the lowest mortgage rates in 29 years and we have a buyer who is essentially worried,” he said. A national house price survey NORTH VANCOUVER rea! estate consultant Ozzie Jurock — deals ia 1996 will be in the new home market. by Century 21 Real Estate, tracking changes in “typical” house prices rather than the average or median, shows the price in North Vancouver last year was $318,000 down $26,000 from 1994. In West Vancouver the price dropped slightly to $507,000 last year from a previous year mark of $509,000. Investment _ statistics from Jurock’s company show that if a home was kept for a minimum of six years in the last 30 years, the homeowner would have outper- formed most stocks in B.C. Although interest rates continue to remain low, Jurock predicts a rise shortly. He suggests long-term rates of at least five years. . “People should ge long on their mortgage," he said. “Anyone who gambles six months should have their head examined. “You will not regret it. | am absolutely convinced that in the next five years interest rates will at least double.” The only thing that would con- vince Jurock otherwise is constitu- tional wrangling in Quebec. “{’m cautiously optimistic,” Jurock said of the country's cloud- ed future. “But ali bets are off if Canada separates.” Ozzie Jurock will be speaking at the North Shore News Financial Forum on Friday, Feb. 10 at Capilano College Sportsplex start- ing at 10:30 am. 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