64 - Friday, April 28, 1989 ~ North Shore News

Ba 2=6rRReEAL ESTATE

LOCAL SLOWDOWN

Interest rates shift
B.C. housing prices

RISING INTEREST rates
have created a_ significant
shift in the prices of homes
in British Columbia in the
past three months.

According to the most re-
cent issue of the Royal
LePage Survey of Canadian
House Prices released
recently, there has been a
slowdown in the Vancouver
market, with the supply of
homes listed for sale surging
ahead of demand.

Jerry Jackman, vice-
president and divisional gen-
eral manager for Royal
LePage Residential Real
Estate Services in British
Columbia comments:
**Housing prices appear to
have peaked in Vancouver.
We are definitely in a transi-
tion market in areas such as
the West Side, Vancouver
East and Burnaby, where
listings are at record highs
which has slowed the mar-
ket, while in outlying areas
and in the Interior and on
Vancouver Island, activity
remains strong.

“It is too early to tell if
the market will stall, but cer-
tainly interest rates are one
of the culprits in the present
slowdown.”

‘The B.C. market has been
mostly cash-driven to this
point, Jackson notes, but
higher prices and rising in-
terest rates are taking their
toll on first-time buyers, the

*“LYNDA WYATT...“

". Rager 253-7596 page #1152. 926-77)1

key first stage to the Greater
Vancouver real estate mar-
ket.

However, he adds the
perception that there aren’t
any affordable homes in the
city is untrue. ‘Thirty-five
per cent of the housing
categories in our survey are
priced at $125,000 or less.”’
he points out. ‘‘And that
price range is within the

reach of many first-time

buyers.”” .

Jackman’s comments
coincide with the release of
the April 1989 issue of the
Survey of Canadian House
Prices. The quarterly,
cross-Canada_ study tracks
the estimated selling price of
seven categories of housing
in over 200 communities
from coast to coast.

An executive detached
two-storey home with four
bedrooms in Vancouver’s
West Side is currently priced
at $540,000, a 45 per cent
increase in the past 12 mon-
ths. A standard con-
dominium apartment in the
same area is valued at
$225,000, up over 23 per
cent in a year.

In Burnaby, a_ threc-
bedroom bungalcw is priced
at $205,000, an increase of
almost 58 per cent since last
April.

However, in North Van-
couver, the same bungalow
is priced at $175,000, up

A large and totally renovated ¥

18.2 per cent in the past
year. In Tsawassen, the same
bungalow is $160,000, a 23.1
per cent increase since April,
1988. A bungalow in North
Delta is $130,000, 28.7 per
cent more than a year ago.

In Victoria, house prices
have increased in the 15 to
25 per cent range, according
to the Royal LePage Survey.
An executive home is priced
at $179,000, a 23.4 per cent
increase since last April. A
standard townhouse with
three bedrooms in Victoria
has risen 26.5 per cent to
$105,000.

Price increases in the inte-
rior of B.C. have been more
moderate. In Vernon, for
example, a bungalow is up
just under 10 per cent in the
past year to $73,000, while a
townhouse is up 6.6 per cent
to $40,500.

The same townhouse in
Kelowna is valued at
$55,000, 14.6 per cent higher
than a year ago, while the
bungalow category of hous-
ing is up 8.5 per cent to
$82,000.

Price increases in
Kamloops have been rela-
tively moderate. An execu-
tive home is up 6.5 per cent
te $122,500, while a stand-
ard condominium apartment
with two bedrooms has re-
mained unchanged in the

See Interior
Page 66

4074 SUNSET BLVD.
GREAT HOME
WONDERFUL LOCATION.

3 bedrooms - 1 ensuite & 1 full
bathroom - large kitchen - Lovely
garden - Greenhouse - Workshop
you could five In - Garden Shed -
Mountain View — Peaceful Plateau

Site - New Roof - New Gas Furnace ff

& Gas Fireplace.
LYNDA WYATT 926-7701

312 E. 10th SREET
LARGE SINGLE FAMILY
RESIDENCE
PRICE REDUCTION

house. Ready to be converted into

a Duplex or returned to an Enor- |

mous residence. 6 bedrooms, 3 full
bathrooms, 2 full kitchens - moun-
tain & city views, double garage.

“+ RITA BARSKI. |.
2), 926-6757

LYNDA WYATT 926-7701

1478 HAYWOOD, WEST VAN.

Ambleside traditional. Extremely
welt built. With some decorating
this could be your dream home. A
super family home close to
everything. Hurry! Hurry. Offers
please!

LI

Realty Asscciates
732-1323

BRAND NEW WITH
DYNAMITE VIEW!

In central West Van. Due to completed
early this summer. Has 4 bdrms. & den
with nanny quarters & everything else your
heart could possibly desire. To view plans,
call Ralph. Priced in $500's.

DUNDARAVE

NEW LISTING WOODCROFT
VIEW!

11th floor, 1 bedroom suite with easterly
outlook towards the ocean & Burnaby
Min. Full recreation facilities with indoor
pool & sauna plus 24 hour security.
Motivated vendor will look at all offers.
Asking $95,000. ,

LILLOOET BUILDING

2 HOLDING LOTS
UPPER LONSDALE

Two 1 acre lots with super views. No ser-
vices at present. But a great opportunity
to have a future estate in a prime area.
Asking only $49,000 per fot.

PANORAMIC
OCEAN VIEW!
Fabulous semi-waterfront 3100 s.f. adult
home of uncompromising quality & luxury.
Stunning open plan with abundant use of
cedar, glass, oak & rock creates an ex-
quisite blend of contemporary & traditional
amenities. Asking $550,000.
KELVIN GROVE, LIONS BAY

2 VIEW LOTS
LOWER KELVIN GROVE

NORGATE

2 bedroom rancher on 55x100 foot lot.

Great for investor or 1st time buyers. Ven-
LIONS BAY dors have bought. Hot! Hot! Hot! Asking
ASKNG 9 $169,900.

$155,000 & $1°cO%0

1368 OAKWOOD

LAURIE RALPH
WILSON BENNETSEN

986-1901 980-9640

_ 988-9223: 253-7596. pgr. 21174”

HELP!!
| need listings — Over $5,000,000 commercial proper-
ties sold since Jan. 1 have real buyers — All listings on
the New World Wide Global Listing Service, including
Hong Kong & California.

TOM WARDE

.Pagér 667-9121, 926-7701

312 E. 10th SREET
LARGE SINGLE FAMILY
RESIDENCE
PRICE REDUCTION

§ SUITE
APARTMENT BLDG.

Good close-in area of North

A iarge and totally renovated
house. Ready to be converted into
a Duplex or returned to an Enor-
mous residence. 6 bedsooms, 3 full
bathrooms, 2 full kitchens - moun-
tain & city views, double garage.

LYNDA WYATT 926-7701

FOR LEASE

Ideal Lonsdale location.
1285 to 2,600 sq.ft. main
floor and 2nd floor. Terrific
for packaged office con-
cept. All basics already pro-
vided. Asking $8-$12 per
sq.ft. Triple net. Call
TOM WARDELL
926-5848

Vanc. Totally renovated,
substantial income! Asking
$425,000. Call for details!
TOM WARDELL
926-5848
DEANNA RIVARD
986-5851

THE BEST WEST
VAN. COMMERCIAL
SPACE

Over 4,300 sq.ft. or portion
for sale. Main floor of new
bldg. Gorgeous design, uni-
que amenities, fabulous
high-profile, high traffic
location. Cal!

TOM WARDELL 926-5848,

MYRNA JOY 926-3976