4

FOR THE third consecutive
year, sales (through the
Multiple Listing Service of
the Real Estate Board of
Greater Vancouver reached
record proportions.

A total of 23,895 units
changed hands for a total
dollar volume of $3.29
billion, a 38 per cent increase
over the $2.37 billion reach-
ed in 1986 and well above
-the $2 billion recorded in

wv 1985. Of this number 23,211

properties were residential
properties including single
family and condominium
units and building lots.

Residential units registered
$3.07 billion in dollar value
with the rest of the year’s
total from business, in-
dustrial and commercial
sales through Multiple
Listing.

Despite the 38 per cent in-
crease in dollar volume, the
average price of residential
units rose by only 1) per
cent, indicating a stable
market that is expected to
continue. Average price of a
single family home in 1987
was $147,485 compared to
$132,310 in 1986.

Ted Burnham, president
of the 5,200 member Real
Estate Board of Greater
Vancouver, says 1988 will

probably not be another re-
card year. While the stock
market collapse in Octaber
did not substantially affect
the real estate market, a
potential lack of confidence
in the economy as well as fi-
nancial losses by individuals
could affect some real estate
investment.

Mortgage rates are cur-
rently about two percentage
points higher than the same
time last year, and Burnham
says a decreasing rate is
needed to give more people
the opportunity to buy.

Some 8,000 properties
were still available at the end
of the year which, coupled
with new listings this month,
will provide stock
throughout the board’s area
to satisfy a wide varicty of
purchasers. The ratio of
sales to listings in 1987 was
58 per cent, reflecting a
healthy supply/demand
market that is expected to
continue in 1988.

The Real Estate Board of
Greater Vancouver serves
over 14 municipalities from
Maple Ridge through the
Coquitlams, Burnaby, Van-
couver, Richmond, South
Delta, the North Shore,
Squamish, Whistler and the
Sunshine Coast.

THE LIONS Gate Bridge and a tree form a frame for this view of dewntown Vancouver taken from Park Royal south

mall,

year

foreseen

SS - tridas, January 4. 19088 - North Share News

FOREIGN INVESTMENT
from Pacific Rim countries
and Western Europe, and
continued strength in) the
service, tourism, forestry,
and fishing industries are
forecast to ensure another
active resale housing market
in the Vancouver area in
1988.

Combined with relatively
modcratc interest rates, these
factors are expected to pro-
duce an increase in both res-

The Strataman
SADRU MITHA, .&r.1. r.118.c,)
984-9711 985-9884

idential home buying activity
and selling prices next year.
“We feel there will be lit-
tle or no negative impact on
cither the economy or resi-
dential real estate markets as
a result of the stock market
correction in October,”” says
Jerry Jackman, senior vice-
president and divisional
general manager for Royal
LePage Residential Real
Estate Services in British
Columbia. ‘‘We sull foresee

4 pad
NEWS photo Terry Pators

an increase in housing sales
and selling prices in Van-
couver in 1988,"°

According to Royal
LePage residential housing
sales are expected to increase
eight per cent in 1988, rising
from the estimated year-end
1987 level of 24,000 units to
26,000 units.

The ovcrall selling price of
all residential properties in
Vancouver is forecast to ap-
Ppreciate six per cent in 1988.

wa