86 — Friday, April 28, 1989 - North Shore News REAL Estate Home buying trends vary across Canada HOUSING MARKETS in Canada have become a mosaic again, with different parts of the country exhib- iting very different condi- tions. Tcronto and Vancouver are the most active markets NEWS photo Tom Burley DAVE GAUCHER puts cedar shingles on a new home under construction in North Vancouver. _ .Waverley — JEREMY LEEVERS Bus: 984-9711 GEOFF WHITE Bus: 984-9715 Sussex Group Geoff White Rity. Ltd. and house prices in these two cities have experienced very large increases. The Mon- treal market continues to be very stable with only moder- ate price increases. Calgary and Edmonton are recovering steadily, while home buying activity on the Prairies remains stable. With the exception of St. John’s, Newfoundland, most com- munities on the east coast are experiencing flat markets with little or no increase in the price of homes. According to the most re- cent issue of the Royal LePage Survey of Canadian House Prices released recently, rising interest rates have not yet had a major negative impact on the resale housing markets in Toronto and Vancouver. In both communities, house price increases in the past year in excess of 20 per cent are not uncommon. However, it is unlikely that housing markets can endure much higher interest rates before home buying activity is curtailed. ‘‘One third of the market are first-time buyers,’? com- ments Gino Romanese, ex- ecutive vice-president of Royal LePage Residential Real Estate Services, ‘‘and they are particularly sensitive to interest rates. Our research indicates that the number of first-time buyers declined in most parts of the country last year. If rates go much higher, some of these potential first-time buyers will be forced to sit on the sidelines until rates come down. ‘Several parts of Canada are already experiencing rel- atively slow resale housing markets, notably the East Coast, Quebec and the Prairies,’? says Romanese. “In centres like Vancouver and Toronto, on the other hand, rapidly rising house prices have created affor- dability problems. If mor- tgage interest rates go much higher, these conditions will be further aggravated.’’ Romanese made his com- ments with the release of the April 1989 issue of the Royal LePage Survey. The quarter- ly study now tracks the estimated selling price of seven types of housing in over 200 centres across Canada. According to the survey, house price trends across Canada range from little or no increase in communities like Halifax/Dartmouth, Winnipeg and Saskatoon, to moderately rising prices (five to 10 per cent increases) in Montreal, Ottawa, Calgary and Edmonton, to very significant increases (20 per cent or mors) in Toronto, Vancouver and Hamilton. Housing values cited in the Survey of Canadian House Prices represent the estimated current market value of typical resale homes. The prices are opi- nions of fair market value for each area based on data and market knowledge pro- vided by Royal LePage resi- dential real estate specialists. These 39 Strata-Titled Homes May Be The Best Buy of 1989! Consider these features: © 1 & 2 bedroom homes! e Secured parking! ® Gas fireplaces! e Satellite T.V.! ¢ C.M.H.C. Approved! © 4 appliances! © 90% financing available! ¢ Walk to shopping transportation! ¢ Some with glass balconies! ¢ Insuite laundry hook-ups! ° Free legal package Prices range from $86,900 They will not last! VISIT OUR ‘‘OPEN HOUSE”’ SAT/SUN 1:00-4:00 p.m. TUES/WED/THOURS 4:00-6:00 p.m.