6, 1996 - North Shore News

Ae ERE abe

les

Prey

fueled

by entry level buyers

THE Real Estate Board
of Greater Vancouver’s
Multiple Listing

Service (MLS) statistics
show an October mar-
ket strengthened by
first time buyers and
steady prices,

“It may be a little early yet
to see the results of the recent
drop in interest rates,” says
Board vice-president Glenn
Temes, “But we are opti-
mistic that the lowest interest
rates in 30 years will continue
to encourage first time buyers
to get into the market.”

Activity in the $150,000-
$249,999 price range still
commands th: market and

buyers are responding to’

declining interest rates.

The Board reports 2,457
detached, attached and apsrt-
ment sales zecorded on the
MLE in October, a increase
of 19% fromthe same ime
last year, and an increase or
21% for the year to date.
There were 18,051 active ist-
ings recorded for October, up
12% from a year ago:

There were 1,203
detached home sales in
October, up 16% from the
same. month a year ago and
up 10% for the vear to date.

The number of sales com-

en
~~
oy

A ure eS
aA Uy Ss
-

carts +
a

pared to active listings cur-
rently shows about a 10
month supply of homes on
the market.

In the attached (rown-
house) category sales remain
brisk with 404 sales reported
in October for an increase of
39% from October last year,
and up 34% for the year to
date. Prices remain relatively
stable in the attached catego-
ry.

Apartment sales continued
to improve with 850 sales
recorded through MLS in
October, an increase of 15%
for the same me fast year
and up 35% for the year to
date.

In West Vancouver there
were 58 detached home sales
registered with MLS com-
pared to 54 sales in October

995.

However, according to
Board = treasurer Calvin
Lindberg, who is with Angell
Hasman Realty in West
Vancouver, the upper end
imarket_ has slowed with only
one sale over $1 million in
October.

“We aren’t sure why,” says
Lindberg, “but I suspect shat
with the uncertaincy around a

‘softening stock market people

are holding off buying the
upper end properties.”
Sales activity in detached

homes on Vancouver's west-
side is down from one year
ago.

There were 95 detached
homes sold last month com-
pared to 120 homes sold in
October 1995,

Says David Campbell. of
ReMax Real Estate Services:
“Last year, activity on the
west side was unusually
strong. Now buyers seem to
be opting for s r lots with
newer structures, as opposed
to larger lots that were in
demand a couple of years
ago.”

Michael Andruff with
Re/Max Crest Realty on the
westside adds, “The overall
demand from offshore has
subsided and we attribute this
to Paul Martin’s new tax
grab. Asian clients are taking
their time and seem to be
waiting for more certainty
with the Canadian economy.
Canadian buyers are waiting
for a supply that is more
attractive. Prices could soften
and rares could go down even
further. Current owners are
not seeing the return on their
investment that they are used
to, and in fact, piices arz
somewhat lower when they
sell.

“The buyer is king,*
Andruff adds. “It is an entry
level market right now.”

T

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